Colliers Arranges $52.75 Million in Financing for 140 Summit Avenue in Peabody

BOSTON– Colliers introduced that it has organized the $52,750,000 refinancing of 140 Summit Avenue, a headquarters warehouse and distribution facility in Centennial Park in Peabody, MA.

The Colliers crew, led by Government Vice President John Broderick and Vice President Patrick Boyle, labored on behalf of their consumer Oliver Avenue Capital and Bain Capital Actual Property to safe the financing with Barings.

The 370,000-square-foot property serves because the headquarters warehouse and distribution middle for an e-commerce retailer, which plans to increase its on-site footprint with an 82,790 square-foot excessive bay warehouse addition. The Barings financing replaces financial institution debt Colliers secured on the 2020 acquisition and supplies building funding to construct the enlargement premises.

“Barings did an distinctive job executing on a decent timeline on this turbulent market. Barings delivered market-leading phrases that permit Oliver Avenue and Bain to retire the present debt in addition to fund building {dollars} for the tenant to increase and consolidate its operations,” said Broderick.

“We’re enthusiastic about increasing our relationship with Colliers Boston and Bain in addition to beginning a brand new relationship with Oliver Avenue – a really well-regarded industrial operator on the east coast,” stated Ryan Naumes, Managing Director with Barings.

The Boston metro industrial market noticed sturdy demand development within the fourth quarter, in accordance with Colliers Boston This autumn 2023 industrial market report. It was marked the fifth-best quarter for the Boston market over the previous decade, with development particularly in occupied high-bay, warehouse, and manufacturing area.

The situation supplies fast connectivity to Route 128, I-95, and Route 1 with direct entry to Logan Worldwide Airport and the Port of Boston, in addition to the flexibility to serve the Northeast regional inhabitants.

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