Middle Market Digest: The Northeast February

PEABODY, MA—Jones Lang LaSalle’s Capital Markets experts recently announced the firm completed the sale of 1 Technology Drive in Peabody, MA, on behalf of New Jersey-based Normandy Real Estate Partners. A partnership between AEW and Griffith Properties purchased the 186,591-square-foot distribution center and freezer facility for $21.7 million. Managing director Frank Petz and vice president George Gregory led the JLL team on the sale. The building is in Centennial Park in Peabody, which has access to Route 128 and Route 1, giving tenants direct highway access, especially to Logan Airport. Boston’s overall class-A warehouse market has become incredibly tight, as evidenced by an unprecedented vacancy rate below five percent. Tenant options become even more limited in the submarket north of Boston, where the class-A vacancy rate is below 2.5 percent.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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