NORTH ANDOVER — Amazon is one step closer to opening its distribution facility on Osgood Street.

On Wednesday, Ozzy Properties officially sold more than 100 acres of its Osgood Landing property to Hillwood Development for $31.5 million.

According to Ellen Keller, a vice president of commercial real estate at Ozzy Properties, Hillwood purchased the industrial facility behind the office building at 1600 Osgood Street.

"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," Keller said. "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, a Texas-based company owned by Ross Perot Jr., the son of a former presidential candidate, plans to demolish the existing facility and rebuild several hundred feet away with a new address of 1450 Osgood Street.

Once the demolition and rebuilding process is complete, Hillwood will begin a lease agreement with Amazon which will have a distribution facility there.

“It’s an exhilarating opportunity for our town,” said Board of Selectmen chairman Chris Nobile. “We get to bring in potentially hundreds of jobs to the Merrimack Valley and probably North Andover. This will have a strong impact on our tax base.”

When the demolition and relocation is complete Ozzy Properties will retain the existing office building at 1600 Osgood Street. The property will include 400,000 square feet of office space on more than 60 acres, Keller said. 

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