Marcus & Millichap recently facilitated the sale of a flex/industrial building in North Andover, MA for $4,850,000. The property is located at 45 Beechwood Dr. and spans 30,855 square feet. Investment specialists Mattias Edenkrans, Harrison Klein and Luigi Lessa from Marcus & Millichap’s Boston office represented the seller – a private investor – and also found the buyer – a privately held owner-occupant.
According to associate Mattias Edenkrans: “This transaction showcases how strong owner-users are in today’s market.” He added that there was significant interest from both investor groups and business owners for this property but ultimately it was purchased by a local company looking to expand their operations.
The building was constructed in 1997 and boasts 11,500 square feet of office space as well as 19,355 square feet of warehouse space with two loading docks, one drive-in bay,and clear heights reaching up to14-feet. It sits on an expansive lot measuring at5.01 acres with ample parking available.The current tenant occupying part of the building is Tower Engineering Professionals.
Overall,this acquisition demonstrates continued demand for industrial properties among both investorsand end-users alikein North Andover.
