Seyon Group Pays $85M For 402K SF Warehouse In Hot Biomanufacturing Zone
The Seyon Group has paid $85M for a 402K SF warehouse in a Central Massachusetts community that has a significant biomanufacturing pipeline.
Seyon purchased 112 Barnum Road in Devens from Artemis Real Estate Partners, the investor announced Tuesday. Worcester County land records show the $85M purchase by a Seyon affiliate.
Evergreen Solar built 112 Barnum as a manufacturing facility for more than $196M in 2008 but went bankrupt in 2011 following the Great Financial Crisis. Massachusetts-based industrial developer Calare Properties and Los Angeles-based Hackman Capital Partners joined to buy the vacant facility for $8M in 2012. Washington, D.C.-based Artemis paid $36M for the building in 2015, according to Worcester County land records. Today it is fully leased to two tenants, according to the release.
“112 Barnum Road is a state-of-the-art facility that will continue to attract world-class organizations because of its highly unique infrastructure characteristics and its exceptional location in Devens,” Seyon Managing Partner Andrew Iglowski said in a statement.
Devens is a 4,400-acre former military base 44 miles west of Boston, managed by MassDevelopment. The area has emerged as a life sciences hot spot with manufacturing projects.
The 112 Barnum building sits on 23 acres and includes coveted 32-foot clear heights, 17 loading docks and 384 parking spaces. It also sits 4 miles from Interstate 495. Tenant Nypro, a healthcare manufacturing company, expanded its 215K SF lease to 247K SF at 112 Barnum in 2019.
Recent Devens transactions include nuclear fusion technology firm Commonwealth Fusion Systems’ $5.6M purchase of 11 acres at 11 Hospital Road from MassDevelopment, a deal that closed in April, according to Worcester land records. The nuclear fusion firm in March said it would eventually sell the site to King Street Properties, which will construct the facility and lease it back to CFS. King Street in December also announced a $500M, 45-acre biomanufacturing campus, which will deliver 700K SF to the property-starved sector.
