Hovey, Restivo and Coffman of JLL sell three industrial buildings for $7.75 million

Salem, NH JLL Capital Markets facilitated the $7.75 million sale of three industrial buildings totaling 55,000 s/f at 1 and 13-15 Delaware Dr. and 40 Lowell Rd.

JLL represented the seller in the sale to JBCM, LLC.

The transaction includes three shallow-bay industrial buildings with 17–20-ft. clear heights, tailboard and drive-in loading, and 15% office space in each building. The properties are fully leased to a variety of tenants, including Marquis Management, New England Finish Systems, Foundation Building Materials and Select Demo Services.

The properties, located in Rockingham County along the Massachusetts border, offers access to Boston’s northern suburbs while providing the tax advantages of New Hampshire. The properties benefit from their location near I-93, providing regional access throughout New England.

The JLL Capital Markets investment sales and advisory team was led by director Tommy Hovey, managing director Michael Restivo and director David Coffman.

“Southern New Hampshire continues to be a growing focus for value-add industrial investors,” said Hovey. “Drafting off the dynamic northern submarket of Boston, investors are attracted to a variety of factors, including tenant demand, rent growth and accessibility. We are honored to have assisted the seller in this transaction and are excited to see what the future holds for these assets and this submarket.”

This transaction builds on JLL’s recent activity in the Salem market, following the team’s earlier sale of a 110,000 s/f warehouse at 14 Garabedian Dr. to Calare Properties.