Photo courtesy of Newmark

A 450,000 square-foot industrial park in Billerica was recapitalized for $79 million following a series of major leases with manufacturing and R&D tenants.

Chicago-based GEM Realty Capital joined the ownership in the June 17 transaction. Axis Park North at 101 Billerica Ave. includes six R&D and advanced manufacturing buildings leased to clean tech, medical devices, life science and semiconductor and electronics manufacturing companies.

The property previously traded for $60.65 million in 2021.

The prior ownership of Boston-based Camber Development and Wheelock Street Capital signed leases with tenants totaling over 270,000 square feet. Current tenants include ASMPT AEi, Generac Power Systems and SuperConducting Systems.

Newmark represented the seller and procured the buyer.

“Axis Park North has been well leased and meticulously maintained by Camber Development, offering a pristine physical plant with minimal capital exposure,” Newmark Executive Managing Director James Tribble said in a statement. “It further reports superior tenant tenure, driving its status as a historical top-performer in both occupancy and rent growth. This provides GEM Realty Capital, and Camber Development, with an attractive mix of durable cash flow and upside potential.”

Vacancies held near 9 percent for both industrial and flex space in Greater Boston during the second quarter, according to a report by brokerage Cresa. Rents plateaued near $18 and $15 per square foot respectively, reflecting a “balanced yet competitive environment.”