NEWTON, MA – Northeast Private Client Group announced the 1031 Exchange of Market Street Mixed-Use and Nettles Shoppes in Lowell, MA.
Investment Associate Jim Casey represented the seller and procured the buyer for the mixed-use transaction. He also procured the buyer for the retail transaction.
Market Street Mixed-Use, located in Lowell, Massachusetts, sold for $3,000,000, equating to a price of $168.42/SF and a cap rate of 6.08%. The historic 16-unit mixed-use property sits in the heart of Downtown Lowell and consists of five (5) fully-leased retail suites and 11 apartments. The apartments have one and two-bedroom floor plans with off-street parking and coin-op laundry.
Market Street Mixed-Use is a value-add property where the new owner can renovate unit interiors and bring rents to market rates.
Nettles Shoppes, located in Salem, New Hampshire, sold for $4,750,000, equating to a price of $ 172.18/SF. This plaza is located on a busy retail & commuter corridor with 18,950 VPD per NHDOT. The property features easy access to I-93 & Route 213 and the New Hampshire/Massachusetts border. Nettles Shoppes is also 100% occupied with strong national credit tenants including: FedEx, H&R Block, Cartridge World, Allstate Insurance, and more.
“Using our trusted process, we were able to work with our client to sell a management-intensive asset and move his proceeds into a higher cash-flowing asset with fewer management responsibilities in a more landlord-friendly location. We were grateful for the opportunity to walk him through both transactions from start to finish,” said Casey.