CBRE today announced it has arranged the sale of a 91,476 sq. ft. flex/R&D industrial building located at 16 Elizabeth Drive in Chelmsford, Massachusetts. The Shearwater Companies, based in Southern New England, acquired the two-story, Class A asset for $14.83 million.
The CBRE team of Scott Dragos, Chris Skeffington, Doug Jacoby, Anthony Hayes, Roy Sandeman, Tim Mulhall, and Dan Hines spearheaded the marketing campaign and arranged the sale on behalf of the seller, The RAM Companies.
Located within Altid Business Park just 25 miles north of downtown Boston, 16 Elizabeth Drive benefits from a prime location off of Route 3 from the south and north, and Interstate 495 from the west. The property is also within close proximity to Interstate 93, Interstate 95 and Route 2, offering unparalleled accessibility to all of greater Boston’s major highway systems and population centers.
“Having owned this asset for more than 8 years, The Ram Companies did an excellent job with the repositioning of the asset. The level of interest from buyers was remarkable in this process”
16 Elizabeth Drive recently underwent a full-scale renovation totaling more than $4.2 million. The capital improvements included high-end office space, conference and training areas, and valuable clean room space. The property offers up to 27’ clear ceiling heights, four tailboard height dock doors with levelers, bumpers and airbags, two drive-in doors, and 358 parking spaces.
The industrial building is fully leased to Arrow Interventional, a wholly owned subsidiary of Teleflex, Inc., who recently signed an extension to 2026.