Real estate investment goliath purchases two commercial buildings in Leominster for $14.7 million
LEOMINSTER — A Pennsylvania-based real estate investment firm purchased two buildings at Jytek Park for $14.7 million last Thursday.
According to the Worcester Business Journal, the investment firm, EQT Exeter, purchased two industrial buildings located at 100 & 110 Jytek Drive, combined, the buildings consist of 116,000 square feet. Though EQT Exeter purchased the building for $14.7 million, the City of Leominster last assessed the value of the combined properties to be $3.9. million. The properties were last sold in 2019 for $7.5 million.
One company ElectroWire, leases 100 Jytek Drive. As the name implies, Electrowire supplies wire and cable components to the broadband, telecom and transportation industries.
EQT Exeter, which is the real estate division of the Swedish investment goliath EQT Group AB, has been expanding it presence in the Commonwealth. In 2021, the company opened an office in the Boston area in order to pursue real estate investments in the industrial and multi-family sectors throughout New England.
EQT Exeter purchased the buildings from Valor Capital, a Cambridge-based industrial real estate firm. The $14.7 million deal was brokered the Dallas-based real estate firm CBRE, which orchestrates its New England operations out of Boston, according to the WBJ.
This latest purchase is one of five multimillion-dollar deals brokered out of Jytek Park in the last year, including the sale of three properties for $7.1 million back in June 2021 and a $1.6 million sale of a warehouse last December.