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Worcester-Area Warehouse Trades with Partial Leaseback
Marcus & Millichap closed the sale of a 36,977-square-foot industrial office warehouse at 86 Leominster Rd. in Sterling, MA. The asset sold for $4,250,000.
“This sale, which included a partial leaseback, allowed our seller to capitalize on this high-quality building while entering a long-term lease for a portion of the warehouse,” said Harrison Klein, managing director investments in Marcus & Millichap’s Boston office. “This transaction, at 100% of the asking price, is indicative of the strong warehouse market in Worcester County.”
Klein marketed the property on behalf of the seller, who will retain a portion of the building for their business, while the buyer will occupy the remainder. The buyer was represented by Alan Ringuette of The Stubblebine Company. Evan Koogler, of Kelleher & Sadowsky, handled leasing responsibilities for the seller.
The property comprises approximately 20,000 square feet of air-conditioned warehouse space and 16,000 square feet of finished office space.
- ◦Sale/Acquisition
