News: Front Section
Posted: May 3, 2019
Zekos Group completes auction of UMass Lowell West Campus for $3.245m
Chelmsford, MA A crowd witnessed a bidding war for the 34-acre former University of Massachusetts Lowell West Campus. Attendees registered to bid with $50,000 deposit checks and filled the selectmen’s meeting room as they waited for auctioneer Paul Zekos of Zekos Group Auctioneers to commence the proceedings.
The Commonwealth of Massachusetts through the Division of Capital Asset Management and Maintenance (DCAMM) entrusted the Zekos Group, a firm that specializes in real estate auctions for government entities, to facilitate the sale. The collaborative effort also included officials from the UMass Lowell and the town.
The bidding started at $750,000 and quickly escalated as multiple bidders competed to acquire the idyllic and expansive parcel. After rapid fire bid calling and an entertaining presentation that kept the crowd laughing, Zekos declared the property sold for $3.245 million which included the buyer’s premium. He said it was a “powerful sale” and hopes a new vision for the site will stimulate economic growth and job creation. Zekos thanked the attendees for their enthusiastic participation and complimented public officials for the team effort.
Town manager Paul Cohen said, “We are all thrilled that the auction was so successful” and he looks forward to a bright future for the location.
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