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Development Parcel Changes Hands Along North Reading Commercial Corridor
Atlantic Capital Partners closed the $7.3-million sale of North Reading Landing, a prime redevelopment site located in North Reading, MA. Located 15 miles north of Downtown Boston, the asset represents an opportunity to reimagine a significant parcel along a major commercial corridor.
The transaction was led by Justin Smith, head of Capital Markets; Sam Koonce, VP; Chris Peterson, EVP; Steve Tomasello, partner; and Leslie Cotter, senior associate. The team represented the seller and secured the buyer.
Totaling 70,747 square feet, North Reading Landing is presently partially occupied by a short-term lease to Ocean State Job Lot, providing immediate redevelopment potential alongside near-term cash flow during the permitting and planning process.
Smith said, “The combination of immediate in-place income and the site’s high-visibility footprint situated in metro Boston gives new ownership an ideal runway to reimagine the site into a dynamic development project that is perfectly positioned to capture the robust regional demand.”
- ◦Sale/Acquisition
