Ozzy Properties, Inc. and 1600 Osgood Street, LLC sold over 100 acres to Hillwood Development. 400,000 SF Office Building to remain. Developer plans to construct a state-of-the-art logistics facility for Amazon; local officials thrilled to welcome major redevelopment of former manufacturing plant
North Andover, MA, December 1, 2020 – The redevelopment of one of the most significant commercial/industrial manufacturing properties in the Merrimack Valley region is about to take a major step forward. Seizing on the increasing need for high quality logistics infrastructure, Hillwood Development will acquire over 100 acres of the Osgood Landing industrial facility in North Andover to construct a 3,800,000 SF state-of-the-art logistics facility for Amazon.
Based in Dallas, Texas, Hillwood is ranked today as one of the top industrial, commercial and residential real estate developers in the country. Large, signature projects have become premier environments for customers to work as they actively develop and buy industrial land and buildings across the U.S. This makes Hillwood somewhat unique as an investor and developer. In addition to being a leader in commercial and residential developments as well as specialized projects such as sporting arenas, industrial airports and museums, their work has been consistently recognized as best in class. This newest acquisition is one of a series that Hillwood will undertake on behalf of Amazon.
The sale has been negotiated by Ozzy Properties, and its president, Orit Goldstein. Mrs. Goldstein, who has spearheaded this effort, commented “This is a vital turning point for this facility and ultimately for the economic health of the region. We remain committed to responsible redevelopment and reuse of this property that will result in long lasting benefits for the entire Merrimack Valley. This property has played an important historical role over several decades in driving the Merrimack Valley region’s economy and we foresee great things yet to come.”
The transaction is the result of more than two years of hard work and would not have been possible without the support of the North Andover community, its municipal officials and residents. The sale contemplates a major reconfiguration of the entire site with the majority of necessary permits and approvals already secured. All parties are extremely grateful for the guidance and professionalism demonstrated by town officials.
Hillwood will oversee the construction in several phases, the first of which requires the separation of the Osgood Landing office building from the balance of the industrial infrastructure. When complete, the office property will be a separate, stand-alone structure. The work will include the installation of new utilities, parking fields and landscaping. The site work will be profound and offer the most impressive changes. When the office building is separated, the balance of the older, obsolete industrial buildings will be completely removed; the land will then be prepared for the construction of new parking fields and the Amazon logistics complex.
Ozzy Properties will retain the existing office building of over 400,000 square feet including more than sixty acres to support the building and the relocation of the existing solar array on site. Osgood Landing will remain the home to nearly two dozen businesses including medical device innovators, computer and data service developers, financial services and education, and green technology firms along with shared office space for smaller users. New tenants are welcome throughout the construction project. In addition, the site is the home of Osgood Solar, a 6 MW array that partners with North Andover to provide low cost electricity to the municipality.
