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Northwest Bank provides $34.5M for Beverly industrial campus purchase
The three-building portfolio totals about 200,000 square feet at Cherry Hill Business Park, anchored by Medtronic at roughly 70% of the space.
Commercial Observer reports that Luzern Associates secured $34.5 million in acquisition financing from Northwest Bank to buy a three-building industrial campus in Boston’s North Shore area.
The acquisition totals $47.75 million for a 200,000-square-foot portfolio at Cherry Hill Business Park in Beverly, Massachusetts, with Northwest Bank supplying the loan.
The portfolio is anchored by medical device company Medtronic, which accounts for roughly 70% of the square footage, and the buildings have been supported by the company for about 42 years, according to Commercial Observer.
Commercial relationship manager Adam Dubeshter, quoted by the outlet, said the investment plays into a strong New England industrial market and the tenant and sponsorship profile in the Boston to New Hampshire corridor.