301 Page Street, Stoughton, MA

Investment Summary

Property: 

Acquired 100% occupied, 301 Page Street is a 119,000 SF single tenant warehouse/distribution property situated on 17.1 acres.

Pricing: 
  • Acquisition Price - $8 million ($67 PSF) – April 2016 
  • Total Project Cost - $8.5 million ($71 PSF)
Strategy: 

Acquire a stable Class A warehouse asset with additional office and retail space well below replacement cost; located in a prime Boston sub-market.


Opportunity / Highlights

  • Off-market transaction acquired with a new 15 year lease providing investors 10% net annual cash yields
  • Class A asset built for Boston Interiors in 2004 to serve as its core warehouse and distribution center as well as its corporate headquarters and retail outlet; warehouse space has 36’ clear ceiling heights which is rare and in high demand in the greater Boston market
  • Boston Interiors is a well-established regional brand with a 30 year history and has invested significant dollars in this location as its long term headquarters and main distribution center
  • Immediate proximity to Route 24 and Route 95 provide easy access to major highways and their seven retail locations in the Boston area
  • Quality of the asset, location and functionality provide for significant future tenant leasing demand and eventual buyer demand

Projected Net Returns:

  • Average Annual Cash Flow: 10%
  • Net IRR: 14%
  • Target Equity Multiple: 1.8x