A joint venture of Lincoln Property Company and Cara Real Estate GmbH has acquired 10 Trotter Drive in Medway, MA for $21,700,000. The 120,000-square-foot light industrial facility is 100% occupied by Spencer Technologies. The single-story building is ideally suited for manufacturing and distribution tenants given the abundant parking available on-site.
This latest acquisition marks the third property in its growing portfolio, which is focused on well-located industrial assets with stable cash flow. Together the JV has executed on over $48 million of industrial investment over the past six months, all transactions were sale-leasebacks from the owner-occupied sellers. In December, Cara closed on the sale-leaseback of 187 Lexington Street in Waltham. The 23,000-square-foot building was custom built by Interior Stone in 2006 and is ideally located in an infill location with close proximity to I-95/Route 128 and Boston’s inner suburbs.
10 Trotter Drive Medway
“We are excited to continue the strategic expansion of our Greater Boston portfolio with Cara,” said Scott Faber, Senior Vice President at LPC. “We were able to successfully negotiate two sale-leaseback transactions at 10 Trotter and 187 Lexington and we look forward to strong, long-term partnerships with the high-quality tenants in these buildings.”
Fundamentals are red-hot in the Boston Industrial Market, with occupancies and rents beginning 2022 at record highs in both the warehouse and flex segments. While other sectors have dealt with varying levels of disruption over the past two years, the pandemic has strengthened the demand drivers that have been on the upswing for the last several years. Warehouse vacancies finished 2021 at 3.1%, while flex vacancies are down to 5.5%.
187 Lexington Street Waltham
“Cara is excited to partner with LPC on our first Boston Industrial portfolio,” said Klaus Schupp, Managing Director of Cara. “With the fundamentals very strong for the Greater Boston industrial market, Cara strategically focused on this market to accumulate an industrial portfolio given the diverse economy of tenants it offers to investors.”
Lincoln Property Company will provide management and leasing services for 10 Trotter, 187 Lexington and 125 Fisher in Marlborough.
About Lincoln Property Company
Lincoln Property Company, founded in 1965, is a national commercial real estate company involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 130 million square feet of commercial space. For more information on Lincoln Property Company’s Boston office, visit: www.LPCBoston.com.
About Cara Real Estate
Cara Real Estate, the Real Estate arm of Frankfurt, Germany based investment manager Cara Investment, invests in real estate opportunities throughout Western Europe and the US. Notable transactions include the recent acquisitions of the Saks Building right on San Francisco’s Union Square as well as the former headquarter of Credit Europe Bank in Frankfurt.
