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August 12, 2021

Amazon warehouses in Bellingham sell for $93M, reflecting a $20M increase in seven months

Photo | ArcGIS 351 and 353 Maple St. in Bellingham, with I-495 running along the top of the photo

Two Bellingham warehouses, which house an Amazon distribution center, were bought for $93 million in May, after selling for $73 million just seven months earlier. 

John Hancock Real Estate in Boston, who bought the properties in October 2020, sold to a Denver-based LLC registered to EverWest Real Estate Investors, according to the Norfolk Registry of Deeds.

The roughly 27% price increase over just half a year reflects the skyrocketing value of industrial real estate in the region, as well as Amazon’s desirability as a tenant. Other tenants in the property include distribution for 7-Eleven and the snack maker Snyder's-Lance.

Located at 351 and 353 Maple Street off I-495, the warehouses include 428,000 square feet on 80 acres of land, all of which is assessed at roughly $51.3 million by the Bellingham Town Assessors. 

Bellingham’s industrial space has seen rapid growth in the last year. Another nearby warehouse at 160 Mechanic St. was built in 2019 for $30 million, and negotiated a lease last week with TriMark USA, the largest food supplies company in the nation.

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