A state-of-the-art warehouse proposed for the world petroleum site on Route 1A
Revere’s transformation into a vibrant gateway city under the leadership of Mayor Brian Arrigo will take another major step with the redevelopment of the Global Petroleum site on Route 1A.
Saracen Properties of Waltham and Link Logistics Real Estate of New York have formed a partnership to acquire and redevelop the 44-acre Global Petroleum oil storage facility which is located directly north of the Irving Oil reservoirs.
The new project, called “Trident Logistics Center,” will be a modern, technology-driven warehouse and distribution campus with a focus on responsible development, environmental resilience and sustainability.
The site currently houses 29 aboveground storage tanks which will eventually be cleared to make way for development.
The Trident Logistics Center will be developed in two phases and when fully constructed 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 in early 2024 for the first phase and early 2027 for the second phase.
Ted Saraceno, President of Saracen Properties, said, “We are delighted to have the opportunity to clean up the site and provide what we believe is the highest and best use for the property. The replacement of the tankyard with a world-class logistics facility will provide hundreds of jobs for area residents and provide a significant increase in tax revenue for the Town of Revere and its residents. »
Mayor Brian Arrigo added, “Soon the oil tanks on Route 1A will be dismantled and replaced with a state-of-the-art warehouse,” said Mayor Brian Arrigo. “We are excited to see this area cleaned up, which many Revere commuters and residents have been waiting for for a long time.”
Daniel Connaughton, Vice President of Real Estate at Link Logistics Real Estate, said, “Reducing environmental impact is at the heart of our business. We deliver efficient buildings that facilitate our customers’ transition to a low-carbon economy, while prioritizing resilience and helping to create healthier communities.
“We are thrilled to create a new, modern landmark along Route 1A that will serve as a welcome to Revere. By reinvigorating the gateway to the city, the Trident Logistics Center will help the community usher in its next era. »
The project is a “law” project, according to prominent local attorney Gerry D’Ambrosio, the project’s attorney.
Phase 1 of the project will redevelop the northern 22 acres (19 oil tanks) into a 386,800 square foot technology warehouse. The planned start date for work on the site is fall 2022.
Phase 2 will redevelop the rest of the site (the 10 southern oil tanks) into a 281,700 square foot technology warehouse. This phase will begin at the end of 2024 following a sale-leaseback with Global for the southern zone.
The Trident Logistics Center is designed to provide local environmental, economic and community benefits.
• The project will provide several significant environmental benefits, including the dismantling and removal of aboveground storage tanks, and the containment of any existing contamination.
• Other important environmental benefits will be improved stormwater management and safeguards against climate change and sea level rise
• 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.
• The Trident Logistics Center, like all Link developments, will be LEED-v4 certified to enhance energy efficiency and reduce carbon emissions.
Link Logistics Real Estate has become widely recognized for its successful efforts to redevelop, repurpose and clean up sites with environmental challenges and transform them into new state-of-the-art logistics facilities that strengthen the local and regional economy.
• The Trident Logistics Center will bring several economic benefits, one of the most important being the creation of jobs.
The project will generate hundreds of jobs in the construction sector and, at full construction,
The Trident Logistics Center will directly create several hundred permanent jobs for the local community, with the possibility of additional direct employment through temporary/seasonal employment.
The project will also stimulate indirect job creation for nearby businesses and small businesses. From a tax perspective, the site currently generates over $1 million in property taxes annually for the City of Revere. Property developers’ projections estimate that site property taxes 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 prospective user.
• The Trident Logistics Center will bring several benefits to the local community First of all, Link is a long-term property owner, and company officials are excited to develop a lasting relationship with Revere and to be an integral part of the community.
The project will do much to help solve the logistics and supply chain bottlenecks plaguing the Boston area.
Specifically, the project will clean up the entrance to the town of Revere.
Officials from Saracen and Link met with the city’s site plan review committee on 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 United States and serves more than 7,000 customers. The Company owns, has interests in, or has logistics facilities under development in key U.S. distribution markets that will total 559 million square feet (488 million square feet prorated) upon completion. Link has the scale, geographic footprint and logistics expertise, along with an increased focus on sustainability to power the supply chain of tomorrow. For more information about the company, please visit www.linklogistics.com.
Founded in 1982, Saracen Properties is a Boston-based, privately owned and operated, multi-generational commercial real estate investment firm. Saracen’s management team has an average of 26 years of commercial property investment and development experience. Our multidisciplinary approach combines local market knowledge and relationships with institutional transactions and operational experience.
Saracen has been making value-added 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 properties well located in the Greater Boston area. Our success is rooted in in-depth knowledge of local markets and longstanding relationships within the real estate and business community.