Lynn, MA – A.W. Perry, a real estate investment, development, and services firm, in partnership with Novaya Real Estate Ventures, announced that they have purchased 626 and 680 Lynnway Road and 0 Circle Avenue in Lynn.
Known as the former Garelick Farms plant, the 250,000sf industrial facility on the Lynnway and the 10 acre parcel at 0 Circle Avenue were acquired from Dean Foods.
“We believe there is tremendous potential for the site, given all that Lynn has to offer, including new planned development along the waterfront, the proximity to amenities and thriving businesses both in downtown Lynn and on The Lynnway, and the short distance to Downtown Boston,” said Bob Maloney, executive vice president and managing director of acquisitions, A.W. Perry.
Now called Lynnway Park, the property is able to accommodate a variety of uses including warehouse, food processing, preparation and storage, light industrial and biomanufacturing in the near term. The facility includes over 60,000sf of cold storage.
In the future, there is potential for a mixed-use development and possible life science and medical manufacturing. The parcel is part of the city of Lynn’s Waterfront Master Plan, a framework for planning and development along the waterfront which includes several parcels of land along the Lynnway.
Cushman and Wakefield represented the seller and procured the buyer in the transaction.