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News: Front Section
Posted: January 6, 2023
Marcus & Millichap arranges $3.4m sale of 16,637 s/f office building
WALTHAM, MA Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, has sold 230 Second Ave., a 16,637 s/f office property, according to Thomas Shihadeh, regional manager of the firm’s Boston office. The asset sold for $3.4 million.
Harrison Klein and Luigi Lessa, investment specialists in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, Eastport 230 LLC. This sale represented the final of 18 properties that Eastport had purchased and held over a 25-year plus period. The Klein Group also secured the buyer, a private investor.
Agents Klein and Lessa said, “Given the uncertainty in the market and distinct structure of the deal, it took a unique buyer to successfully close on the property. The buyer saw the opportunity to use their 1031 exchange proceeds to secure an extremely well-located asset.”
This office condo was occupied by six tenants at the time of sale. Amenities include two elevators, signage on Route 128, 50 covered parking spaces, and access to Waltham amenities and retail.
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Columns and Thought Leadership
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.
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.
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:
