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March 22, 2021

Northborough warehouse sold for $13M to real estate trust

Photo | Courtesy | Town of Northborough 5 Beeman Road in Northborough

A Wakefield real estate investment trust has paid $13 million for a Northborough warehouse off Lyman Street.

The site at 5 Beeman Road, with a 55,000-square-foot warehouse, last changed hands only 14 months prior for $9.5 million. In the latest deal, which closed Feb. 26, a so-called REIT, Last Mile Logistics, bought the site from a related party, NorthBridge Partners, a commercial real estate investment and advisory firm in Wakefield.

NorthBridge Partners bought the site in December 2019 from Marlborough's Ferris Development. which developed the 1 Research Dr. complex in Westborough. That firm paid $9.3 million for the site in 2016.

The nearly eight-acre site was last assessed by the Town of Northborough at $9.1 million. The building, constructed in 2003, was fully leased when last sold in 2019, according to the real estate firm CBRE, who represented Ferris Development in the deal.

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