Suburban Boston office property trades for $6.46M
JLL Capital Markets arranged the sale of 8 Essex Center Drive., a 67,544-square-foot office asset in Peabody, Massachusetts
BOSTON, Nov. 4, 2021 – JLL Capital Markets announced today that it has closed the $6.46 million sale of 8 Essex Center Drive, a 67,544-square-foot office property in Peabody, Massachusetts.
JLL marketed the property on behalf of the seller, PGA Realty, and procured the buyer, Essex Drive Realty LLC, a Symes family company.
Positioned on 8.22 acres in the North Shore’s medical corridor, 8 Essex Center Dr. is immediately adjacent to Atrius Health, the Lahey Clinic and the North Shore Mall. The property has excellent accessibility due to its location just north of Route 128 and close to the Interstate 95/Route 128 interchange providing access to the Greater Boston area and the New Hampshire and Southern Maine regions.
façade, oversized ribbon windows and functional suite sizes and breakouts. The three-story building has a history of strong tenancy and is currently 83% leased. The building will be managed and leased by Bridgeton Properties.
The JLL Capital Markets team representing the seller was led by Senior Director Kerry Hawkins and Director Scott Carpenter.
“We were thrilled to work with PGA Realty on the sale of this well-maintained and strategically-located property with great visibility,” Hawkins said. “Their ability to attract and retain a long-term, high-quality tenant roster over the past 20 years speaks volumes of their stewardship as an owner.”
“We were pleased to convey ownership to another family with deep roots in the MetroNorth submarket,” Peter Croker of PGA Realty added. “JLL did an excellent job in representing our interests in divesting of this asset we’ve held for over 20 years.”
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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About PGA Realty
PGA Realty Company, LLC is a family-owned and operated commercial real estate business with deep roots in Massachusetts. To learn more, please visit: pga-realty.com.
About Symes Associates
Symes has over 50 years of experience as a builder, owner, manager and redeveloper of commercial properties throughout Massachusetts and New Hampshire. Symes has built an array of buildings and currently owns and manages over 400,000 square feet of space.