The Landing at Chelmsford Mills
Fully leased, mixed-use mill complex totaling over 240,000 SF
Marketing description
As exclusive sales agent, Avison Young is pleased to offer for sale The Landing at Chelmsford Mills ("The Landing"), a fully leased, mixed-use mill complex located at 51-57 Middlesex Street and 70 Princeton Street in North Chelmsford, Massachusetts. Comprising three buildings totaling 242,695 square feet, the centuries old, renovated mill blends historic charm with contemporary functionality that attracts a diverse mix of creative office, flex, warehouse, light-manufacturing, fitness and retail uses.
The Landing is 100% leased to 59 tenants and benefits from a long history of tenant retention and consistently high occupancy. Suite sizes range from sought-after small incubator suites to larger 10,000+ square foot suites, providing the flexibility to accommodate a broad spectrum of uses and support organic tenant growth within the property. The rent-roll features a blend of gross, modified gross and NNN leases, with numerous long-tenured tenants paying well below market rents, creating a compelling mark-to-market opportunity for cash flow growth as leases rollover.
Institutionally owned with a dedicated on-site management staff, The Landing has been maintained to high standards and is in excellent overall condition. The current ownership has made significant and targeted capital improvements over recent years including modern upgrades, proactive maintenance, and attractive tenant improvements, reducing the near-term capital needs for the next owner.
Boasting a fully stabilized tenant roster, a demonstrated history of high occupancy, embedded cash flow growth potential, and easy access to Route 3 and major roadways, The Landing represents one of the more unique and compelling investment opportunities in the Greater Boston Market. The Landing at Chelmsford Mills is being offered free and clear of debt and without an asking price. Avison Young will schedule a "Call for Offers" once qualified investors have had a proper opportunity to review the offerig materials and tour the property.
Investment highlights
- 100% Leased with Secure Cash Flow - The Landing is 100% leased to a diverse roster of 59 tenants and is projected to generate a Year 1 net operating income of $1,674,320 ($6.90/SF). Cash flow stability is supported by The Landings' largest tenants, with the eleven tenants leasing greater than 10,000 SF collectively accounting for over 58% of the total rentable area. With a weighted average lease term (WALT) of 4.5 years, these larger tenants reduce the near-term rollover risk and provide an incoming investor with a stable, predictable income stream beginning day one.
- Modernized Historic Mill Building - Originally constructed in 1890 by the United States Worsted Corporation as Silesia Mills, The Landing carries a rich industrial heritage rooted in wool combing operations that has evolved across more than a century of diverse use including a foundry, carpentry shop, blacksmith forge, and computer manufacturing. Beginning in the 1980s, the property underwent a comprehensive renovation and modernization program that transformed it into the highly desirable creative mixed-use asset it is today. Capable of accommodating flex, warehouse, creative office, and retail uses, The Landing offers tenants the rare combination of historic charm and contemporary amenities that define today's most sought-after mill properties.
- Institutionally Maintained with Recent Capital Improvements - Professionally managed with dedicated on-site leasing, property, and facilities management, The Landing has been maintained to high institutional standards. Over the past three years the existing ownership has continually invested in upgrades and detailed maintenance of the property including approximately $650,000 of building and site improvements and $300,000 of tenant improvements. Notable capital investment has included parking lot paving work, HVAC replacements, painting, installation of new LED lighting, roof work, and electrical upgrades.
- Strong Historical Occupancy with Numerous Long-term Tenants - Creative office and flex tenants are proven to be attracted to the versatile brick-and-beam infrastructure, high ceilings and open layout space that only a modernized mill property can offer. As a result, The Landing has maintained consistently high occupancy over the past decade, supported by a history of long-term tenant retention. The property's varied and flexible suite sizes allow The Landing to accommodate tenant shifts in space needs over time, resulting in sticky tenancy with numerous tenures reaching multiple decades.
- Tangible Near-Term Cash Flow Growth Opportunities - The Landing presents an incoming investor with two attractive and executable value-add levers: (1) the mark-to-market of below-market leases nearing expiration, and (2) the remeasurement of existing suites to BOMA standards upon rollover.
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