Avison Young‘s Chicago office announced the sale of a fully-occupied, 184,000-square-foot corporate distribution facility outside of Boston, MA. Exeter Property Group purchased the building from an institutional asset manager for an undisclosed amount.
The team representing ownership was Erik Foster and Mike Wilson, Chicago-based practice leaders of the firm’s Industrial Capital Markets Group, along with Principals Michael Smith and Scott Jamieson and Senior Vice President Brandon Dickason from the firm’s Boston based Capital Markets Group, and William Sullivan, a Vice President in the Boston industrial leasing practice.
The state-of-the-art building at 235 Barnum Road in Devens, Mass. is 100 percent leased and occupied by Quiet Logistics, a national leader in e-commerce fulfillment solutions.
Constructed in 2000, the cross docked distribution facility offers 178,373 square feet of warehouse space and just over 5,500 square feet of office space. It features 32-foot clear ceiling heights and 59 loading docks, and is located on a 16.02-acre site within the Devens Industrial Park. The site is in close proximity to Route 2 and Interstate 495 and about 35 miles west of Boston.
“This asset offers the new owners an excellent opportunity to invest in a growing market for corporate distribution space,” said Foster. “This transaction is a perfect example of how Avison Young’s Principal led platform encourages collaboration amongst national market teams and regional and local professionals to provide best in class brokerage solutions.”