News: Front Section
Posted: June 29, 2018
Sullivan and Pezzoni of Avison Young broker 15-acre land sale to CA-based marijuana-cultivation firm
Holliston, MA Avison Young has brokered the sale of a 15-acre land parcel located at Phase II – Hopping Brook Park, 465 Hopping Brook Rd.
Bill Sullivan, a vice-president based in Avison Young’s Boston office, and Jon Pezzoni, a senior associate also based in Boston, represented the seller, New Hopping Brook Realty Trust, and procured the buyer, Innovative Industrial Properties. Inc. in the $3 million sale.
PharmaCann LLC, a subsidiary of California-based Innovative Industrial Properties, will develop two buildings totaling 58,000 s/f on the site and intends to use them for a medical-use cannabis-cultivation and processing facility.
“Whereas most cannabis growers have to jump through hoops to get sites rezoned for this use, Holliston has been proactive and designated this industrial site in advance for this specific use,” said Pezzoni. “Thus, the site is ready for cultivation facilities, pending only site-plan approval. There are five to six lots left in Phase II, which can accommodate similar and larger users planning to develop a facility with the potential for future expansion.”
Located one-mile from I-495, Phase II of Hopping Brook Park is a 202-acre, professionally designed industrial park with parcels that can accommodate buildings 100,000 sf and up. Unique to Phase II is the allowance of cultivation and preparation of medical marijuana. New Hopping Brook Realty Trust is a hands-on developer with the capacity to deliver pad-ready sites.
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,
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: