National Development acquires Chelsea warehouse for $10 million, proposes new industrial building

National Development has acquired 130 Eastern Avenue, a seven-acre Chelsea property on which stands a 38,000-square-foot industrial warehouse, for $10 million. Middlesex Savings Bank provided $19.25 million of financing towards the acquisition. National Development plans to demolish the existing warehouse and construct a 32-foot clear-height industrial building at 130 Eastern Avenue. Construction would commence in late 2017 pending approval by the City of Chelsea, with completion expected in Fall 2018.

National Development's acquisition is the latest in a highly-active industrial section of Chelsea located steps from the future Eastern Avenue Station on the MBTA Silver Line bus rapid transit extension, which will open in Spring 2018 and connect Chelsea directly with Logan Airport, the Seaport District and Downtown Boston. Recently, The Seyon Group acquired 150 Eastern Avenue and 201 Crescent Avenue, two industrial properties located steps from National Development's 130 Eastern Avenue, for a combined $11.225 million. “There is an increasing demand in Greater Boston for quality distribution space close to Boston,” said National Development Managing Partner Ted Tye in an interview with the Chelsea Record. “Chelsea is ideally located and has been great to work with on expanding the City’s commercial base.”

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