JV Aims to Acquire Single-Tenant Industrial Properties between Boston and Baltimore
A newly formed joint venture between Pacer Partners (Boston and New York City) and Drake Real Estate Partners (New York City) has acquired a single-tenant infill industrial asset in Boston as the seed investment of a larger roll-up effort.
The venture is targeting single-tenant infill industrial properties along the I-95 corridor from Boston to Baltimore with individual purchase prices of less than $10 million.
The acquisition was financed by ConnectOne Bank. Thomas Didio, Jr., of JLL represented the joint venture in securing the acquisition financing the Boston property along with two assets in Long Island.
“This venture presents a mutually beneficial proposition for owners and users of these smaller infill industrial properties to take advantage of favorable industrial market pricing while allowing our venture to create value by aggregating a diversified portfolio in supply constrained markets with attractive fundamentals,” said Jon Bourbeau, CEO of Pacer Partners.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as he makes the transition from an utterly failed racehorse to a lovely show hunter.