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Industrial Tenants Renew At Methuen Property

By Steve Adams | Banker & Tradesman Staff | Nov 2, 2017 | Reprints | Unlock Link

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14 Aegean Drive in Methuen

Two tenants have renewed leases totaling nearly 123,000 square feet at 14 Aegean Drive in Methuen, a 234,000-square-foot warehouse owned by New York Life Real Estate Investors.

Transwestern Consulting Group Partners John Lashar, John Wilson and James Lipscomb represented ownership in the lease renewals with Crown Holdings for 85,000 square feet and Hologic for 37,578 square feet. CBRE’s Mark Reardon and Carl Gersbach represented Crown Holdings.

Built in 2001, 14 Aegean Drive is fully occupied by four tenants and has 30-foot clear heights.

“New York Life displayed terrific foresight in purchasing this asset several years ago in what’s become a space-constrained industrial market along I-495 North,” Lipscomb said in a statement.

According to Transwestern research, the I-495 North submarket had 3.3 million square feet of high-bay warehouse space with only a 4.3 percent vacancy rate at the end of the third quarter.

B&T Daily