Chelsea, MA Cushman & Wakefield (C&W) worked as exclusive advisor to Everett Place LLC, to complete the $34 million sale of 22 Willow St., to a joint venture between Berkeley Partners and the Seyon Group. C&W arranged the joint venture and has been retained to lease the property. The sale included a 287,856 s/f urban industrial asset on four parcels totaling 8.42 acres. The property is located off Marginal St. near Logan International Airport. Currently the property is leased to 52 tenants. The new joint venture will implement a strategic plan to capitalize on the site’s proximity to Boston’s urban core by creating larger blocks of space in this multi-phase redevelopment and repositioning project.
The sale represents the first transaction for the newly formed joint venture of two groups focused on multi-tenanted light industrial real estate in urban locations.
“This rapidly evolving area of Chelsea is currently being revitalized, creating a unique opportunity to redefine the neighborhood with a new identity and presence” said Scott Gredler, senior director at C&W. “We are excited to see the impact both Berkeley Partners and the Seyon Group make.”
“We were proud to play a key role in facilitating the sale 22 Willow St.,” said Pete Rogers, director at C&W and a member of the capital markets team that led the sale of the building. “The area attracts a myriad of industrial users, from airport-related to tech manufacturing and creates a unique opportunity to reposition an urban site of scale in one of the strongest markets in the world.”
The C&W team involved in the sale and leasing includes managing director Rob Byrne, Gredler, Rogers, analyst Mary Kensinger, associate Phillip Verre and associate James Murphy.