Colliers facilitates $52.8 million sale of Brookwood Financial Partner’s Cherry Hill Drive industrial portfolio

BOSTON– Colliers International’s Investment Sales team, made up of executive vice presidents Scott Dragos and Doug Jacoby, vice president Tony Hayes, assistant vice president Tim Mulhall, and associate Dan Hines, announced the recent $52.8 million sale of Brookwood’s Beverly/Danvers seven-building flex/industrial portfolio in Cherry Hill Park.

Comprising over a half-million square feet between 24-42, 33, 35, 37, 54, 71 and 72 Cherry Hill Drive, the park attracted a large buyer pool due to its institutional quality, reputable tenant make-up with the likes of Osram Sylvania, Medtronic, etc., and overall critical mass in what is recognized as a desirable flex/industrial market. After a competitive process among several very qualified groups, Brookwood and Colliers selected R.J. Kelly Co., Inc. as the buyer, and the closing took place on July 25, 2017.

“In comparison to other suburban markets and product types, we saw an impressive amount of interest in this portfolio,” noted Jacoby. “Beyond market conditions alone, Brookwood deserves recognition for its success in tenanting the project, which played a major role in the outcome of the sale.”

Colliers International’s north suburban leasing team of Greg Klemmer, Tim Brodigan and Dan Driscoll have worked on leasing the portfolio for the last 18 months in preparation for a sale.

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