Revere Tank Farm Sold

July 12, 2022

Revere tank farm sold

A giant private equity firm in New York is betting big on the future of warehouses in Revere by acquiring the Global Partners terminal and tank farm next to the former Suffolk Downs horse track along Route 1A for $150 million. Link Logistics Real Estate, an affiliate of the Blackstone investment firm, confirmed it has completed the purchase of the 44-acre site, the largest terminal in Waltham-based Global’s network. Link and developer Saracen Properties are planning to build two logistics facilities at the property, to be called the Trident Logistics Center. Construction is expected to begin this fall on the two-phase project, with the second phase’s completion date set for early 2027. The first phase involves the redevelopment of the site’s northern 22 acres, home to 19 oil tanks, for a 387,000-square-foot warehouse. The second phase would remove the remaining 10 oil tanks, for a 282,000-square-foot warehouse. Global will continue to operate at the property by leasing the 10 tanks that will remain until the second phase. Global will also lease a section of the property on the west side of Route 1A, including a dock on Chelsea Creek; there are no immediate plans to redevelop the waterfront part of the site. A Link spokesman said the Trident center will provide hundreds of jobs as well as a significant influx of tax revenue for Revere. — JON CHESTO

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