Berkely Partners and Seyon Form JV For Chelsea Industrial Purchase; Property Being RepositionedOctober 08, 2019
CHELSEA–Cushman & Wakefield, the exclusive advisor to Everett Place LLC, recently completed the trade of 22 Willow Street in Chelsea, Massachusetts to a joint venture between Berkeley Partners and the Seyon Group. Cushman & Wakefield arranged the joint venture and has been retained to lease the property.
The sale included a 287,856 square foot urban industrial asset on four parcels totaling 8.42 acres. The property is located just off Marginal Street less than one mile from Logan International Airport. Today the property is leased to 52 tenants across a broad swath of industries. The new joint venture will implement a strategic plan to capitalize on the site’s proximity to Boston’s urban core by creating larger blocks of space in this multi-phase redevelopment and repositioning project.
The sale represents the first transaction for the newly formed joint venture of two sophisticated groups focused on multi-tenanted light industrial real estate in urban locations.
“This rapidly evolving area of Chelsea is currently being revitalized, creating a unique opportunity to redefine the neighborhood with a new identity and presence” said Scott Gredler, Senior Director at Cushman & Wakefield. “We are excited to see the impact both Berkeley Partners and the Seyon Group make.”
“We were proud to play a key role in facilitating the sale 22 Willow Street,” said Pete Rogers, Director at Cushman & Wakefield and a member of the Capital Markets team that successfully led the sale of the building. “The area attracts a myriad of industrial users, from airport-related to tech manufacturing and creates a unique opportunity to reposition an urban site of scale in one of the strongest markets in the world.”
“We are very excited to have completed the acquisition of 22 Willow. This asset is one of the most unique infill industrial locations in the country. We are in the process of re-branding the property as Chelsea Point and finalizing our repositioning plan, which will redefine this property to attract a range of industrial users. This will be a very special project, added Rogers.”
The Cushman & Wakefield team involved in the sale and leasing includes Managing Director Rob Byrne, Senior Director Scott Gredler, Director Pete Rogers, Analyst Mary Kensinger, Associate Phillip Verre and Associate James Murphy.Pete Rogers Scott Gredler