Home Depot to build distribution center in Westminster, after landlord buys land for $17M
Image | Courtesy of Google Earth
Pictured here is a 657,600-square-foot Home Depot distribution center in Westfield. A similar center is planned for Westminster, following a $16.9-million sale of land.
Theodore Drive in the Westminster Business Park is set to become the site of a Home Depot distribution building, following a $16.9-million sale of 50.75 acres of land.
Equity Industrial Partners, a Needham-based industrial real estate development company, purchased three parcels of land in two separate transactions, which closed on Aug. 22, according to Worcester North District Registry of Deeds records.
Home Depot has since executed a lease with EIP allowing for the construction of a 600,000-square-foot, built-to-suit distribution building at the site, according to a Sep. 3 press release from The Stubblebine Co., a Lexington-based real estate firm. The site sits about one mile from Route 2 and is served by a freight railroad line.
Home Depot has been opening more distribution centers as it focuses more of its business on larger customers, including remodelers and contractors, and less attention on do-it-yourself customers, such as homeowners, according to CNBC.
EIP purchased one parcel, a 45.86-acre plot of land at 65 Theodore Dr. owned by Westminster Owner LLC, for $14.05 million. Westminster Owner is an entity operated by Jumbo Capital, a Quincy-based real estate firm, which owns a number of parcels around Westminster Business Park. The property was given a tax assessment valuation of $218,900 in 2023, according to Town of Westminster property records.
An additional two parcels, totalling 4.89 acres, were purchased for $2.85 million from Westminster Business Park LLC, an entity based in Boston.
David and James Stubblebine of the Stubblebine Company represented the sellers in the transactions, while Andrew Sacher of AIS Development Inc. of Natick, represented the buyer.
Eric Casey is a staff writer at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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