Suburban Boston flex portfolio secures new owner
JLL Capital Markets represented PGA Realty Company, LLC in the $44.25M sale of Upton Crossing Industrial Park, a 4-building flex/industrial portfolio and fully permitted development site in Boston’s northern suburbs
BOSTON, MA – Apr. 12, 2021 – JLL Capital Markets announced today 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.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About PGA Realty Company
PGA Realty Company, LLC is a family-owned and operated commercial real estate business with deep roots in Massachusetts. To learn more, visit pga-realty.com.
About The Davis Companies
Founded in 1976, The Davis Companies has over a 40-year history of successfully investing, managing and developing real estate for its own account and on behalf of investors. The Davis Companies has earned a reputation for integrity, creativity and excellence, making it one of the premier real estate investment, development and management firms in the northeast U.S. For more information, please visit: thedaviscompanies.com.