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February 5, 2024

Wakefield investor buys cardboard manufacturer’s Devens facility for $21M

The entrance of a manufacturing facility Image | Courtesy of Google Maps New England Sheet's facility in Devens

Northbridge Partners continues to expand its portfolio of properties in Central Massachusetts, as the Wakefield-based real estate fund has purchased a large manufacturing facility in Devens for $20.5 million.

The property, located at 36 Saratoga Blvd., was purchased on Thursday from Breit Industrial Canyon MA1B01 LLC, according to Worcester District Registry of Deeds records. This corporation shares an address and managers with Link Logistics, a New York-headquartered real estate firm specializing in properties located in business parks. 

The building at 326 Saratoga Blvd. is the home of New England Sheets, a manufacturer of corrugated sheet paper. New England Sheets is a member of Corrugated Partners Group, a Virginia-based network of corrugated sheet manufacturers. Corrugated sheets are used to produce cardboard boxes.

New England Sheets did not immediately reply to a WBJ request for more information regarding the company’s future at the site.

Link is a subsidiary of Blackstone, a New York company with more than $1 trillion in real estate assets, according to the firm’s website. Link purchased the property from Triple Net Investments, a New Jersey-based company, for $9.51 million in May 2016, according to MassDevelopment property records. 

The property, which contains a 162,000-square-foot industrial building built in 1999, was given a tax assessment value of $11.2 million in fiscal 2023 by the Devens Enterprise Corp., which operates the community run by state agency MassDevelopment.

Northbridge Partners has bought a number of properties in Central Massachusetts since 2020. The company bought the headquarters of Jaco, a manufacturing company based in Franklin, for $17 million in January. Northbridge also bought properties in Shrewsbury, Sterling, and Boylston in October 2021 and a Northborough warehouse for $13 million in March 2021.

CORRECTION: An earlier version of this story incorrectly said that the 2016 purchase price of 36 Saratoga Blvd. was from the Devens Enterprise Commission records. MassDevleopment is responsible for Devens property records, not the DEC. 

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