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$21.7M Cold Storage Sale Reflects Red-Hot Investor Demand

Jan 30, 2018 | Reprints | Unlock Link

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AEW and Boston-based Griffith Properties have acquired 1 Technology Drive in Peabody, a 186,591-square-foot cold storage distribution facility, for $21.7 million.

JLL Managing Director Frank Petz and Vice President George Gregory represented the seller, Normandy Real Estate Partners.

Industrial properties continue to attract strong investor interest, with limited inventory and increased demand driven by e-commerce companies, Petz said in a statement. Vacancies in Greater Boston’s class A warehouse market have fallen below 5 percent, according to JLL research, and below 2.5 percent in the north suburban submarket.

Located in Peabody’s Centennial Park, the property has access to Route 128 and Route 1.

B&T Daily