148 & 200 Ward Hill
Introduction
Equity Industrial Partners (EIP), a prominent industrial real estate investment and development firm, demonstrated their expertise and vision with the successful acquisition and development of the properties at 148 & 200 Ward Hill in Haverhill, MA. This case study showcases how EIP strategically maximized the potential of these properties, ultimately resulting in a significant expansion deal with Cedars Mediterranean and substantial property improvements.
Acquisition and Initial Occupancy
In 2016, EIP acquired the buildings at 148 & 200 Ward Hill. At the time of purchase, Nutmeg Corporation and Prosero occupied 200 Ward Hill, while Cedars occupied 148 Ward Hill. The acquisition provided EIP with an opportunity to enhance the value and functionality of the properties, thereby attracting new tenants and expanding existing ones.
Cedars Mediterranean Expansion
In 2019, EIP embarked on an expansion project with Cedars Mediterranean, facilitating their full occupancy of both buildings. The expansion took place in two phases to accommodate Cedars' growing needs. Phase 1 involved expanding Cedars into the Prosero space, while Phase 2 encompassed the expansion into the Nutmeg space.
Property Enhancements and Deal Details
To support the expansion deal and ensure Cedars Mediterranean's seamless operations, EIP invested $580,000 in the replacement of the roof at 200 Ward Hill. This crucial improvement not only enhanced the property's infrastructure but also solidified the tenant's commitment to the location.
Success through Strategic Vision
EIP's strategic vision and ability to identify opportunities played a crucial role in the success of this case study. By acquiring the properties at 148 & 200 Ward Hill, EIP gained access to a vibrant industrial ecosystem already occupied by reputable tenants. Recognizing Cedars Mediterranean's growth potential, EIP facilitated their expansion into both buildings, further strengthening their relationship and commitment to the property.
Conclusion
The case study of 148 & 200 Ward Hill, Haverhill, MA, is a testament to Equity Industrial Partners' capability in industrial real estate investment and development. The successful acquisition and expansion deal with Cedars Mediterranean demonstrate EIP's ability to recognize and capitalize on opportunities within their portfolio. Additionally, the investment in property improvements, such as the replacement of the roof at 200 Ward Hill, showcases EIP's commitment to providing top-notch facilities for their tenants. This case study exemplifies EIP's dedication to creating thriving industrial spaces, fostering strong tenant relationships, and enhancing property value, solidifying their position as a trusted leader in the industrial real estate market.
