Condyne, Prudential Make $22M Industrial Buy

LITTLETON, MA-One of northwest Boston’s few examples of modern industrial space has been sold to a partnership of Condyne LLC and Prudential Real Estate Investors. PR Littleton Expansion LLC has paid GFI Partners $22.2 million for 1-3 Distribution Center Circle, which encompasses 240,000 sf of existing space and rights to construct another 600,000 sf over a three-phase build out.

“We think it’s a good deal for both sides,” says CBRE/New England principal Christopher Angelone, who represented the seller along with CBRE principals Gary Lemire and Robert Gibson. The complex has been on the market since earlier this summer has generated substantial interest, Angelone says. “This is a state-of-the-art building and they are very attractive right now,” he notes.

The building offers features like 32-foot clear height ceilings, metal halide lighting and an ESFR sprinkler system. There also is a loading dock ratio of one per 8,000-sf leased and column spacing of 40-by-50 feet to enhance building efficiency. Access to Interstate 495 and the Massachusetts Turnpike also is a plus, Angelone says citing the location along Route 2A near the New Hampshire border.