NorthBridge Partners buys three Central Mass. development and distribution properties for $16.2M
Katherine Hamilton, Worcester Business Journal
NorthBridge Partners, LLC, a real estate investment company based in Wakefield, has purchased $16.2 million in properties in Shrewsbury, Sterling, and Boylston over the last few weeks, according to the Worcester South District Registry of Deeds.
The first deal in Shrewsbury was the sale of Centech Park North, a biopharmaceutical office park in the works for more than 10 years. The Town of Shrewsbury sold the property for $6.5 million in a deal closed Sept. 24 for $6.5 million.
Centech Park is an expansive project with four locations throughout Shrewsbury and Grafton, according to the Worcester Business Development Corp.
Located at 384-386 South St. and 721 Hartford Turnpike, the NorthBridge Partners' section of the park is proposed to have a total of roughly 303,000 square feet across three buildings. NorthBridge Partners submitted an application for a site master plan to the town in April, according to public documents on the town website.
The Town of Shrewsbury bought the 60-acre parcel in 2003 for $6 million and published the first master plan for the project in 2009. The Town's assessed value of the property is $4.5 million.
On the same day as the Shrewsbury deal, NorthBridge Partners bought a 60,000-square-foot warehouse at 13 Chocksett Road in Sterling for $4.2 million.
The building is a distribution center for Pennsylvania-based snack manufacturer, UTZ Quality Foods Inc.
It was sold by Jeffrey, Robert, and Janis Eydenberg, who are all trustees of the A&E Realty Trust of Fitchburg, according to the deed. The Town of Sterling assessed the property at $2.5 million.
In Boylston, the company bought a 55.5-acre parcel of vacant land along Pine Hill Drive for $6.5 million, per the deed. The deal closed Oct. 15.
NorthBridge Partners proposed a roughly 400,000-square-foot distribution warehouse for that parcel to the Boylston Planning Board in May, and it was approved in June. It is located on the border of Shrewsbury off I-290 and next to a FedEx distribution facility.
The property was sold by John and Donna DiPilato and Nancy Germain.
NorthBridge Partners owns a number of warehouses throughout Central Massachusetts in towns such as Northborough and Clinton.
On its website, NorthBridge Partners says it is focused on investing in small-to-midsized industrial assets to meet a growing demand for e-commerce distribution and supply. The firm was unavailable for immediate comment Wednesday morning on its recent purchases.