Woburn, MA Berkeley Partners (BP) has completed the $19 million acquisition of Draper Properties, a 11.9 acre, four building, class B, multi-tenant industrial property, totaling 123,017 s/f.
The property is located in a pocket of industrial properties, off I-95 and I-93, within a 10-mile commute to downtown Boston. The site, a former quarry, was redeveloped into four industrial buildings in 1989, 2003, 2005 and 2008 respectively. The property has 11 units with an average clear height of 22’. The buildings are 100% leased. The acquisition was completed off market.
Boston is undergoing a long-term urbanization resulting in the overall growth of housing, R&D, lab, and other commercial uses. Inner ring areas such as the Seaport District and Somerville are gentrifying. Greater Boston is seeing former industrial buildings command significantly higher rents, as former industrial zones mix with higher and better use housing and technology/R&D uses.
“Draper Properties is a high-quality infill industrial asset with strong historic tenant retention and occupancy levels,” said Andrew Holmberg, a principal at Berkeley Partners. “Our objective is to own this asset with a long term perspective and benefit from the favorable supply/demand fundamentals for infill industrial in Greater Boston. We are excited to have this as our first Greater Boston acquisition and plan to continue to expand our portfolio in the market.”
Founded in 2005, Berkeley Partners has formed a series of funds focused on the light industrial sector. The partnership includes a seasoned team of professionals with diversified experience in fund management, real estate investment, and property and leasing management. The company and its affiliated entities make-up a vertically integrated real estate operating company, which has demonstrated an ability to manage investments, operations and dispositions through market cycles. Berkeley Partners' industrial platform currently has assets under management totaling over $425 million, including value-add and core-plus strategies. The company's investors include pension plans, insurance companies, endowments, foundations and family offices.