Image courtesy of Colliers

Developers A.W. Perry and Foxfield sold a 636,000 square-foot Lynn industrial park to North River Company for $40 million.

The Lynnway Industrial Park is suited to last-mile distribution and outdoor storage tenants, according to brokerage Colliers, and has long-term redevelopment potential.

 “We saw strong interest from both local and national buyers, but North River stood out for their deep underwriting, clear understanding of the asset, and strategy to unlock its full potential,” Colliers Managing Director of Investment Sales Frank Petz said in a statement.

The property is located at 626-680 Lynnway and 0 Circle Ave.

The transaction marks the culmination of a five‑year repositioning effort that transformed the aging former dairy facility into one of the area’s most dynamic commercial and industrial hubs, former owner A.W. Perry said in a statement. A.W. Perry and Foxfield completed facade enhancements, put on new roofs, removed obsolete wastewater treatment tanks, made capital improvements to building systems and modernized other unspecified campus infrastructure.

Lynnway Park has leased more than 160,000 square feet over the past few years, including the lease and full occupancy of Global Protection Corp. The company completed a substantial buildout of approximately 63,000 square feet and now employs more than 80 people on site.

“Lynnway Park has been a remarkable example of what can happen when the private sector and the community work together with a shared vision,” said Bob Maloney, executive vice president and managing director of acquisitions at A.W. Perry.

Buyer North River Co. is a New York City-based real estate investor and developer with a significant portfolio in the Greater Boston area, including Hartwell Place in Lexington; the Addison, a mixed-use development in East Boston; and several properties in Somerville’s Brickbottom neighborhood.

Banker & Tradesman staff writer Cassidy Norton contributed to this report.