A group of New Jersey-based real estate investors have purchased a FedEx freight facility in Northborough for $16.78 million.
Deed records indicate that Columbia Property Investors Northborough LLC, affiliated with NAI James E. Hanson, bought the new building at 300 Bartlett St. on June 6 from Hillside FXF LLC, an affiliate of Kansas City-based Jones Development Co.
The 31,551-square-foot structure was built on 24 acres in 2013 and allowed FedEx to consolidate two facilities into a single location, according to Marcus & Millichap, who represented Columbia Property Investors.
“This location is ideal for FedEx operations and bodes well for long-term tenancy,” Laurie “L.A.” Drinkwater of Marcus & Millichap said in a statement.
Hal Messer, a NAI Hanson vice president, said his group likes to buy properties with well-known national tenants such as FedEx. Columbia Property Investors owns a handful of Massachusetts properties, Messer said, including a CVS in Ware.
Jones Development bought the parcel when it was vacant in September 2011 for $2.94 million. The company said on its website that it specializes in building industrial facilities from the ground up, and has worked extensively with FedEx.
Jones Development didn’t return a call for comment.
