Barings sells Bellingham Class A industrial Asset to LaSalle Property Fund; $96.7M Trade via NewmarkMay 11, 2022
BELLINGHAM — Newmark completed the sale of Bellingham Distribution Center, a Class A industrial asset located in the suburban Boston community of Bellingham, Massachusetts. The sale was inked on April 26, 2022, when Barings completed the trade of the asset to Lasalle.
Totaling 345,000 square feet and completed in 2021, Bellingham Distribution Center features a full-building lease to TriMark. The tenant is the largest distributor of equipment, supplies and design services for the food service industry across the United States.
“This was a compelling acquisition for us on several fronts as it not only provided the opportunity to meaningfully increase our industrial allocation but to do so in a premier industrial market with high barriers to entry and no competitive new stock of this size coming to market in the short-term,” said Jim Garvey, President of LaSalle Property Fund.
Newmark Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Directors Matthew Pullen and Tony Coskren, Senior Managing Director Brian Pinch and Managing Director Samantha Hallowell of the firm’s Boston Capital Markets Group represented the seller, Barings, and procured the buyer, LaSalle Property Fund. Newmark Senior Financial Analyst Nickolas Revers provided financial analysis support.
“Bellingham Distribution Center is a state-of-the-art, high-bay warehouse/distribution asset,” said Hallowell. “It will serve as an excellent regional flagship for TriMark, which is headquartered less than 20 miles away in Mansfield.”
The distribution center is located at 160 Mechanic Street. It features tilt-up construction, 36’ clear heights, 70 loading docks and 50 trailer storage spaces. The asset is located in an established industrial cluster off Interstate 495 with swift access to Interstates 90 and 95.James Garvey Samantha Hallowell