North River, REMAP buy Avis-leased Logan storage campus

The 8.6-acre industrial outdoor storage campus at 320 Charger Street North and South in Revere, Mass., now belongs to affiliates of North River Company and REMAP, with Equity Resource Investments as partner, and the terms of that acquisition explain exactly what the buyers think they own. The property, less than 10 minutes from Boston Logan International Airport, is fully leased on a long-term triple-net basis to Avis and holds 1,100 vehicles, Connect CRE reported.

Avis has run the north site since 2022, and the buyers take possession with a freshly executed 20-year lease on the south site, which extends the rental-car company across the full campus after improvements were completed and Avis took full occupancy on July 10. Bar Harbor Bank & Trust provided senior financing; Cushman & Wakefield’s John Alascio, Alex Hernandez, Rob Borden, and Chris Meloni served as debt advisor.

The trade is a capital-markets bet on a narrow industrial niche: industrial outdoor storage — land used for vehicle parking and staging — rewards location over structure. North River partner Christopher Pachios called the campus ‘essential infrastructure’ for New England’s primary international gateway, and the 20-year Avis lease on the south site gives that infrastructure-style thesis unusual income visibility.

A regional bank on the senior side and a broker-led debt placement are the plumbing you would expect for an asset whose cash flow is already contracted, and the partnership is not betting on leasing; it is betting on the tenant’s ability to honor a 20-year commitment, which makes the underwriting resemble credit analysis more than real estate analysis.

With a single national tenant on a triple-net basis, operating costs sit with Avis, and the property’s value tracks the durability of the contract, not the next rent roll. The asset behaves like a bond with a parking-lot wrapper, and the buyer is paying for the dirt, which near Logan is the scarce asset.

Pachios put the scarcity thesis plainly: ‘Few sites work harder for Boston than this one.’ The asset’s worth sits in its location, not its improvements, because off-airport land next to a major international gateway does not get created, and the storage function is effectively part of the airport’s operating network.

The deal echoes the port-adjacent industrial market this publication has tracked, where leasing jumped as cargo swung west. The difference is the term: a 20-year lease removes the leasing risk that still hangs over much of industrial. The new owners are buying a parking lot that functions like infrastructure.