Devens building leased to R&D firm sells for $11M to Tennessee-based investors
Photo | Courtesy of REALM
A Devens industrial building at 53 Jackson Road was sold to a Tennessee firm and California partner.
A Devens industrial building on seven acres at 53 Jackson Road was sold on May 15 to a Tennessee firm for $11 million, according to the Worcester District Registry of Deeds.
The 58,000-square-foot facility was purchased by 53 Jackson Rd., LLC, an affiliate of Nashville-based REALM, which partnered with Berkeley Partners, a California company with a Boston office.
The property is fully leased to AOA Xinetics, an affiliate of Virginia-based aerospace and defense firm Northrop Grumman, according to a Monday press release from REALM.
This is the first Massachusetts acquisition by REALM.
“REALM is excited to gain a foothold into Boston’s advanced manufacturing market, which offers compelling supply/demand dynamics as well as providing further diversity of property type and geography to our portfolio,” REALM Founder and CEO Travis King said in the press release. “Berkeley Partners’ experience both in this market and asset class provides valuable insights that will enable us to maximize value.”
It was sold by Dogwood Real Estate LLC, which is registered to Mark Ealey, the founder of Xinetics, Inc. which was acquired by Virginia-based aerospace and defense firm Northrop Grumman in 2007 and moved to 115 Jackson Road in Devens. Ealey built the facility in 2002, according to Sentinel & Enterprise. He acquired the property in 2005 for $4 million, according to the Worcester District Registry of Deeds.
REALM partners with real estate firms across the country to invest in a variety of real estate asset types. This transaction was part of its REALM 1031 Exchange Program, which aims to acquire and hold properties for long-term cash flow.
The company sold a retail center in Phoenix, which it bought with partner Pennant Development of Scottsdale in 2020, and bought a Madison, Wisconsin hotel with partner California-based VIVO Investment Group, according to press releases.
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