BOSTON – JLL Capital Markets announced that it has closed the $6.46 million sale of 8 Essex Center Drive, a 67,544-square-foot office property in Peabody, Massachusetts.
JLL marketed the property on behalf of the seller, PGA Realty, and procured the buyer, Essex Drive Realty LLC, a Symes family company.
Positioned on 8.22 acres in the North Shore’s medical corridor, 8 Essex Center Dr. is immediately adjacent to Atrius Health, the Lahey Clinic and the North Shore Mall. The property has excellent accessibility due to its location just north of Route 128 and close to the Interstate 95/Route 128 interchange providing access to the Greater Boston area and the New Hampshire and Southern Maine regions.
8 Essex Center Dr. boasts a classic New England red brick façade, oversized ribbon windows and functional suite sizes and breakouts. The three-story building has a history of strong tenancy and is currently 83% leased. The building will be managed and leased by Bridgeton Properties.
The JLL Capital Markets team representing the seller was led by Senior Director Kerry Hawkins and Director Scott Carpenter.
“We were thrilled to work with PGA Realty on the sale of this well-maintained and strategically-located property with great visibility,” Hawkins said. “Their ability to attract and retain a long-term, high-quality tenant roster over the past 20 years speaks volumes of their stewardship as an owner.”
“We were pleased to convey ownership to another family with deep roots in the MetroNorth submarket,” Peter Croker of PGA Realty added. “JLL did an excellent job in representing our interests in divesting of this asset we’ve held for over 20 years.”
