Beverly, MA– Brookwood Financial Partners announced that it has sold 300 Jubilee Drive, a 163,067 square foot industrial facility located in Peabody, MA. Brookwood originally acquired the property for $8,000,000 on December 28, 2009 and sold the property for $43,155,000 to an affiliate of Lincoln Property Company.
Located in the prestigious Centennial Park, 300 Jubilee is situated in a premier “last mile” industrial campus located within a quarter mile of the Route 1 and I-95/Route 128 interchange, only 15 miles north of Logan International Airport, and 18 miles from downtown Boston. The building provides ideal space for high-tech businesses involved in R&D, medical, manufacturing, or healthcare. Existing long-term tenants include Thermo Fisher Scientific, International Transportation Group (ITG), and Barton Associates.
“300 Jubilee is extremely well-situated in the greater Boston industrial market. Given its superior location, the capital improvements we have made to the property, and the excellent work of our management and leasing teams, we were able to grow occupancy to 97%,” said Kurt M. Zernich, Brookwood’s Senior Managing Director and Director of Asset Management. “We are pleased with the successful execution of our value-add strategy at the property and the excellent returns we are delivering to our investors.”
Brookwood holds a long and successful history of investing in Massachusetts. Since 2005, the firm has acquired 26 properties in the state totaling nearly 2.2 million square feet of office and industrial buildings, including: 75 Sylvan in Danvers; 2189 Westover Road in Chicopee; the aforementioned 300 Jubilee Drive in Peabody; Brookwood Business Center in Billerica; Cherry Hill Portfolio in Beverly; Norwood Park South in Norwood; One Alewife in Cambridge; and Vantage Place in Milford. Brookwood’s current New England portfolio consists of nearly 1.2 million square feet in Massachusetts and Rhode Island.
Colliers International represented Brookwood in the sale.