Argosy Real Estate Partners Acquires 180 Charles in Malden, MA (Boston MSA)
We are pleased to announce that Argosy Real Estate Partners, in partnership with Quaker Lane Capital, has closed on the acquisition of a 64,300 sf infill industrial building on a 3.8-acre site located in the Malden submarket of Boston, Massachusetts. Malden is an inner-ring suburb of Boston located less than five miles from downtown Boston, the Boston Logan International Airport and Cambridge, Massachusetts. Despite significant demand from industrial tenants to locate near the urban core of Boston, the submarket has seen a 10% reduction in inventory over the past decade due to demolitions for multifamily development and office or life sciences conversions, which has created a significant supply/demand imbalance particularly for large blocks of space, according to CoStar. At acquisition, the building was 100% leased to an existing tenant which will vacate in 2023. The business plan is to address deferred maintenance items and lease the property at market rates.
Argosy’s co-investor and operating partner is Quaker Lane Capital, a Boston-based developer and operator that is focused on industrial, life sciences and multifamily investments.