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 Tampa, FL-based DeBartolo Development.
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.
“We are proud to secure both the financing and the equity partner for this project” said Sullivan. “The building will be a best in class option for tenants in one of the most supply constrained markets in the east. ”
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.”