News: Front Section
Posted: March 25, 2009
Spiegel, Lynch and O'Brien of Colliers Meredith & Grew brokers $2.1 million sale of 85 Hayes Memorial Dr.
Colliers Meredith & Grew has successfully brokered the sale of 85 Hayes Memorial Dr. to a local investor for $2.1 million. Senior vice president Wayne Spiegel, associates William Lynch and Timothy O'Brien of Colliers Meredith & Grew represented the seller, EPP Real Estate, LLC. Senior associate Joel Aho of O'Brien Commercial Properties, Inc. represented the buyer.
Built in 1974 and expanded in 1998, 85 Hayes Memorial Dr. consists of 28,000 s/f of warehouse and office space. It is within close proximity to Rte. 495 and Rte. 20. The building is 100% leased to Diamond Machining Technology.
"Despite the scarcity of available financing and the economy being 'shocked' in the middle of the transaction, this deal was a win-win. The buyer is a local real estate investor who was financed by a local bank. EPP Real Estate, LLC capitalized on this opportunity to pursue an alternate investment strategy," said Spiegel.
"With expertise and perseverance, the Colliers Meredith & Grew team guided us through tough economic conditions," said Elizabeth Powell, managing member of EPP Real Estate.
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