Rhino Capital Picks Up Boston-Area Industrial Duo
JLL worked on behalf of the fully leased property's seller.
Rhino Capital Advisors has paid $27.9 million for a 218,316-square-foot industrial property in Ashland, Mass., a suburb of Boston. Pout Rock LLC and Cold Spring Brook LLC sold the property.
JLL Managing Directors Michael Restivo, Bob McGuire and Sam Crossan, together with Directors David Coffman and Tommy Hovey represented the seller.
The industrial asset includes two buildings that are fully occupied by Kidde-Fenwal Inc., which uses them for warehouse and manufacturing operations.
The property’s buildings measure 158,516 and 59,000 square feet, both completed in 1962. The first is a two-story facility with 14-clear heights and four loading docks, while the second one-story structure includes 30-foot clear heights, one drive-in door and six loading docks.
Rhino’s new 19-acre property is at 400 Main St., near Massachusetts Route 135 and Interstate 90. Hopkinton, Mass., is 4 miles away while Worcester, Mass., and Boston are both within 28 miles from the property.
Recent investments in Boston’s industrial sector
Boston’s industrial sales volume totaled $440 million year-to-date through May, with assets changing hands for $148.2 per square foot, above the $132.9 U.S. average, according to a CommercialCafe report.
A recent deal in the metro was Marcus Partners’ $50 million sale of a 192,000-square-foot Massachusetts industrial portfolio. The buyer is an Ares Commercial Real Estate fund.
In May, Hines purchased two industrial portfolios for $72.8 million in Wilmington, Mass., as part of a larger deal that encompassed 2.5 million square feet.
You must be logged in to post a comment.