A 300,075 square foot industrial park in Shrewsbury changed hands this summer when an affiliate of Philadelphia based Equus Capital Partners acquired Centech Park North in a deal that closed at the end of June. The two building campus, developed by NorthBridge Partners and completed in 2023, is fully leased to tenants in life sciences, advanced manufacturing and commercial services. The roughly $75 million transaction is one of the larger suburban industrial trades in Central Massachusetts this year.
The deal
According to the Boston Business Journal, Centech Park North is a two building, Class A industrial portfolio totaling about 300,075 square feet. The properties are listed at 721 Hartford Turnpike and 384-386 South Street, with the sale amount reported at roughly $75 million and the transaction closing at the end of June.
Buyer and tenants
Philadelphia based Equus Capital Partners said an affiliate acquired the campus through a joint venture, according to an announcement reported by Patch. Equus said the buildings are 100 percent leased to tenants in the life sciences, advanced manufacturing and commercial services sectors, a fully occupied lineup that helped underpin the sale price. The firm described the shallow bay design and highway access as features that attract both large and smaller manufacturing and distribution users.
Deal team
Colliers' capital markets team represented the seller, with brokers Frank Petz, Matthew Sherry, Rob Schlesinger, Joe Gaziano and Jack Barrett noted on deal summaries. Traded published the brokerage roster and additional transaction details. NorthBridge Partners, the project's developer, sold the campus after completing construction in 2023.
Financing and local demand
Industry reporting indicates Northwestern Mutual provided roughly $41.5 million of acquisition financing for the purchase, according to Banker & Tradesman, which also cited market data showing Greater Worcester's industrial vacancy running below 10 percent at midyear. That tight supply picture, brokers say, helps explain why newer suburban industrial product is trading at premium prices. The park's proximity to I‑90, I‑290, I‑495 and Route 9, as well as to regional parcel hubs, makes it especially attractive to investors seeking flexible logistics and light manufacturing space.
The transfer puts modern industrial space in the hands of a national owner and caps years of planning and development at Centech Park North. Tenants remain in place for now, and the transaction is likely to be watched as a barometer for pricing in constrained Central Massachusetts industrial submarkets.
