Avison Young negotiates sale of 67 Pacella Park Drive in Randolph, MA
Boston – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has brokered the sale of 67 Pacella Park Drive, a 162,765-square-foot (sf) industrial warehouse and distribution facility located 10 miles south of Boston in Randolph, MA. The building is fully occupied by Brewster Home Fashions, which will remain a tenant under an existing long-term lease.
The Avison Young team representing the seller, global investment advisor Deutsche Bank, included Scott Jamieson, a Principal of Avison Young; Tom Aitken, a Senior Vice-President in the firm’s Boston office; and Brandon Dickason, a Vice-President in the company’s Boston location. Avison Young also procured the buyer, Winstanley Enterprises LLC, a vertically integrated commercial real estate investment firm based in Concord, MA, which currently owns/ operates 7.6 million square feet of industrial & logistics, biotech, R&D, retail, multifamily, and office properties.
“This was a highly-competitive process that demonstrated the strong demand from investors for inner-market warehouse and distribution space,” comments Jamieson. “Brewster’s long-term occupancy, with more than eight years of term remaining on the lease, in a submarket with less than 3% vacancy and growing tenant demand driven by trends in e-commerce, combined to create robust interest from highly qualified investors. After a national marketing effort, we are pleased to see that a strong local owner such as Winstanley Enterprises was the successful purchaser that recognized the strength in the location and the value of the property.”
Built in 1976 and the recipient of many recent upgrades, 67 Pacella Park Drive is a single-story industrial warehouse and distribution building with mezzanine office space situated on an 11.98-acre site. The building has served as Brewster’s corporate headquarters since 1991. Features of the well-maintained facility include ceiling heights ranging from 18 feet to 24 feet, cross docks for shipping and receiving, wide-column spacing, and direct access to I-93.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 82 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.