Marcus Partners Acquires 165K-SF Industrial Facility in Franklin
Real estate investment, management and development firm Marcus Partners has acquired 210 Grove, a 165,000-square-foot industrial property in Franklin. The sales price was undisclosed. The firm also recently acquired the adjacent 176 Grove Street, as part of a larger Greater Boston industrial portfolio.
Additionally, the purchase included a site that will accommodate a new Class A warehouse building of up to 150,000 square feet. Marcus Partners will also improve the existing building at 210 Grove through a capital improvement plan that includes adding loading capacity.
“This acquisition provides an attractive mix of contractual income from existing tenancy with the ability to create significant value through future development. It unlocks a key opportunity in one of our market’s strongest sectors, as industrial assets continue to enjoy historically low vacancy rates and robust rent growth,” said Ryan McDonough, Boston Regional Director at Marcus Partners. “Our firm’s development expertise will enable us to deliver a Class A industrial building that caters to the evolving needs of today’s warehouse tenants.”
Connect Industrial is coming up on November 19th in Houston. You can get more details and register to attend on this link.
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.