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July 31, 2023

Sutton, Franklin properties part of $167M industrial deal

Photo | Courtesy of Google Maps Three Franklin warehouses sold for $77 million as part of a $167 million portfolio.

Affiliates of Florida-based real-estate investment firm Westbrook Partners purchased a portfolio of industrial properties from Boston real estate firm Marcus Partners for $167 million, including four Central Massachusetts properties in Sutton and Franklin.

A 117,000-square-foot warehouse at 17 Gilmore St. in Sutton was sold on Thursday for $19.5 million. Marcus Partners previously bought the property in 2021 for $17.5 million, according to the Worcester District Registry of Deeds. It is home to furniture contract manufacturer Source International.

Three warehouse properties were sold in Franklin for $77 million. 

  • A 170,000-square-foot warehouse at 176 Grove St. was sold for $29.5 million. The sale was recorded by the Norfolk County Registry of Deeds on Monday. It was last sold to Marcus Partners in 2019 for $18.3 million. It is leased in part by XPO Logistics.
  • A 166,750-square-foot warehouse at 210 Grove St. sold for $19.5 million on Thursday. It was last sold to Marcus Partners for $13.3 million in 2019. It is leased in part to EMS Warehousing and Distribution.
  • A 150,000-square-foot warehouse at 206 Grove St. that Marcus Partners built on parts of land from the other two properties and leased to delivery service UPS, sold for $28 million on Thursday.

The remaining properties rounding out Westbrook’s portfolio purchase statewide were at 1 First Ave. in Peabody, and 57 Littlefield St. in Avon.
CBRE Executive Vice Presidents Chris Skeffington and Scott Dragos, and Senior Vice President Roy Sandeman of the firm’s Boston Capital Markets Group represented the seller and procured the buyer. 

The portfolio sale comes less than three weeks after TA Realty of Boston sold two distribution properties totaling nearly 400,000 square feet at Crossroads Industrial Park on the Marlborough-Northborough border for $79 million to a California investor.

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