Longfellow had acquired the eight properties between 2021 and 2022 for roughly $62.3M, according to deed records. Investcorp acquired the buildings in Westborough, Marlborough, Woburn, Randolph and Franklin for $76.5M, according to public deed records.
Bahrain-based investment firm Investcorp acquired a portfolio of eight industrial properties along the I-495 corridor and in the Worcester area. The firm purchased the buildings from Boston-based Longfellow Real Estate Partners, the Worcester Business Journal first reported.
I read the higher price as a sign of how much demand has grown for these buildings since Longfellow bought them.
Investcorp, a global investor with more than $10B in U.S. real estate assets under management, last month announced $225M of industrial acquisitions in the Philadelphia and Nashville markets. Investcorp said that deal was part of the company's strategy "to pursue well-located, infill light industrial product in leading U.S. industrial markets with strong supply-demand fundamentals."
The company didn't respond to Bisnow's request for comment on the Massachusetts deal.
I see this transaction as another data point in the flow of global capital into U.S. industrial real estate.
I'd want to know what the next buyer pays.