January 14, 2021
A joint venture between Boston-based Oliver Street Capital and Bain Capital Real Estate has acquired an eight-building industrial portfolio in Wilmington, MASS. for $154 million. Scott Dragos, Doug Jacoby, Chris Skeffington, Tony Hayes, Tim Mulhall, Roy Sandeman and Daniel Hines of CBRE represented the seller, I. Fred Dicenso Trust LLC, in the transaction.
The portfolio is spread across more than 49 acres and is currently 96% leased to 27 tenants. Notable tenants include Crate & Barrel, Energy Sciences, 3Step Sports and Altro USA Inc. The properties sold include 21, 42, 65 and 80 Industrial Way; 42 and 80 Rear Industrial Way; 1 Progress Way and 844 Woburn St.
“Boston is a target market on all investors’ radar right now, and it’s not very often a true infill industrial cluster becomes available,” said CBRE’s Dragos. “What this portfolio uniquely offered was its scale, location, proximity to I-93 and the mark to market opportunities. I. Fred DiCenso Trust did everything right over the years by maintaining such high-quality standards and developing and managing the assets, which resulted in an extremely competitive sales process.”
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