CHELSEA, MA-In a sale that confirms the continuing demand for single story industrial space in Greater Boston, an Everett firm has paid $2.2 million for a 24,000-sf warehouse in the heart of Chelsea's industrial region. This the second multi-million warehouse sale in suburban Boston this month.
The Weco Group Ltd. picked up the 25 Griffin Way property along with 66,000 sf of land from seller, 25 Griffin Way Realty Trust in a deal that gives the new owner enough industrial and parking space for its relocated Needham division. The company, whose owners are principals in Everett-based Williamson New England Electric Motor Service Corp., an electric motor, pump and air compressor repair firm, will move its offices and repair facility into the building this fall.
The sale follows the $1.1-million acquisition of a 20,000-sf warehouse at 120 Canal St. in Malden by Boston Wood Floor Supply Inc. That sale set a new price point for warehouse space of $85 per sf.
Paul R. Delaney, with Burgess Properties in Malden, who handled both sales, tells GlobeSt.com that industrial properties are in high demand as buyers attempt to take advantage of low interest rates to move into an ownership position. "Anything in the 15,000-sf to 20,000-sf range are at their highest point in years. There's so much demand for warehouses, that when we put one on the market, we have four or five people there the next day taking a look."
The site sat vacant for almost a year until the Weco Group made an offer on the property, says Delaney, who represented the buyer. Negotiations for the seller was handled by Joel B. Miller of Perishable Management Services of Everett.
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