Alogistics center in Uxbridge has sold for $120 million to Boston private equity real estate firm Rockpoint, making it the largest property transaction in the past five years in Central Massachusetts.
Rockpoint purchased the property located at 40 Lackey Dam Road from Indiana-based Scannell Properties in a deal finalized on Thursday, according to Worcester District Registry of Deeds records.
The purchase is the largest property transaction in Central Massachusetts since the Staples headquarters in Framingham sold for $165 million in 2020.
Completed in 2023 and part of a growing logistics hub in the area, the 607,000-square-foot industrial complex is mainly situated in Uxbridge but also sits on land in Sutton and Douglas.
The 70-acre site is located about an hour from both Providence and Boston, and 73% of the space is occupied with a long-term lease, according to a Thursday press release from Rockpoint announcing the purchase.
“As we grow our industrial portfolio, this newly constructed, high-quality property represents a compelling investment opportunity in a high barrier-to-entry market that we know well,” Fred Borges, senior managing director at Rockpoint, said in the release. “Greater Boston has experienced consistent industrial rent growth, driven by strong demand for preeminent space and a range of factors limiting the production of new supply, including a limited number of suitable, well-located sites.”
Rockhill Management, Rockpoint’s property service affiliate, will manage the site. Rockpoint has made 13 industrial investment purchases representing more than 12 million square feet since 2020.
The sale price for this transaction breaks down to roughly $198 per square foot.
The Town of Douglas received a $3-million grant from MassWorks’ Infrastructure Program in 2021 to support water and sewer upgrades for the project and another nearby warehouse.
The combined 2025 tax assessment value for the six parcels comprising the site is $70.6 million, according to MassGIS.
Article Link: https://www.wbjournal.com/article/biggest-sale-since-2020-uxbridge-logistics-center-sold-for-120m
