A 300,000 square foot industrial property, located strategically in the high-barriers-to-entry market of Boston, Massachusetts.The light industrial property is fully leased to a credit-worthy e-commerce tenant, which plans to use the newly renovated Class A facility as a middle-mile sortation facility.
The property underwent a complete renovation in 2020, and now features Class A specifications, limited future capital expenditures and stable durable cash flow.
One National is located in the Boston suburb of Milford. This strategic location allows for e-commerce deliveries to reach all households in the greater Boston metropolitan area within a 90 minute drive. Boston is a target city with strong population growth and is recognized as an intellectual and medical hub with high median income and home values. Boston’s industrial market is very dense and land constrained, resulting in low vacancy rates and disciplined supply.
As e-commerce surges, the industrial sector continues to benefit. This increased demand, which was accelerated by COVID-19, combined with balanced supply, is resulting in potential for superior rental growth and outsized investment returns for the industrial sector. One National provides further overweight to the industrial sector, which is in line with the REIT’s strategic allocation goals.
- Boston is a target city with strong population growth, high median income, and high home values. Boston’s industrial market is very dense and land constrained, resulting in low vacancy rates and disciplined supply.
- Boston is recognized as an intellectual and medical hub, the metro is home to over 100 colleges and universities with an annual enrollment of 250,000 students.
- Since 2010, tech firms in Boston have hired employees at a pace 3x faster than the hiring rate in other industries. Facebook and Amazon are expanding within Boston, and GE is relocating its headquarters to the city.
- The Boston metro area has a median household income of $84,040, which is above the overall U.S. median household income.
- Boston is a very dense and land constrained market boasting a 4.7% vacancy rate across 439 million SF of industrial space (CBRE-EA 2Q20).