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News: Front Section
Posted: November 6, 2020
Drinkwater and Richard of Marcus & Millichap handle $1.18m sale
Franklin, MA Marcus & Millichap completed the sale of Bright Horizons, a 6,375 s/f net-leased property, according to Thomas Shihadeh, regional manager of the firm’s Boston office. The asset sold for $1.18 million.
Laurie Ann (L.A.) Drinkwater, senior vice president investments, and Seth Richard, first vice president investments, of the Richard Drinkwater Retail Group in Marcus & Millichap’s Boston and Manhattan offices, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, also a private investor, was secured and represented by Drinkwater and Richard.
“The seller initially listed the property after seeing the significant lack of quality net lease opportunities during this global upheaval and the market response proved correct!” said Richard.
Drinkwater said, “That plan was finalized once a strong buyer was found that recognized both the strength of the business and this location in particular. We thank all parties in executing a seamless transaction.”
Bright Horizons is located at 2 Constitution Blvd. The tenant has been at this location for over 25 years.
and currently operates on a net lease.
Renovated in 2019, the property has a brand new roof and sits on 1.95 acres less than a mile from I-495. Additionally, household income within a five mile radius of the location is over $140,000.
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