Industrial - Adaptive Reuse
Mark Fogel, President & CEO of ACRES commented, “Given the relative age and lower clear heights of much of the industrial product in the Boston area, the Property represents an attractive, modern, mid-market space offering up to 31’ clear height ceilings that will appeal to a wider and more diverse universe of tenants. ACRES is excited to work with this experienced Sponsor who has already pre-leased a significant portion of the project, further demonstrating why the Boston area has been named in the top five markets across the United States in terms of industrial property type performance.”
ACRES Capital (“ACRES”) is pleased to announce the funding of a loan which will be used to finance the repositioning and lease up of an industrial facility in Lawrence, MA. The property is comprised of three buildings with approximately 600,000 square feet of rentable area situated on a 14.5-acre site. Aside from targeting traditional industrial tenants, the Sponsor is positioning the Property to be a hub for biotech and robotics start-ups. Conveniently located thirty minutes outside of Boston, the Property represents an appealing flex-industrial option for companies looking to take advantage of attractive and attainable space, with larger floor plates being harder to come by and more expensive to lease in the Boston CBD.