DH Property Holdings and DRA Advisors acquire two industrial properties for $16.5 million

Norwood, MA DH Property Holdings LLC (DHPH), and DRA Advisors have acquired a total of 133,000 s/f of industrial logistics space in two separate facilities for a total of $16.5 million. These acquisitions mark DHPH’s second and third transactions with DRA Advisors.

85 Astor Ave. is a 67,000 s/f industrial warehouse in Norwood, which sold for $10.3 million. 6 Willow Rd., a 66,000 s/f warehouse on a 5.93-acre site in Ayer, Mass., sold for $6.55 million.

85 Astor Ave., situated on a 3.98-acre parcel, offers strong Class B functionality, including nine dock-high doors, two drive-in doors, a 280-ft. building depth, and clear heights of 22 ft. 85 Astor Ave. also features 74 on-site parking spaces, truck court depths ranging from approximately 90 to 125 ft., 2,000 amps of power, and a half-acre of paved outdoor storage.

The property was delivered vacant, providing immediate opportunity for repositioning and leasing to strong market demand. Ovar Osvold, executive vice president with Colliers, represented DHPH in the acquisition of the family-owned property from Howland Realty Trust. 

DHPH has begun a $1 million capital improvement project including a roof replacement, façade repainting, interior demolition, and white boxing. 

Located less than 20 miles south of downtown Boston, 85 Astor Ave. is located off Rte. 1 and less than two miles from I-95, offering connectivity to the region’s most traveled interstates and accessibility to the urban and major suburban population centers. 

6 Willow Rd. was delivered fully vacant, providing immediate opportunity for leasing upside in a highly constrained market. 6 Willow Rd. features 10 dock-high doors, one van-high door, one drive-in door, clear heights of 16–22 ft., a 150-ft. warehouse depth, and a truck court of 100–120 ft.

Rob McGarry, vice president, and Brandon Meeks, associate, with O’Brien Commercial Properties Inc., represented DHPH in the acquisition from KM Tire, a former tire distributor based in the Northeast.

“Properties like 85 Astor are increasingly scarce and offer the opportunity to capitalize on the increasing mid-and-small bay market demand,” said DHPH president Dov Hertz. “The building is strategically positioned to accommodate a wide range of single or multi-tenant industrial users. With 2,000 amps of power and best in class functionality we are excited to reintroduce this asset to the market.” 

“6 Willow Rd. is well-positioned to benefit from the growing supply/demand imbalance in this region,” said Hertz. “The property will undergo a capital improvement plan to increase functionality and curb appeal. Once completed, this asset will be well positioned to cater to the strong demand for sub-100K s/f standalone buildings in the I-495 Boston Metro market.”

Strategically located 2.9 miles from I-495 and 3.1 miles from Route 2, the property sits within the 495/Route 2 West Submarket, a prime area within the Greater Metro West market. This region has seen notable market tightening, with vacancy rates of just 4.1% in older vintage buildings, well below the overall Boston Market’s 7.5% vacancy rate. 

Tenant interest in this market is due, in part, to the region’s robust population growth of 50% since 1970, Additionally, the Metro West benefits from a diverse and growing tenant pool, with many businesses looking to move away from super infill higher cost markets.