Boston-area cold storage facility sells for $36M
JLL Capital Markets arranged the sale-leaseback of the Class A warehouse with permitted freezer expansion in Haverhill, Mass.
BOSTON, September 29, 2022 – JLL Capital Markets announced today that it has closed the sale-leaseback of a Class A 108,689-square-foot cold storage warehouse with permitted freezer expansion at 10 Creek Brook Dr. in the Boston-area community of Haverhill, Massachusetts.
JLL marketed the property on behalf of the seller, CF Cold Storage LLC. Scout Cold Storage Haverhill, LLC, an affiliate of Scout Cold Logistics, LLC acquired the asset and executed a short-term lease with the seller to continue to occupy the property from where it manages and operates a transportation and storage company. The deal closed on June 30th, 2022.
10 Creek Brook Dr. offers its tenant a clear height ranging from 27 to 40 feet, 102,000 square feet of cooler space, 12,000 pallet positions, 21 dock-high doors, one drive-in door and 6,000 square feet of office space. The building comes with an expansion opportunity to add 45,000 square feet of freezer space.
Positioned on 23.16 acres, 10 Creek Brook Dr. is well located within Creek Brook Industrial Park off Interstate 495 in Haverhill, a northern Boston suburb. The competitive landscape for refrigeration space is unmatched across the North market as there are only a few non-owner-occupied facilities that provide the scale of 10 Creek Brook.
The JLL Capital Markets Investment Sales Advisory team was led by Managing Director Michael Restivo, Director Lenny Pierce and Associate David Coffman.
“This trade represented a rare opportunity to acquire a Class A Cold-Storage facility in the Greater Boston market, in an industrial sub-sector with often considered the strongest long-term macro tailwinds,” said Restivo.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
CF Cold Storage is a third-party logistics provider (3PL) focused on partnering with businesses to ensure innovative and effective management of their supply chain. The company offers integrated refrigerated logistics and distribution services for refrigerated foods. CF Cold Storage offers customized dedicated transportation solutions to its customers.
About Scout Cold Logistics, LLC
Scout Cold Logistics is a real estate investment and development firm dedicated to cold warehousing infrastructure. The company invests in grocery distribution, food production and non-food perishable facilities throughout the United States. For further information, visit scoutcold.com