Clinton warehouse leased to Rotmans, Tighe Logistics, & Scholastic Book sells for $56M as part of four-building deal
Photo | Courtesy of Newmark
The warehouse at 100 Adams Road in Clinton was sold as part of a 173-million investment sale.
A nearly 346,000-square-foot Clinton warehouse sold for $55.8 million as part of a four-building, $173-million investment sale, according to the real estate database CoStar.
Modern Logistics (Modlo), a California real estate company focused on e-commerce, bought the portfolio in a deal closed Monday, according to a press release from Newmark Group, Inc., which brokered the deal. The acquisition is Modlo’s first foray into the Boston and Central Massachusetts markets.
The seller was Marcus Partners, a Boston commercial real estate firm who bought the property for $28 million in 2018.
The four-property sale totals more than 1 million square feet with two properties in Brockton, one in Norton, and the fourth in Clinton on 100 Adams Road. All the buildings are 100% leased to 11 tenants, per the release.
The Clinton property includes several tenants, including Worcester furniture store Rotmans and the Woburn-based Tighe Logistics. Roughly 131,000 square feet are used for the Scholastic Book Fairs. The Town of Clinton assesses the parcel at $21 million.
The two Brockton properties sold for $35.4 million and $14.7 million, at $118 and $175 per square foot respectively. The Norton warehouse sold for $67 million at $191 per square foot. The Clinton sale price is $161 per square foot.
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