News: Front Section
Posted: March 22, 2024
Klein and Manning of Marcus & Millichap
sell 30-acre site for $7.5 million
Randolph, MA Marcus & Millichap brokered the sale of a 30-acre development site for $7.5 million.
“This transaction closing despite tumultuous development conditions is a testament to the location and cooperation between buyer, seller and municipality,” said Harrison Klein, first vice president.
“We had tremendous interest from developers excited about this Rte.128 location. The owner was able to retain a portion of the site to operate his contracting business, a major bonus for this already strong transaction,” said James Manning, associate.
Klein and Manning, investment specialists in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, a private investor, and procured the buyer, Bluewater Property Group.
Located at 11 Randolph Rd., the development site is situated between the East Randolph Industrial Park and Messina Industrial Park, offering an opportunity for an industrial development spanning 120,000 s/f, which the developer plans to construct on a speculative basis. The asset is a 20-minute drive to downtown Boston and three miles to I-95 and Rte. 24. JLL’s Boston industrial team will be the leasing agents for this project, with an expected delivery date in 1Q2025.
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