Boston – Marcus Partners announced the completion of three Class A industrial ground-up developments, all of which will be delivered fully leased.
The developments represent a continuation of the firm’s strategy of growing a high-quality industrial portfolio across its target markets along the East Coast through a mix of new construction and cash-flowing existing product.
In Taunton, the site at 20 Constitution Drive in Myles Standish Industrial Park was bought in May of 2021 and will be fully occupied this summer. The property was a physically obsolete Class-C office building that was acquired off-market. The site was approved for a change of use, demolished, and constructed on an ambitious timeline to respond to market conditions. The result is a new state-of-the-art 88,000sf facility.
In partnership with Howland Development, the 104,380sf 64 Research Drive project in Haverhill was completed in just over a year. The project is located just off I-495 in one of Boston’s tightest markets. Crane Worldwide will occupy the entire facility.
Marcus Partners also delivered a new 150,000sf, Class A industrial asset at 206 Grove Street in Franklin late last year. A single tenant has signed a long-term lease for the full building. In collaboration with town officials, Marcus Partners funded an effort to secure a $2.2 million MassWorks grant that will fund significant roadway improvements for the town of Franklin.
Rachael Marks and her team at CBRE represented Marcus Partners in the Taunton and Franklin leases while Newmark represented Marcus/Howland on the Haverhill lease. Kelleher Sadowsky represented Crane Worldwide.