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Tewksbury Landsite Sells for $2.4MM; Construction of 65,800 SF Industrial/Warehouse begins Q1

Posted by Anne on February 7, 2023

R.W. Holmes recently negotiated the sale of an 11.6-acre industrial zoned site at 40 Commerce Way in Tewksbury, MA, to Rhino Capital Advisors.

Rhino Capital is expected to begin construction in late Q1 of 2023 on a 65,800-square-foot industrial/warehouse building with over 32’ clear height, ten loading docks, and up to 2,500 amps of electrical service.

The property, located at 40 Commerce Way, was sold by Atlantic Management for $2.4 million, with R.W. Holmes representing the buyer and procuring Rhino Capital Advisors.

Headed by Managing Principal Michael Olson, Rhino Capital is a privately held, Boston-based owner-operator and developer whose investment strategy is aimed at off-market value-add industrial, flex, and multi-family assets in Greater Boston. To date, Rhino Capital has acquired/developed more than $615 million of real estate assets and currently has more than 1.3 million square feet under management.

Michael Ogasapian, Vice President at R.W. Holmes “When we began marketing the land site for Atlantic Management, we knew Michael and his team at Rhino were the perfect fit to understand the market and work through permitting for a spec industrial project. Rhino will deliver a best-in-class building that will get the attention of many users in the market, so we are excited to handle the leasing.”

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