JLL Capital Markets closed the $12.5-million sale of 300 Willow St. and 125 Flagship Dr., a two-building light industrial/flex portfolio totaling 80,477 square feet in North Andover, MA. Managing directors Michael Restivo and Brian Tisbert and directors David Coffman and Tommy Hovey represented the undisclosed seller in the sale to The Seyon Group.
The portfolio is 85% leased to four tenants, which span diverse industries including healthcare services, corporate furniture installation, plastic fabrication and supercritical fluid extraction. The portfolio is positioned in the North submarket, one of Massachusetts’ highest-performing industrial areas, due to its advantageous location between Southern New Hampshire and Boston.
“The North submarket continues to outperform Greater Boston industrial metrics in both vacancy and rent growth,” said Restivo. “The portfolio’s strategic location combined with significantly below-market rents provides the new ownership with substantial near-term upside as leases roll while benefiting from the market’s diverse tenant base that extends well beyond traditional e-commerce and logistics users.”
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