BOSTON–-JLL Capital Markets announced that it has closed the $44.25 million sale of a four-property flex/industrial portfolio totaling 156,276 square feet in Wilmington and Methuen, Massachusetts. The portfolio also includes a fully entitled development site supporting up to 235,040 SF of new construction.
JLL represented the seller, PGA Realty Company, LLC, in the off-market sale of the property to The Davis Companies.
The portfolio consists of 26, 35 and 37 Upton Drive as well as the 28-acre development site at 36 and 38 Upton Drive in Wilmington, and One Aegean Drive in Methuen. The properties were 100% leased at the time of sale. Tenants in the portfolio include Watson Marlow, WorldPac, and the Brockway-Smith Companies.
The Wilmington properties are strategically located just east of Interstate 93 and proximate to Interstates 495 and 95, approximately 18 miles north of Boston. One Aegean Drive is just west of Interstate 93 near the Massachusetts / New Hampshire border.
JLL’s Capital Markets team representing the seller was led by Senior Director Kerry Hawkins.