Cushman & Wakefield will also be retained for leasing
Cushman & Wakefield, as exclusive advisor to Everett Place LLC, is pleased to announce the sale of 22 Willow Street in Chelsea, Massachusetts to a joint venture between Berkeley Partners and the Seyon Group. Cushman & Wakefield arranged the joint venture and has been retained to lease the property going forward.
The sale included a 287,856 square foot urban industrial asset on four parcels totaling 8.42 acres. The property is located just off Marginal Street less than one mile from Logan International Airport. Today the property is leased to 52 tenants across a broad swath of industries. The new joint venture will implement a strategic plan to capitalize on the site’s proximity to Boston’s urban core by creating larger blocks of space in this multi-phase redevelopment and repositioning project.
The sale represents the first transaction for the newly formed joint venture of two sophisticated groups focused on multi-tenanted light industrial real estate in urban locations.
“This rapidly evolving area of Chelsea is currently being revitalized, creating a unique opportunity to redefine the neighborhood with a new identity and presence” said Scott Gredler, Senior Director at Cushman & Wakefield. “We are excited to see the impact both Berkeley Partners and the Seyon Group make.”
“We were proud to play a key role in facilitating the sale 22 Willow Street,” said Pete Rogers, Director at Cushman & Wakefield and a member of the Capital Markets team that successfully led the sale of the building. “The area attracts a myriad of industrial users, from airport-related to tech manufacturing and creates a unique opportunity to reposition an urban site of scale in one of the strongest markets in the world.”
“We are very excited to have completed the acquisition of 22 Willow. This asset is one of the most unique infill industrial locations in the country. We are in the process of re-branding the property as Chelsea Point and finalizing our repositioning plan, which will redefine this property to attract a range of industrial users. This will be a very special project.” said Andrew Holmberg of Berkeley Partners.
The Cushman & Wakefield team involved in the sale and leasing includes Managing Director Rob Byrne, Senior Director Scott Gredler, Director Pete Rogers, Analyst Mary Kensinger, Associate Phillip Verre and Associate James Murphy.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Berkeley Partners
Founded in 2005, Berkeley Partners has formed a series of funds focused on the light industrial sector. Berkeley Partners includes a seasoned team of professionals with diversified experience in fund management, real estate investment, and property and leasing management. The company and its affiliated entities make-up a vertically integrated real estate operating company, which has demonstrated an ability to manage investments, operations and dispositions through market cycles. Berkeley Partners currently has assets under management totaling over $625 million through investment funds and separate accounts in value-add and core-plus strategies. The company’s investors include large pension plans, insurance companies, endowments, foundations and family offices. Visit http://www.berkeleypartners.com to learn more.
