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Maine Developer Sells Chelmsford Property After Upgrades

Jan 19, 2022 | Reprints | Unlock Link

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Photo courtesy of CBRE

A Maine developer that repositioned a Chelmsford industrial property as flex space during an 8-year ownership period has sold it to a Raynham investor for $14.8 million.

The Shearwater Companies acquired 16 Elizabeth Drive, a 91,476-square-foot facility including offices, conference and training areas and clean rooms which is located in the Altid Business Park.

Scarborough, Maine-based RAM Companies bought the property in September 2013 for $11.3 million and completed a series of building improvements. The property is leased to medtech company Arrow Interventional through 2026, according to CBRE which represented the seller.

The property includes 27-foot clear ceiling heights and 358 parking spaces.

Commercial & Industrial