Methuen, MA – CBRE announced that it has represented Equity Industrial Properties in the sale of two industrial buildings totaling 362,252 sq. ft. located at 100 and 200 Danton Dr. in Methuen, MA. Starwood Capital Group acquired the assets for $64.1 million.
The CBRE team of Scott Dragos, Douglas Jacoby, Chris Skeffington and Daniel Hines represented Equity Industrial Properties in the sale.
“This transaction highlights the strong desire for industrial real estate from institutional investors despite headwinds created by the pandemic,” said Executive Vice President Scott Dragos. “Supply and demand metrics have remained strong throughout the past seven months and given investors even more confidence in the future of the asset class in Greater Boston and beyond.”
Located in the West End neighborhood of Methuen, the two buildings are just 29 miles north of downtown Boston, which is easily accessible via I-93. 100 Danton Drive is a cold storage facility that was completed in 1985, renovated in 1990 and features a total of 291,400 sq. ft. 200 Danton Drive was built in 1989 and totals 70,872 sq. ft. 100 Danton Drive is fully leased to Shaw’s through October 2022 and 200 Danton Drive is currently100% leased to McCollister’s Transportation Group. There are an additional 135-acres across the sites.
“This was a complex deal starting with the bidding process,” added Dragos. “Industrial property is the most sought-after asset class in the market, and 100 and 200 Danton offered premier industrial product with incredible future upside in the extremely tight suburbs north of Boston.”