JV Acquires Four-Building Industrial Portfolio in Wilmington for $55M
CBRE has brokered the $55 million sale of the 93 North Industrial Portfolio, a four-building, 255,678-square-foot industrial portfolio in Wilmington, MASS. The buyer was a joint venture between Oliver Street Capital and Bain Capital Real Estate. The seller was Carlisle Capital, which had owned the portfolio for more than 20 years.
Located in the Metro North market, the portfolio is currently 88% occupied by a tenant roster that includes Bimbo Bakeries, Aramark, Tesla. Scott Dragos, Chris Skeffington, Doug Jacoby, Tim Mulhall, Tony Hayes, Roy Sandeman and Daniel Hines of CBRE represented both the buyer and the seller in the transaction.
“Carlisle Capital has a long history of outstanding management of the 93 North Portfolio over their 20 plus years of ownership, and the bidding process was very competitive,” said CBRE’s Dragos. “The assets were perfectly positioned to capitalize on the rising demand for industrial space in the greater Boston region. There is no doubt that the business plan the new owners have envisioned will ensure success at these properties for years to come.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.