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.”
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as he makes the transition from an utterly failed racehorse to a lovely show hunter.