Industrial Commercial Properties acquires 680,000 s/f campus located between Worcester and Boston

Shrewsbury, MA Industrial Commercial Properties (ICP), a Cleveland-based real estate developer, announced the acquisition of 65 Chestnut St., a 680,000 s/f campus located between Worcester and Boston. This acquisition marks a major expansion of ICP’s New England presence and lays the foundation for regional industrial growth.

“Properties of this scale rarely become available in the northeast,” said Chris Semarjian, owner of Industrial Commercial Properties. “Working with the Town of Shrewsbury, we obtained a Special Permit to allow for a Manufacturing Enterprise use. This world-class facility is exceptionally well-positioned to meet growing demand from companies seeking infrastructure-rich space with a cost advantage compared to the Greater Boston market.”

This acquisition presents a unique opportunity to reposition one of the largest commercial campuses in the greater Worcester market. The recent approval for manufacturing conversion makes the property available to industrial, technology, engineering, defense, life sciences and research companies seeking large-scale facilities in a competitive market.

The campus offers infrastructure that is increasingly difficult to find in today’s development environment, including substantial electrical capacity designed to support up to 15 megawatts of power, 100% air-conditioned space, extensive parking and large floor plates capable of supporting a broad range of uses. These attributes provide companies with a faster and more cost-effective path to occupancy than ground-up development.

For over 20 years, ICP has built a national reputation for adaptive reuse, converting former corporate headquarters, manufacturing sites, office parks and regional malls into thriving multi-tenant industrial and business hubs. By integrating engineering, design, construction management, leasing, and property management - ICP has redeveloped millions of s/f and generated thousands of jobs across the country.

“The Shrewsbury campus incorporates ICP’s key project features: significant scale, robust infrastructure, excellent transportation access and flexibility for diverse users. Located 40 miles west of Boston, with direct access to I-290, I-495, Rte. 9 and the Massachusetts Turnpike, the property provides access to the northeast’s skilled workforce at lower occupancy costs than Greater Boston.

“The Worcester market continues to attract significant investment as companies seek room to grow while maintaining access to Boston’s talent pool, research institutions and innovation economy,” said Semarjian. “We believe 65 Chestnut St. is uniquely positioned to meet that demand and become an important employment center for the region.”

ICP has begun implementing strategic capital improvements and modernization initiatives to attract long-term tenants and support future growth.