 |
| Martha Nay |
BOSTON, MA, May 18, 2022 – JLL Capital Markets has closed the sale of Billerica Crossing, an 18-acre land site in the northern Boston suburb of Billerica, Massachusetts. The price was not disclosed.
 |
| Brian Morrissey |
Boston-based Berkeley Investments, Inc. acquired
the asset and plans on developing a 200,000-square-foot, purpose-built GMP
facility.
The JLL Capital Markets Investment Sales
Advisory team was led by Managing Director Brian Morrissey, Senior
Directors Michael Restivo and Martha Nay, Director Lenny
Pierce and Associate David Coffman.
 |
| Michael Restivo |
Billerica Crossing is well located on Concord Road adjacent to Middlesex Turnpike and right off of Route 3; within one of Boston’s premier high tech and life sciences clusters.
Driven
by the highly educated labor pool residing along the Route 3 corridor,
Billerica has emerged as “ground zero” for many of the world’s strongest and
most innovative companies including those in real need of biomanufacturing
space.
 |
| Lenny Pierce |
The site also provides connectivity to Interstates 95 and 495, which provide easy access into Boston with a 25-minute drive.
“Berkeley continues to broaden its life science
and cGMP platform, and we were thrilled to work with JLL and Cabot Corporation
to unlock the potential of what we see as a strategically located site within
the well-established Billerica corridor while also meeting the growing needs of
our tenants for cGMP space,” said Berkeley’s Director of Development Morgan
Pierson.
 |
| Morgan Pierson |
Accordingly, the GMP market demand has grown rapidly, with increased demand from Boston-based life science companies that require manufacturing facilities near their research and development operations and corporate headquarters.
However, supply has been limited, with few options for conversions and little new construction development, which has pushed asking rents well north of $60 triple net leased for this market.
CONTACT:
Kimberly Steele
PR, Capital
Markets,
Agency Leasing and
Valuation Advisory
JLL
T +1 713 852 3420
M +1 832 244 9994
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