The Crystal Cold Storage property at 23 Sycamore Ave. in Medford.

Burgess Properties Inc. earlier this week sold the Crystal Cold Storage property at 23 Sycamore Ave. in Medford.

NBI Sycamore LLC, an affiliated entity of Wakefield-based NorthBridge Partners LLC, purchased the property for $12.4 million.

The property consists of 91,000 square feet of freezer space with a 40-foot clearance and contains over 15,000 individual pallet positions. The new owners are seeking a single tenant for the entire building that can utilize the existing refrigeration infrastructure.

Burgess Properties has been retained as the exclusive leasing agent. President Phillip K. Burgess was the sole broker in the transaction.

Transwestern Consulting Group arranged a long-term non-recourse loan of $8.9 million for 23 Sycamore Ave. through HarborOne Bank. The property represents one of the area’s top “last-mile” facilities and a rare opportunity to lease an urban industrial warehouse/cold-storage building in a thriving Boston industrial market, according to TCG. According to Transwestern research, the Inner Urban submarket consists of 625,000 square feet of warehouse space with no vacancy at the close of third quarter 2017.