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BEVERLY, MA-Cherry Hill Park, a 601,000 sf nine-building business park developed over the last 25 years by Thomas Flatley, sells for $48.3 million to a joint venture group comprised of National Development and Principal Real Estate Investors. The acquisition was one of the largest for Newton, MA based National Development, which purchased the property in a joint venture with Principal Real Estate Investors, the real estate division of Principal Global Investors.

“Given the current climate, we think we’ve found a good opportunity at a good price, “Brian Barringer, director of acquisitions for National tells GlobeSt.com. The 91.5-acre park, which spans the Beverly and Danvers line, is comprised of 601,000 sf of office, warehouse, manufacturing and R&D space and is located off Route 128, 17 miles from downtown Boston. Jeff Menz, portfolio manager with Principal Real Estate Investors, says in a statement announcing the acquisition that the property offers the investment group “an opportunity to own an asset with an attractive yield profile in the Northeast.”

The off-market deal, arranged through William McCall and James Canfield, both with McCall & Almy, was a “value added” acquisition that gives National the opportunity to improve the park’s 91% occupancy rate add another 250,000 sf of build-to-suit space on about 20 park acres, Barringer says.

In addition, Barringer added that as part of the joint venture agreement, the partners will make several upgrades to many of the buildings, along with the common areas and park signage. Flatley did not return calls from GlobeSt.com seeking comment.

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