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RFP Juniper Flips Peabody Purchase

PEABODY, MA-The local partnership was able to quickly stabilize the flex/industrial building after buying it vacant last summer.

By Joe Clements | Updated on August 10, 2007

(Read more on the industrial market.)

PEABODY, MA-Barely a year after acquiring a 134,000-sf flex/industrial building in this North Shore community, a Winchester real estate investment firm has traded the asset for $12.9 million. The building at 13 Centennial Dr. is fully leased to ADP Investor Communications Services Inc.

“We saw the strength of the investment market and felt the time was right to sell based on the high-quality tenant, the institutional quality of the asset and the term remaining on the lease,” says Chub Whitten, a principal for RFP Juniper Centennial LLC, whose firm acquired the building vacant in June 2006 for $7.8 million. That equates to $58 per sf, versus the $96 per sf paid by the buyer, Columbia Massachusetts Centennial Industrial LLC.

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