News: Front Section
Posted: July 8, 2022
Casey of SR Commercial Reatly brokers sale of
109 Apremont Way, Westfield, MA for $2.6 million
Westfield, MA Jeremy Casey of SR Commercial Realty brokered the sale of the former precision manufacturing property at 109 Apremont Way off of Rtes. 10 and 202.
The site, originally consisting of 90,567 s/f between three buildings on 12 acres, was owned by longtime precision manufacturer Berkshire Industries, Inc. DMA Associates, LLC acquired the property for $1.75 million via auction in February of 2018. Casey and the SR Commercial team worked with DMA Associates to broker the sale of the property in May of 2020 for $3.7 million to Triple Seven, LLC for the future expansion of precision manufacturer; J&E Precision, Inc. of neighboring Southampton, as it’s anchor in 24,000 s/f of the RBA.
Triple Seven engaged Casey and the SR team once again to strategize the best approach for sub-dividing the property, and leasing the remaining space consisting of 66,566 s/f. Over the next year, Casey worked alongside ownership to subdivide the property into three separate parcels, one for each of the existing buildings. Casey also leased out over 54,000 s/f between the two remaining buildings.
Casey and the SR team brokered the sale of “Lot 2-1” the new subdivided parcel consisting of the 60,156 s/f front building on 3.6 acres to Olmstead Realty Trust. The sale price was $2.6 million.
Tags:
Front Section
MORE FROM Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
.png)
Quick Hits
Columns and Thought Leadership
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.