Marcus & Millichap has successfully closed the sale of a 36,977-square-foot industrial office warehouse located at 86 Leominster Road in Sterling, Massachusetts. The property sold for $4,250,000.
“This sale, which included a partial leaseback, allowed our seller to capitalize on this high-quality building while entering a long-term lease for a portion of the warehouse,” said Harrison Klein, Managing Director Investments in Marcus & Millichap’s Boston office. “This transaction, at 100% of the asking price, is indicative of the strong warehouse market in Worcester County.”
Klein represented the seller in the transaction. The seller will maintain occupancy of a portion of the facility to continue business operations, while the buyer will utilize the remaining space. The buyer was represented by Alan Ringuette of The Stubblebine Company. Leasing responsibilities on behalf of the seller were handled by Evan Koogler of Kelleher & Sadowsky.
The property includes approximately 20,000 square feet of air-conditioned warehouse space and 16,000 square feet of finished office space.
