NorthBridge leveraged a previous relationship with the seller to secure the site off-market.
Property Description
Property was the site of a movie theater roughly 5 miles north of downtown Boston. Due to the impact of COVID-19 on the movie theater business, NorthBridge re-engaged with the seller and put the site under contract.
Shortly after putting the site under contract NorthBridge approached a large logistics company regarding a potential last-mile distribution facility on site and within weeks agreed to terms. NorthBridge planned to raze the existing cinema and construct a state-of-the-art, build-to-suit final mile delivery station for the company.
After NorthBridge received all permits and entitlements in 4Q20, the company expressed interest in acquiring the site/asset and reconfiguring the site plan to maximize site efficiency. Updated site plan included 140K+ SF of ground floor distribution space with second-story canopy parking.
Investment Thesis
The asset’s underlying Industrial Park zoning, one of very few in the city and one that allowed e-commerce distribution by right, appealed to the NorthBridge team as a unique opportunity to reposition the Property into a one-of-kind, infill logistics facility.
