Canadian pension fund manager La Caisse and Sagard Real Estate have added a 57,600sqft Massachusetts asset to their US industrial outdoor storage (IOS) real estate partnership.
The joint venture has invested an unspecified sum to acquire 3 Wheeling Avenue, a low-coverage industrial property in Woburn, Greater Boston.
Belah Terentjev, director, acquisitions at Sagard Real Estate, said: “We believe Woburn’s limited land availability and restrictive zoning make low coverage warehouses with zoning for outdoor storage especially valuable and difficult to replicate.
“3 Wheeling Avenue combines warehouse functionality with significant outdoor storage capacity and access to major transportation corridors. These characteristics align well with our joint venture strategy focused on established infill industrial markets.”
La Caisse and Sagard Real Estate launched the US IOS venture in March this year with an initial gross asset value of C$490m (€311m) and an option to expand the platform.
Targeting major US infill markets, the partnership closed its inaugural deal at launch with the acquisition of a fully leased operational hub in the Meadowlands sub-market.
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