{"id":1004538885,"date":"2021-06-07T02:24:00","date_gmt":"2021-06-07T10:24:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004538885"},"modified":"2022-12-08T21:17:35","modified_gmt":"2022-12-09T05:17:35","slug":"black-creeks-first-foray-in-greater-boston","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/black-creeks-first-foray-in-greater-boston\/","title":{"rendered":"Black Creek Enters Greater Boston Industrial Market"},"content":{"rendered":"<div id=\"attachment_1004538892\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/176_S._Washington.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004538892\" data-attachment-id=\"1004538892\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/black-creeks-first-foray-in-greater-boston\/176_s-_washington\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/176_S._Washington.jpg\" data-orig-size=\"800,599\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"176_S._Washington\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;176 S. Washington St. Image courtesy of CBRE&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/176_S._Washington.jpg?w=800\" class=\"wp-image-1004538892 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/176_S._Washington.jpg?w=300\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/176_S._Washington.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/176_S._Washington.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/176_S._Washington.jpg?resize=768,575 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004538892\" class=\"wp-caption-text\">176 S. Washington St. Image courtesy of CBRE<\/p><\/div>\n<p>Black Creek Group has entered the Greater Boston industrial market with its acquisition of 176 S. Washington St. The company acquired the industrial facility for an undisclosed price from Paradigm Capital Advisors.<\/p>\n<hr>\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/ares-black-creek-to-form-29b-giant\/\">Ares, Black Creek to Form $29B Giant<\/a><\/p>\n<hr>\n<p>The 209,643-square-foot industrial facility was built in 1986 with 28-foot clear heights, ESFR sprinkler system, 20 docks and two drive-in doors. Located next to Interstate 495, the property also offers signage capabilities. The facility is fully occupied by cabinetry wholesalers U.S. Cabinet Depot, which uses the location for distribution and warehousing.<\/p>\n<p>CBRE\u2019s Scott Dragos, Chris Skeffington, Doug Jacoby, Roy Sandeman, Tim Mulhall, Tony Hayes and Daniel Hines represented the seller in the off-market transaction.<\/p>\n<h2>First industrial buy in Greater Boston<\/h2>\n<p>Black Creek\u2019s acquisition of 176 S. Washington St. marks the company\u2019s first property in the Greater Boston industrial market. Alongside the Boston area market, the firm\u2019s industrial portfolio also includes properties in California, New Jersey and Nevada. In January 2020, the company acquired a nearly 300,000-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/black-creek-group-acquires-new-jersey-warehouse-for-32m\/\">industrial facility in Mount Laurel, N.J. for $32.2 million<\/a>.<\/p>\n<p>Dave Fazekas, chief investment officer of industrial for Black Creek, told<em> Commercial Property Executive<\/em> that the Boston industrial market\u2019s fundamentals show that vacancy is at an all-time low, absorption is outpacing supply and that large national tenants are entering the market.<\/p>\n<p>\u201dWe have been monitoring the Boston industrial market for a period of time and over the past couple of years the fundamentals there have become extremely compelling,\u201d Fazekas told <em>Commercial Property Executive. <\/em>\u201cWith all of this, the Greater Boston area is an active market for us to be in and something we will continue to consider as we look at acquisition opportunities.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company acquired a Norton, Mass., property that is fully leased to U.S. Cabinet Depot.<\/p>\n","protected":false},"author":883,"featured_media":1004538892,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21748,21783,21742,10],"tags":[38162,32789],"class_list":["post-1004538885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-industrial","category-investment","category-latest","category-northeast","tag-black-creek-group","tag-cbre"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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