Seyon Acquires Pair of North Andover Industrial Assets for $12.5M Via JLL

​Boston — The JLL Capital Markets team completed the brokerage of 300 Willow Street and 125 Flagship Drive, a two-building light industrial/flex portfolio totaling 80,477 square feet in North Andover, for a total purchase price of $12.5 million. JLL represented the seller in the sale to The Seyon Group.

Built in 1986, the 50,893-square-foot building located at 300 Willow St. sits on 15.73 acres with 16-foot clear heights, eight tailboard loading docks, one drive-in door and 170 parking spaces. The building is 75% leased to three tenants. Additionally, 125 Flagship Drive was constructed in 1988 and renovated in 2017. This 29,584-square-foot building occupies 5.79 acres with 16 to 24-foot clear heights, one tailboard loading dock, one drive-in door and 46 parking spaces.

The two-pack portfolio is 85% leased to four tenants, which spans diverse industries including healthcare services, corporate furniture installation, plastic fabrication, and supercritical fluid extraction.

“The North submarket continues to outperform Greater Boston industrial metrics in both vacancy and rent growth,” said Michael 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.”

Marketing literature touts that the portfolio is strategically positioned in the North submarket, one of Massachusetts’ highest-performing industrial areas, due to its advantageous location between Southern New Hampshire and Boston. This prime positioning provides tenants with access to an unparalleled pool of blue-collar workers and streamlined connectivity to major highways.

The JLL Capital Markets Investment Sales and Advisory team was led by Managing Directors Michael Restivo and Brian Tisbert, along with Directors David Coffman and Tommy Hovey.