A group of developers closed Tuesday on a deal to buy the huge site of the former Garelick Farms plant on the Lynnway in Lynn, with plans to eventually convert it to a mixed-use campus.
A.W. Perry and Novaya Real Estate Partners purchased the 17-acre site, which includes the old milk plant and a roughly 10-acre vacant parcel next door along the waterfront, for $9.9 million. For now they’ll market the 250,000-square-foot building — known now as Lynnway Park — for warehousing, light industrial use, or food processing. They plan to clean up the site and ultimately design some combination of housing, retail, and commercial space there, as part of broader efforts to develop Lynn’s waterfront.
“We believe there is tremendous potential for the site, given all that Lynn has to offer,” said Bob Maloney, executive vice president and managing director of acquisitions at A.W. Perry.
The deal has been in the works for about a year and a half, delayed by various hiccups including complications around the bankruptcy proceedings for Garelick parent company Dean Foods. A.W. Perry president Richard Beal died unexpectedly in September, and this is the first transaction led by the Boston firm’s new president, former Walt Disney executive Susan O’Day.
In February, Lynn’s City Council and Planning Board approved new zoning for the site that’s designed to spur development there. In a statement, city economic development director James Cowdell said he was looking forward to seeing what the new owners would do.
“We are thrilled that A.W. Perry is the new owner of the former Garelick Site,” he said. “They have a long successful history and we are looking forward to working on a short and long term use of this very important site.”