When Boston-based Iron Mountain Information Management LLC converted to real estate investment trust status in 2014, it went into acquisition mode, buying properties globally to utilize for its information management and data storage services.
One of those properties was a 95,000-square-foot warehouse and distribution building located on four acres at 26 Parkway Drive in Scarborough. Matthew Barney of Malone Commercial Brokers brokered the $5.05 million deal, which closed Aug. 28.
“Iron Mountain had been a tenant of the entire building for years, and the quality and ease of access made it an easy target for acquisition now that they are classified as a REIT,” Barney said.
Although the owner of the property, Commodities Warehouse LLP, hadn’t been looking to sell the property, the $5.05 million purchase price “was a fair price for both sides, given the circumstances,” Barney said.
Iron Mountain Information Management offers information management and data storage services. The company was incorporated in 1988 and is a subsidiary of Iron Mountain Inc. (NYSE:IRM).