Industrial-Commercial Properties Change Hands

Industrial and commercial properties in Franklin are a hot commodity and are regularly snapped up by investors from across the country these days. Most recently, the BLDP newsletter reports that 290 Beaver Street (near the train tracks) has been acquired by a Colorado-based real estate firm, reportedly for just shy of $17 million.

According to assessor’s records, the most recent owner was A6 Beaver LLC, based in Concord. The property includes about 7 acres of land and the two-story building has some 42,500 sf of floor area and an assessed valuation of $6.6 million It was built in the 1980s and was last sold of $9 million in 2020.

Another relatively recent transaction involved 12 Forge Parkway, which was sold on Oct. 25 for $49.5 million by P8/12 Forge Park Investors LLC to New York City-based Partners Industrial Portfolio. At the same time, the company also picked up 150 Dascomb Road, Andover, MA; 25 Industrial Way, Wilmington, MA; 65 Sunnyslope Avenue, Tewksbury, MA; 82 South Street, Hopkinton, MA; and 19 Technology Drive, Auburn, MA.

The Forge Park property was reportedly leased, at the time of sale, to eight tenants,

According to Newmark, a real estate firm, the area office and commercial markets are very strong. For instance, the Boston western suburban market had a total inventory of almost 37 million square feet with a 4.5 percent vacancy rate. More than half a million square feet of inventory was absorbed in the first three quarters of the year with average asking rents per square foot of $7.09 for warehouse space and $11.64 for R&D and flex space.