BRIDGEWATER, MA September 5, 2019 – Cushman & Wakefield has secured the construction financing and joint venture equity for DeBartolo Development’s construction of a state of the art 350,000-square-foot high-bay distribution building located at 725 Elm St. in Bridgewater, MA. Located at the interchange of Interstate 495 and Route 24, PNC has been tapped as the construction lender on the project while Cabot, Cabot & Forbes, through a German separate account pension fund, will partner with Debartolo on the equity side of the speculative development.
Construction will start immediately with delivery of the building expected in the second quarter of 2020. The building will be the first of its kind in Bridgewater, offering tenants a world class distribution facility featuring 32’ clear ceiling height, 65 door docks and tilt-up concrete walls while sitting just 30 minutes from downtown Boston and Logan Airport. This will be the first development in Massachusetts for DeBartolo Development, which is based out of Tampa, FL.
“We are proud to secure both the financing and the equity partner for this project” said Tom Sullivan, Executive Director at Cushman & Wakefield. “The building will be a best in class option for tenants in one of the most supply constrained markets in the east. In the ever changing industrial landscape, access to demand drivers is paramount and the project provides tenants a world class building just 30 minutes from downtown”. Executive Managing Director John Alascio added, “DeBartolo was able to negotiate with both the Seller, a not for profit, and the Town of Bridgewater all the necessary approvals and entitlements to bring this development to life. They continue to find great pieces of land to develop across the country and Elm Street is a perfect example. Cabot, on behalf of German Pension Fund BVK, performed exceptional under a tight timeline to launch the start of a great partnership.
The assignment was led by Executive Director Tom Sullivan out of the Boston office and Executive Managing Director John Alascio at Cushman & Wakefield out of the New York office.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.