Image courtesy of JLL
Billerica manufacturer Cabot Corp. is maximizing the value of its real estate with the sale of an adjacent parcel for a biomanufacturing plant to be developed by Boston-based Berkeley Investments.
Berkeley Investments plans a 200,000-square-foot GMP facility on the 18-acre Concord Road parcel, which it acquired May 3 for $18 million. BayCoast Bank provided $11.25 million in financing, according to a mortgage filed with the Middlesex County Registry of Deeds.
The seller, chemical manufacturer Cabot Corp., will continue to operate its research and development facility on an adjacent parcel at 157 Concord Road.
JLL capital markets team represented Cabot Corp.
“This represented an excellent opportunity for Cabot Corp. to divest excess land, while allowing Berkeley Investments to continue to build out their strong life science development platform,” JLL Senior Director Michael Restivo said in a statement.
The search for suitable GMP sites in Greater Boston has led developers to move forward with biomanufacturing projects properties in suburbs including Andover, Boxborough, Burlington, Norwood and Waltham and Woburn in the past year.
