295 Union Street

Jones Lang LaSalle is pleased to present the opportunity to acquire 295 Union Street in Walpole, MA (the “Property”). The Property consists of 85,159 square feet across two buildings and is situated on a 16.7-acre site, less than one mile from I-95. 295 Union Street is currently 83% leased to high credit, entrenched tenancy in Tesla, Goodyear and SRS Distribution. The Property provides a combination of durable cash flow and upside through the mark-to-market of the current roll and potential lease up of 14,432 square feet of remaining vacancy. With only 63 million square feet of existing inventory and zero construction projects less than 100,000 square feet, Boston’s infill industrial market is poised to remain undersupplied for the foreseeable future. Properties such as 295 Union Street – which offer suite sizes that consistently meet tenant demand, Class A infill specs, and excess pavement allowing for a variety of outdoor storage & parking uses– will continue to reap the benefits of this long-term supply/demand imbalance.  

295 Union Street offers investors the rare opportunity to purchase a low-coverage infill site that has been modernized by current ownership over the past two years to capture today’s last-mile tenancy. Vacant at acquisition, Building A alone has benefited from close to $5 million in recent capital improvements, which include brand new insulated metal panels, new LED lighting, a new ESFR sprinkler system, new loading dock packages, power upgrades, an expanded parking area and the subdivision of all utilities. SRS Distribution, Inc., recently acquired by The Home Depot, signed a lease for 50% of the building during the speculative capex program and recent improvements to Building A allowed for seamless lease-up of the remaining 30,282 square feet of high-bay space to The Goodyear Tire & Rubber Company.