Peabody, MA JLL’s Capital Markets experts completed the sale of 1 Technology Dr., on behalf of New Jersey-based Normandy Real Estate Partners. A partnership between AEW and Griffith Properties purchased the 186,591 s/f distribution center and freezer facility for $21.7 million.
Managing director Frank Petz and vice president George Gregory led the JLL team on the sale.
“1 Tech Dr. marked an exciting and rare opportunity to invest in outer urban logistics product in the Boston area,” said Marci Loeber of Griffith Properties. “Griffith is pleased to further our relationship with AEW by partnering on the 1 Tech Drive investment.”
Petz said, “Urban logistics properties such as 1 Tech Drive, with its cold storage infrastructure and extensive outdoor storage, have become highly coveted assets for investors looking to capitalize on e-commerce-driven shifts in consumer behavior. This deal speaks to the high desirability of logistics property in Greater Boston, as there was broad interest in the asset, on a national and global scale.”
The building is in Centennial Park, which has access to Rte. 128 and Rte. 1, giving tenants direct highway access, especially to Logan Airport. Boston’s overall class A warehouse market has become incredibly tight, as evidenced by an unprecedented vacancy rate below 5%.
Tenant options become even more limited in the sub-market north of Boston, where the class A vacancy rate is below 2.5%.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, JLL Capital Markets completed $136 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
JLL is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion s/f, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 78,000. As of March 31, 2017, LaSalle Investment Management had $58 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.