FedEx distribution facility sold for $33M
Courtesy/Transwestern Consulting Group
The FedEx SmartPost facility pictured above has changed ownership.
A high-bay distribution facility completely leased to FedEx SmartPost was sold for $33 million in Northborough, according to the seller’s representative and public records.
Transwestern Consulting Group of Boston announced Thursday it represented New York-based Stockbridge Capital Group in the sale of One Beeman Road in Northborough, a 342,900 square foot facility, to London-based TH Real Estate, an affiliate of Nuveen, the investment management arm of New York City financial services firm TIAA.
The building is the sole New England hub for FedEx SmartPost, which has operated there since 2001 and recently expanded its lease through 2023. It’s a Class A facility with 104 tailboard doors, cross-deck capability, and building clear height of up to 33 feet. It’s located near the intersection of I-495 and the Massachusetts Turnpike.
The I-495 West submarket had 5.4 million square feet of warehouse space with a 6-percent vacancy rate at the close of the year’s first quarter, according to Transwestern.
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