Novaya Real Estate Ventures has acquired nine flex/industrial buildings from Wakefield Investments consisting of 700,000 square feet in Wilmington and Billerica, Mass., and Londonderry, N.H.
Novaya closed on the first phase of the transaction in December 2018, which included five buildings located in Billerica and Londonderry. Novaya closed on the remaining Wilmington properties in June 2019, completing the second phase of the transaction.
The properties feature 18-20 foot clear heights and can accommodate warehouse, research & development, manufacturing, and service uses.
“The opportunity resides in a growing scarcity of good-quality, well-located industrial space in the Greater Boston and New Hampshire markets,” said Karl Dykstra, director at Novaya Real Estate Ventures. “We continue to be impressed by the depth of flex demand. Since closing, we’ve completed leases across 180,000 square feet of the portfolio. We’re confident this portfolio will produce robust returns for our investors.”
Founded in 2011, Novaya has transacted on more than 9 million square feet of industrial, flex, office, residential and urban retail product with gross asset value in excess of $1 billion in partnership with several premier institutional and family office investors worldwide.
