A fully leased industrial campus on Lynn's waterfront just traded for $40 million, underscoring that investors still see plenty of value in well occupied industrial space within striking distance of Boston. The three building Lynnway Park has spent the past several years morphing from old dairy processing operations into a mix of logistics and light industrial tenants.
Who Bought It and How the Deal Went Down
According to Connect CRE, the 17 acre property at 626–680 Lynnway and O Circle Ave. sold to North River Company, LLC for $40 million. Colliers' investment sales team, led by Managing Director Frank Petz, represented the sellers, a partnership of Foxfield and A.W. Perry, in the transaction.
Tenants, Jobs and What Has Changed on Site
Ownership has spent the redevelopment period focusing on food service and logistics operators at the former Garelick Farms and West Lynn Creamery complex. A.W. Perry reports that Wash Cycle Laundry has grown its footprint on site to roughly 44,000 square feet. Leasing updates show Global Protection Corp. completed a roughly 63,000 square foot fit out and now employs more than 80 people at the campus, according to High-Profile Monthly. That tenant roster, along with the recent build outs, helped support the price buyers were willing to pay.
The Bigger Waterfront Play
The sale lands in the middle of Lynn's broader waterfront overhaul, which includes new housing, open space and commercial nodes meant to better connect the Lynnway to downtown. Reporting on the South Harbor plan describes the waterfront push as a major development effort for the city and part of a broader strategy to spark private investment along the shoreline, according to The Boston Globe.
Why Buyers Stepped Up
Brokerage materials indicate buyers were drawn to a stabilized, income producing campus with room for additional site work. With O Circle Ave. included, the wider property totals roughly 636,000 square feet, brokers said. Connect CRE also details the Colliers transaction team behind the sale: Matthew Sherry, Rob Schlesinger, Jack Barrett, Daniel Hincks and Joe Gaziano.
For Lynn residents, the deal could translate into steadier employment at an already active industrial campus and a quicker timeline for any future use of the O Circle Ave. parcel. We will be watching public filings and broker commentary for clues on whether North River Company sticks with the current tenant mix or eventually looks to layer in new development.
