VMD Companies, LLC sells 93,100 s/f industrial
property for $17.3 million to Seyon Group

Avon, MA VMD Companies, LLC has sold 40 Strafello Dr., a 93,100 s/f industrial building on 6.23 acres in Avon Industrial Park, for $17.3 million. At a time in the market when commercial buildings, many with significant vacancy in the wake of the pandemic, are selling for less than they were purchased for only a few years ago, VMD improved the property and increased its value. VMD purchased 40 Strafello Dr. three years ago for $5.4 million.

The sale represents a significant capital transaction in an interest rate environment that has rendered real estate transactions difficult for the past 18 to 24 months.

“We thank everyone who helped complete this repositioning,” said David Durgin, chief operating officer of VMD Companies, LLC. “VMD is uniquely positioned to execute on shallow-bay, multi-tenant projects due to our vertically integrated management, construction, and development teams. 40 Strafello is a prime example of our strategy at work in Greater Boston. Moving forward, VMD looks to continue our focus on value-add, shallow-bay repositionings alongside our modern class A industrial developments.”

The buyer was Seyon Group, a real estate investment firm founded in 2017. The sale closed on October 1^st, 2024. Seyon Group targets institutional quality investments in top-tier Northeast and Southeast U.S. markets.

VMD made capital improvements in and repositioned 40 Strafello Dr., selling it fully stabilized and 100% leased and making it attractive to institutional buyers.

VMD completed replacement of the roof, upgraded fire safety systems, including a complete conversion to ESFR sprinkler system, repaved the parking lot, completed an overhaul of exterior siding, and made extensive other improvements, most notably in 44,000 s/f for a new tenant in 2022, Freeman Expositions.

Tenants at 40 Strafello Dr. are Radius Logistics, Redi-Carpet Sales of New England, CTX Group, Inc., ATC Group Services, Inc., and Freeman Expositions.

The Avon Industrial Park, one of New England’s largest industrial parks, covers more than 700 acres and is home to 127 companies with more than 4,000 employees. It is located on Rte. 24, with direct access to points in Greater Boston.

James Vitas II is founder and executive chairman of VMD Companies, now in its 20^th year. VMD was represented by CBRE in the transaction.

 VMD Companies has been actively acquiring and repositioning existing industrial assets as part of its acquisitions program and is permitting and developing more than two million s/f of modern high-bay industrial throughout the Commonwealth. 

In early 2023, VMD broke ground at 2 Monarch Dr. in Littleton, Mass., on a 98,150 s/f warehouse designed for PODS, the North American moving and storage company based in Clearwater, FL., as a corporate distribution center for the Northeast. The building was completed last December.

In 2021, VMD Companies announced it had purchased and was developing The Campus at Innovation Way in Fall River, a logistics, advanced manufacturing and research and development center designed and constructed to be home to multiple companies seeking modern high-bay space.

That property is fully permitted, with about 900,800 s/f of class A industrial property across four buildings, and is about to start construction. VMD Companies has been in advanced discussions with several companies and users for the buildings.

In 2017, VMD Companies purchased and redeveloped the former Necco confectionary building in Revere in a joint venture, later leasing it to Amazon and selling the 50-acre property to Clarion Partners, LLC of New York for $355 million.