News: Front Section
Posted: August 13, 2021
Klein and Lyman of Marcus & Millichap complete $1.5 million sale of 2 Spratt Technology Dr.
Sterling, MA Marcus & Millichap completed the sale of 2 Spratt Technology Dr., an 18,000 s/f industrial property, according to Thomas Shihadeh, regional manager of the firm’s Boston office. The asset sold for $1.5 million at a 7.58% cap rate.
Harrison Klein and Mark Lyman, investment specialists in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured by Klein and Lyman.
Lyman said, “We’re very happy to announce the sale of this asset. This was a deal that we put under contract at full price quickly upon listing. With the help of the legal teams, we overcame issues during escrow and closed at the originally agreed upon price. At the end of the day, I believe both the buyer and seller are very satisfied with the result.”
Klein said, “The market for quality industrial assets remains extremely strong. Given the number of high-profile institutional trades in the surrounding area, it’s starting to have more of a direct impact on sales in the middle market space.
The asset is located 1.5 miles away from I-90, 20 minutes from downtown Worcester, and one hour from Boston. Sitting on 2.27 acres of land, the asset was constructed in 1996. The lot is currently zoned for light industrial use and is in an industrial park along with four other buildings.
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,
Quick Hits
Columns and Thought Leadership
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.
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.
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.
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: