E-commerce “next day” and “same day” delivery, combined with supply chain issues prompting changes to inventory strategies, have spurred unprecedented demand for industrial distribution space in the greater Boston market, driving strong rent growth. In addition, demand for high quality R&D space has grown dynamically.
We have been actively searching for sites with good highway access that can be developed for new state-of-the-art industrial distribution facilities, with the larger goal of assembling an industrial portfolio in greater Boston.
38 Upton Drive, located just off I-93 North, presented the opportunity to acquire a pre-permitted 27-acre development site, along with an existing 5 building industrial/R&D portfolio in Wilmington and Methuen, MA.
Execution
We closed on 38 Upton Drive in March 2021 and subsequently developed two, Class A warehouse/distribution facilities, of approximately 100,000 RSF each. The projects delivered in June 2023 on-budget and on-time.
Following delivery, we executed an 111,000 RSF lease for one of the buildings, representing the largest industrial lease for the Northern Boston industrial market in 2024.
