BOSTON– JLL Capital Markets announced that it has closed the sale of Billerica Crossing, an 18-acre land site in the northern Boston suburb of Billerica, Massachusetts.
JLL marketed the land site on behalf of the seller, Cabot Corporation, who will continue to operate its flagship R&D facility on the adjacent parcel. Boston-based Berkeley Investments, Inc. acquired the asset and plans on developing a 200,000-square-foot, purpose-built GMP facility.
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. 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.
More capital flowed into the life science eco-system in Greater Boston in 2021 than any other year. 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.
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.
“This represented an excellent opportunity for Cabot Corporation to divest excess land, while allowing Berkeley Investments to continue to build out their strong life science development platform,” Restivo said.