Redgate and North River Company purchase 301 Barber Ave. in Worcester, MA
Fast-growing Worcester market means strong forecast for commercial and industrial properties
BOSTON, May 3, 2022 /PRNewswire/ — Redgate and North River Company (“NRC”) recently announced they have acquired 301 Barber Avenue in Worcester, MA.
The building features 108,000 square feet of premium industrial warehouse and office space and is currently fully leased – adding an immediate revenue-producing asset to the partnership’s commercial portfolio and the first such acquisition in the promising Worcester market.
“The Worcester market is strong and economic tailwinds will continue to drive outsized industrial activity,” said Redgate Executive Vice President Reid Joseph. “We believe in the relative value of the acquisition within this submarket and we look to be increasingly active within the greater Worcester industrial space.”
The robust local economy and e-commerce industry are driving a period of major growth in the industrial and logistics real estate market in Worcester and Greater Boston. Amazon and other major logistics players are growing their presence in the region and existing supply is also in high demand from manufacturing, warehouse, and even life sciences companies. 301 Barber Ave. benefits from its excellent location and access at the intersection of I-190 and I-290, in addition to the dense surrounding population.