PEABODY, MA — Despite waning office activity around the greater Boston market, the industrial sector continues proving to be a shining light of positivity and momentum on both the leasing velocity and sales transaction fronts.
In a transaction demonstrating that there may be more appetite for industrial product than current supply affords, Colliers International just announced the off-market sale of Centennial Park’s 3 Technology Drive in Peabody, Massachusetts for $30,100,000 ($188/SF).
Led by Collier’s Managing Director of Investment Sales Frank Petz and north suburban market specialist, Executive Vice President Greg Klemmer, 3 Technology Drive sold from SKJ Realty Limited Partnership to The Seyon Group (“Seyon”) and Wheelock Street Capital (“Wheelock”), a partnership now owning and operating over three million square feet of industrial real estate across 27 assets, primarily in the Greater Boston metro.
“We are delighted to have purchased 3 Tech Drive in Peabody,” shared Bryan Blake, Managing Partner at Seyon. “The Colliers team made this off-market acquisition efficient and provided the partnership an opportunity to add a high-quality industrial asset to our already-sizeable portfolio.”
3 Technology Drive is located within Centennial Park, the North Shore’s premier business park off Route 128, immediately adjacent to numerous corporations across a wide range of industries from R&D to technology to manufacturing. The 159,500-square-foot, high-bay distribution center is fully leased to three tenants and sits just 16 miles north of Boston with direct access to I-95 via Exit 28 as well as Route 1. Built in 2004, the building offers modern warehouse construction with 30’ ceiling heights, 22 loading docks, 40’ x 40’ column spacing, and 310 parking spaces.
“Industrial and life science assets have proven to be safe harbor, highly desirable product types in today’s Boston market,” shared Petz, “with demand, in general, far outweighing supply.”
In addition to Petz and Klemmer, Colliers International Assistant Vice President Dan Driscoll and Senior Advisor John Nasca helped facilitate the transaction.
The Seyon Group is a boutique real estate investment firm that targets institutional quality investments within top-tier Northeast markets. Founded in January 2017 by Bryan Blake and Andrew Iglowski, Seyon works to identify the highest quality assets situated in strategic, difficult-to-replicate locations, frequently with a potential for higher future uses.
Wheelock Street Capital was formed in 2008 by Rick Kleeman and Jonathan Paul, two veteran real estate private equity investors, each with 30 years of broad real estate transaction experience across all major asset classes. Wheelock has raised over $3 billion in capital commitments from well-known institutional investors and focuses on real estate investment opportunities throughout the United States, in both public and private markets.