Foxfield Open-End Fund Portfolio Acquires Ninth and Tenth Assets
The Foxfield Open-End Fund – Foxfield LLC’s long-term, current income vehicle – concluded 2022 with the acquisition of two core-plus industrial assets in the Greater Boston Area; 305 Kenneth Welch Drive in Lakeville, MA and 410 Forest Street in Marlborough, MA bring the Fund to 10 total assets and 655,488 total square feet.
Shawn Hawthorne, Foxfield Partner and Open-End Fund Portfolio Manager, notes, “Reflecting back on the first two years of operations, we believe we have built a portfolio with very attractive lease and loan structures that should continue to perform for years to come, and we look forward to adding to it strategically in 2023.”
Foxfield continues to actively vet investment opportunities for the Fund in spite of a challenging capital markets environment
305 Kenneth Welch Drive, Lakeville, MA – The flex industrial building totaling 34,752 RSF was acquired on December 28, 2022. In conjunction with Alta Material Handling’s lease commencement in January 2022, the seller made a number of significant upgrades to the facility, positioning the asset to appeal to Alta’s division headquarters over the firm’s six-year lease. Located just two miles from the I-495 ramps in an established node of industrial buildings, Foxfield believes the facility to be in a phenomenal location for light industrial.
410 Forest Street, Marlborough, MA – Foxfield acquired the flex industrial building totaling 32,500 of RSF on December 28, 2022 from the same seller as 305 Kenneth Welch Drive. Just one mile from I-495, the property has been home to Electronic Environment Corporation (EEC) since 2004 as Marlborough has developed into a center of business in suburban MA. With EEC’s lease expiring December 2024, Foxfield believes the Fund will have the opportunity to roll in-place rents to market in a desirable light industrial submarket.
Foxfield is a real estate investment and development company that focuses primarily on industrial and residential markets. Headquartered in Boston, with offices in Atlanta and Philadelphia, Foxfield searches for unique investment opportunities throughout the East Coast. The company is led by Jeff Theobald, Jeff Harper, Peter Carbone, Shawn Hawthorne, Scott Tully, and James Alden. Foxfield LLC is the merger of two operating companies: Novaya Real Estate Ventures, an investment firm founded in 2011 and Foxfield Industrial, a property investor, developer, and operator founded in 2015. After working together in a venture format for a number of years, the principals combined their collective teams to create a unified company under the name Foxfield in early 2022.
To date, Foxfield has transacted on $1.4 billion in acquisitions and currently has $1.0 billion in the development pipeline with more than 7 million SF in assets under management or development.
About the Foxfield Open-End Fund
Launched in October 2020, the Foxfield Open-End Fund is poised to perform well in the current economic environment through targeted investment in fully-leased Class A and B industrial warehouse and flex/R&D properties. In the Northeast, shrinking urban land supply, alongside an increase in same-day shipping, e-commerce, and supply chain onshoring has dramatically increased the demand for industrial space. The Fund’s mix of long-term leases and below-market debt at well-located industrial properties lends itself well to weather economic uncertainty.