BOSTON–McLaughlin Investments announced that it has facilitated the IRC 1031 Exchange Sale of 21-29 Drum Hill Road, Chelmsford, MA to AlrigUsa Development for $2.5 million.
The Mixed-Use 12,440 RSF, One Acre, Value Add, retail asset was partially occupied at the time of sale within the street level retail areas and second floor professional office use. All leases were under market with short term roll overs, allowing for a perfect redevelopment “Value Add” turnaround play. AlrigUsa seized this opportunity and intends to redevelop the entire site to construct a “Build to Suit”, free standing, single story retail building.
Drum Hill is a highly desirable regional submarket into itself which is accessible from Routes 3, 3A, Route 4, 110, I-495, and southern NH arteries which allow access to local leading retailers, service providers and a University of Higher Education, including but not limited to; UMass Lowell, Walmart, Hannaford’s, Chipotle, The Paper Store, Hannaford, Panera Bread, Market Basket, TD Bank, BOA, McDonald’s, Starbucks, Chipotle, Dunkin Donuts, Sherwin Williams, Lowell General Hospital, Hawthorne Suites, AFC Medical Clinic and numerous other retailers.
The trade area draws from Nashua, Greater Lowell, Tyngsboro, Chelmsford, Westford, Billerica populaces and has a regional population of 257,722 within a seven-mile radius, with an average annual household income of $95,036, which solidifies the retail corridor as an ideal destination and drive by location. Furthermore, daily Traffic Counts are in excess of 35,000 ADT along Drum Hill Road and 100,000 ADT pass by the Route 3/ Drum Hill Highway interchange.
John McLaughlin represented the 1031 Exchange Seller, Anton Realty Trust (Down-Leg) and procured AlrigUsa, Off Market Buyer.