Responding to an all-time high level of demand for industrial, distribution, and e-commerce space in the Greater Boston market, we have actively pursued infill sites for development of last-mile distribution facilities.
We identified a 17.8-acre industrial property in Everett, MA, strategically located in one of the industrial sub-markets closest to both downtown Boston and Logan International Airport.
Our business plan involved replacing the existing building with a new, state-of-the art industrial distribution facility.
Execution
We acquired the site in an off-market transaction from a group of owner/users that had owned the property since the mid-1960s. The sale was complicated by the fractured ownership of the seller and required us to assist in relocating an owner user and to negotiate a settlement of a long-running dispute between the seller and two municipalities regarding responsibility for reconstruction of a failing storm water drainage system that runs through the property.
Guided by the needs of a tenant prospect, Davis designed a single-story 221,856-square-foot state-of-the-art distribution center with rooftop parking, After completion of design and permitting, in April 2021, we executed a 15-year lease at premium rents with a well-known global logistics retailer set for a October 2022 lease commencement date.
