Marcus & Millichap Arranges Sale of Industrial Building in Malden

The Klein Group of Marcus & Millichap, Inc., has completed the sale of a 31,135-square-foot industrial building in Malden, a city within the metro area of Boston. The asset sold for $1.8 million. 

Harrison Klein and Luigi Lessa, investment specialists in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of a Florida-based seller. The team also procured the buyer, Combined Properties, Inc.

“This property was a metal finishing facility since the 1940s and has environmental conditions typical of long industrial history,” said Klein. “The buyer has extensive experience with brownfield properties and is well-equipped to re-establish a higher use on this well-located site.” 

 “The industrial market’s fundamentals continue to attract strong investor attention. With high values backed by strong rent growth and low interest rates, investors are comfortable expanding their footprint within these tighter markets, said Lessa. “Major developments are taking place in Malden, including the multi-story mixed use redevelopment in Malden Center, solidifying the bullish outlook on the city.”