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ABG Commercial Arranges $22M Sale of Watertown Industrial Facility
ABG Commercial has brokered the $21.5 million sale of a 145,000-square-foot flex/industrial property in Watertown. Located at 580 Pleasant St., the property will undergo a gut renovation and will be converted into a Class A laboratory building in the fast growing Life Science market.
Associated Brokerage Group’s Bernard Gibbons and Stephanie Deering represented the seller, owner/occupier Fluid Management Systems Inc., in the transaction. The buyer was Griffith Properties and partner, a fund controlled by DRA Advisors.
“With the scarcity of available lab space in Cambridge, Watertown is quickly becoming the next hotbed of Life Science development in Greater Boston,” said Gibbons. “Watertown is not only a lower-cost alternative to neighboring Cambridge for lab space, but with the development of Arsenal Yards and the number of multifamily complexes constructed within the community in recent years, Watertown offers a host of amenities and housing options that can help companies attract and retain employees in this competitive marketplace.”
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