News: Front Section
Posted: March 11, 2022
Griffith and Pepdjonovic of Marcus & Millichap broker $3.25 million
Foxborough, MA Marcus & Millichap completed the sale of 14-18 Pierce St., a 16-unit apartment property, according to Thomas Shihadeh, regional manager of the firm’s Boston office. The asset sold for $3.25 million.
Evan Griffith, first vice president investments, Tony Pepdjonovic, first vice president investments, and Jeremy Buckley, associate, had the exclusive listing to market the property on behalf of the seller and secured the buyer. “This was a highly contested listing and it’s no surprise it sold for full-asking price” said Pepdjonovic. “The property sits just 1.5 miles from the Foxborough Commuter Rail and is within walking distance to Patriot Place at Gillette Stadium which features 1.3 million s/f of shopping, dining and entertainment.”
14-18 Pierce St. is comprised entirely of two-bedroom / one-bathroom units and features separate utilities, on-site laundry facilities, individual storage containers, and ample off-street parking. The property had been under the same ownership for over 20 years and presented the buyer a true value-add opportunity in raising rental income to market levels through interior and exterior renovations.
“Apartment properties in the suburbs of Boston continue to perform incredibly well and our team has hit numerous pricing records as more Core investors have targeted these assets,” said Griffith.
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,
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:
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.
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.