Special To The Journal
The transformation of Revere into a vibrant gateway city under the leadership of Mayor Brian Arrigo will hit another major milestone with the redevelopment of the Global Petroleum site on Route 1A.
Saracen Properties of Waltham and Link Logistics Real Estate of New York City have formed a partnership to acquire and redevelop the 44-acre Global Petroleum oil storage facility that is located directly north of the Irving Oil Tanks.
The new project, called the “Trident Logistics Center”, will be a modern, technology-enabled warehouse and distribution campus with a focus on responsible development, environmental resiliency, and sustainability.
The site currently houses 29 above-ground-storage tanks that will eventually be cleared to make way for the development.
Trident Logistics Center will be developed in two phases, and at full build-out will consist of two state-of-the-art logistics facilities totaling 668,500 square feet, with associated parking areas.
The project will consist of two phases with a completion date of early 2024 for the first phase and early 2027 for the second phase.
Ted Saraceno, president of Saracen Properties, said, “We are excited to have the opportunity to clean up the site and deliver what we believe to be the highest and best use for the property. Replacing the tank farm with a world-class logistics facility will provide hundreds of jobs to area residents and provide a meaningful increase in tax revenue for the City of Revere and its residents.”
Mayor Brian Arrigo added, “Soon the oil tanks on Route 1A will be taken down and replaced by a state-of-the-art, technology-enabled warehouse,” said Mayor Brian Arrigo. “We are excited to see this area cleaned up, something long-awaited by many commuters and Revere residents.”
Daniel Connaughton, vice president of real estate at Link Logistics Real Estate said, “Reducing environmental impact is core to our business. We deliver efficient buildings that help facilitate our customers’ transition into a low-carbon economy, while prioritizing resiliency and helping to create healthier communities.
“We are excited to create a new, modern landmark, along Route 1A that will serve as a welcome to Revere. By reinvigorating the gateway to the city, Trident Logistics Center will help usher the community into its next era.”
The project is a “matter of right” project, according to prominent local attorney Gerry D’Ambrosio, counsel for the project.
Phase 1 of the project will consist of the redevelopment of the northern 22 acres (19 oil tanks) into a 386,800 square-foot technology-enabled warehouse facility. The anticipated commencement date for site work is the fall of 2022.
Phase 2 will consist of the redevelopment of the balance of the site (the southern 10 oil tanks) into a 281,700 square-foot technology-enabled warehouse facility. That phase will commence in late 2024 following a leaseback with Global for the southern area.
Trident Logistics Center is designed to provide environmental benefits, economic benefits, and local community benefits.
• The project will bring several significant environmental benefits, most notably the decommissioning and removal of the above-ground storage tanks, and the containment of any existing contamination.
• Other significant environmental benefits will be upgraded stormwater management and safeguards against climate change and rising sea levels
• Link Logistics Real Estate recently received the 2022 ENERGY STAR Partner of the Year award from the U.S. Environmental Protection Agency and the U.S. Department of Energy. Link is the first company in the industrial real estate sector to receive this recognition.
• Trident Logistics Center, like all of Link’s developments, will be LEED-v4 certified in order to further energy efficiency and reduce carbon emissions.
Link Logistics Real Estate has become widely recognized for its successful efforts to redevelop, repurpose and clean up environmentally challenged sites and turn them into new state-of-the-art logistics facilities that bolster the local and regional economy.
• Trident Logistics Center will bring about several economic benefits, one of the most important being job creation.
The project will generate hundreds construction jobs and at full-build out,
Trident Logistics Center will directly create several hundred permanent jobs for the local community, with the potential for additional direct employment through temporary/seasonal jobs.
The project will also spur indirect job creation for nearby shops and small businesses. From a tax standpoint, the site currently generates over $1 million in real estate taxes annually for the City of Revere. Projections by the property developers estimate that property taxes from the site will double upon full completion of the Trident Logistics Center.
The City of Revere will also likely benefit from some amount of excise tax revenue from the eventual user.
• Trident Logistics Center will bring several benefits to the local community First off, Link is a long-term holder of real estate, and company officials are excited to develop a lasting relationship with Revere and serve as a fixture in the community.
The project will do a great deal to help solve the logistics and supply chain bottlenecks that are being experienced in the Boston area.
And most notably, the project will clean up the gateway to the City of Revere.
Officials from Saracen and Link met with the city’s site plan review committee Tuesday morning.
Link Logistics is a leading national owner of last-mile logistics real estate designed to meet the needs of the modern supply chain. The Company operates the largest portfolio of logistics real estate assets located exclusively in the U.S. and serves more than 7,000 customers. The Company owns, has interests in, or has under development logistics facilities across key distribution markets in the U.S. that will represent a total of 559 million square feet (488 million square feet at pro rata share) when completed. Link has the scale, geographic footprint and logistics expertise, as well as a heightened focus on sustainability to power the supply chain of tomorrow. For more information regarding the Company, please visit www.linklogistics.com.
Founded in 1982, Saracen Properties is a multi-generational, privately owned and operated commercial real estate investment firm based in Boston. Saracen’s executive team has an average of 26 years of experience investing and developing commercial real estate. Our multi-disciplined approach pairs local market knowledge and relationships with institutional transaction and operational experience.
Saracen has been making value-add and opportunistic investments since its inception in 1982. With a focus on maximizing risk-adjusted returns, our value creation strategy is to opportunistically acquire, develop, and redevelop well located properties in the Greater Boston area. Our success is rooted in a deep knowledge of local markets and long-standing relationships within the real estate and business community.