NORTH ATTLEBOROUGH, Mass.– Marcus & Millichap (NYSE: MMI) announced the sale of 215 Plain St., a 48,000-square-foot small bay industrial property located in North Attleborough, Massachusetts. The asset sold for $7,050,000.
“This transaction showed growing interest from sophisticated investors in small bay facilities,” said Harrison Klein, first vice president investments. “Tenant demand for this product is extremely strong and new supply is minimal.”
James Manning, associate, added, “Over the past two years, we were able to help our clients push rents significantly, creating premium pricing when they made the ultimate decision to sell.”
Klein and Manning, investment specialists in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, a private investor, and procured the buyer, a Massachusetts-based private investor.
Constructed in 2006 on over seven acres, the industrial property is conveniently located between Interstate-95 and Interstate-495 and only a 35-minute drive from downtown Boston. The asset features between 19- and 21-foot clear heights, 16 drive-in doors, and 68 parking spaces.
The property offers tenants 3,000 to 9,000 square feet of space and industrial outdoor storage. Current tenants include Tri-Alpha Gymnastics, Fastenal Company, Autopart International, and Red Herring Motion Picture Lighting, Inc.