News: Front Section
Posted: December 3, 2021
Klein of Marcus & Millichap completes $2.725 million building sale
Greenfield, MA Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, has completed the sale of Medical Center at Cherry Rum, a 52,412 s/f office property, according to Thomas Shihadeh, regional manager of the firm’s Boston office. The asset sold for $2.725 million.
Harrison Klein, an investment specialist in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, a central Massachusetts-based family office.
Klein said, “It was an honor working with this family who originally developed the site as a grocery center in the 1970s. The central Massachusetts-based buyer plans to heavily invest in this well-located mixed medical asset, bringing it back to its glory days.”
Medical Center at Cherry Rum is located at 489 Bernardston Rd. The property was built in 1977 and renovated for a medical office conversion in the early 2000s. O’Reilly Autoparts and a CVS subsidiary recently vacated the property. The 52,412 s/f building was delivered 58% occupied with a mix of medical tenants.
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