Local Buyer Snags Two Northern MA Buildings

PEABODY, MA-Two commercial properties north of Boston have been acquired by a Massachusetts-based investment company for $12.1 million. The assets were sold jointly by JMS Realty Trust to B&H Peabody Property LLC.

“These buildings are located in one of the North Shore’s most attractive business parks and offer immense future investment potential,” says NAI Hunneman Commercial Co. EVP Peter Benke, who represented the seller along with NAI Hunneman colleagues Jeffrey Becker, Dan McGee and David Ross. The buyer negotiated terms for 9 Centennial Dr. and 10 Technology Dr. in-house. Both buildings are in Centennial Park, among the first master-planned business centers ever developed in suburban Boston, with a location just off Route 128.

The larger and newer of the assets acquired by B&H is 9 Centennial Dr., a two-story, 75,000-sf flex/office building that came on line in 1986. The companion structure is a 27-year-old, single-story facility featuring 51,000 sf suitable as distribution, flex or light manufacturing space. There was no breakdown of what each property traded for, but the overall total was about $96 per sf.