Two industrial outdoor storage sites in North Central sell for combined $7.7 million

A Maryland-based real estate investment firm focused on logistics-related assets has purchased two industrial outdoor storage sites in North Central Massachusetts for a combined $7.7 million. Realterm, a firm with $14.4 billion in assets under management, purchased 15 Westford Road in Ayer and 27 Cook St. in Devens on Tuesday, according to Worcester District Registry of Deeds records. The property at 15 Westford Road in Ayer sold for $3.15 million, while 27 Cook St. was sold for $4.55 million. Both selling entities are managed by J. Paul Routhier of Ayer.  The site on Westford Street is 3.5 acres and contains an 8,200-square-foot maintenance facility with four drive-thru bays and an on-site refueling station, according to a Tuesday announcement from Realterm. The site was assessed at $897,200 this fiscal year, according to town of Ayer property records.  The Cook Street property is a 6.75-acre site with a 12,000-square-foot maintenance facility featuring one drive-thru bay. The site was assessed at $1.1 million in 2026, according to Devens Enterprise Commission property records.  Realterm said both the location and the limited supply of industrial outdoor storage sites in the area were the reasons behind the purchase. The two properties are about 4.5 miles apart.  “These properties are well-positioned within one of the region's strongest distribution submarkets and offer highly functional improvements that support the efficient operations today’s tenants seek,” Nick Dupuis, vice president, investments, Northeast region at Realterm, said in the announcement. “Given the limited supply of functional (industrial outdoor storage) maintenance facilities in this market, we view these properties as key additions to our portfolio.” James Keogh of 128 CRE in Newton was the sole broker for both transactions. “Industrial outdoor storage properties with this combination of acreage and existing maintenance facilities are difficult to replicate in this market,” Keogh said in a Wednesday announcement.  Outdoor storage sites are one of the fastest-growing property types in the industrial real estate space, according to New York-based credit rating agency KBRA.  Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.