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| Drew KIrkland |
Framingham, MA – Investment sales broker Northeast Private
Client Group has announced the sale of the 21,000 square foot multi-tenant
commercial property located at 1035 Bedford
Street, Abington, MA.
Drew Kirkland, a senior associate in the
firm’s Framingham office, represented the seller exclusively in the $2,600,000
transaction, which closed on February 27.
“The successful completion of this sale is yet another
positive indication of the strong demand for commercial properties in suburban
Boston submarkets,” said Kirkland. “We
were able to create tremendous competition among qualified buyers to acquire
this asset.”
The mixed-use property, located on Route 18 in Abington, MA,
approximately 15 miles south of Boston, comprises 8,400 square feet of retail,
4,600 square feet of office and 8,000 square feet of warehouse space. The property was built in 2005 and operates
at 95% occupancy.
The seller, Elaine Realty of Quincy, MA, sold the asset as
part of an IRS-1031 exchange strategy.
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| Edward Jordan |
The buyer, a private investor from Weymouth, MA, was
represented in the transaction by David
Ellis of Jack Conway Commercial in Norwell, MA.
The buyer acquired the property at price
equivalent to $125 per square foot, a 7.0% capitalization rate on actual net
operating income.
“This transaction clearly played to the strengths of our
platform,” said Edward Jordan, JD,
CCIM, managing director of Northeast Private Client Group.
“With offices throughout the Northeastern
U.S., we executed successfully for our client and closed the transaction at top
market value.”
For a complete copy
of the company’s news release, please contact:
Randy Savicky
Founder/CEO
Strategy+Communications
Connecting the New PR & Marketing to Business Goals
203-226-6156
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