Tishman Speyer and Mitsui Fudosan America have recently acquired a 60-acre development site in Peabody, Massachusetts. The property, located at 8 Centennial Drive, currently houses a 515,000-square-foot office and manufacturing facility but is set to undergo a major transformation. Plans are in place to develop an industrial park featuring four warehouse buildings ranging from 130,000 to 260,000 square feet each. Additionally, the project will include approximately 700 parking spaces and space for up to ninety trailers.
According to Tishman Speyer managing director and head of Industrial Andy Burke,”8 Centennial presents an exciting opportunity for our expanding industrial platform.” He also noted that the site’s advantageous location near Boston with direct highway access makes it an ideal investment.
This acquisition marks the third purchase made by the Tishman Speyer-Mitsui Fudosan America Logistics Venture since its establishment in early-2022 with initial funding of $500 million from MFA along with co-investment capital from Tishman Speyer. This joint venture focuses on developing new projects as well as renovating or redeveloping existing industrial properties in key urban centers across the United States.
The article “Tishman Speyer Buys Sixty-Acre Industrial Site” was originally published on Connect CRE.
