Marcus & Millichap Inc.
10/23/2024 | Press release | Archived content
Marcus & Millichap Brokers $4.25 Million Sale of Industrial Facility in Newburyport’s Industrial Park
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Marcus & Millichap Brokers $4.25 Million Sale of Industrial Facility in Newburyport's Industrial Park
October 23, 2024
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BOSTON, Oct. 23, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 38,500-square-foot industrial facility in Newburyport, Massachusetts, for $4,250,000.
"We had a robust market process for this asset with ten qualified offers. This is a testament to the quality of this industrial park, which has one of the lowest vacancy rates in New England," said Harrison Klein, first vice president investments.
Klein, Mattias Edenkrans and Luigi Lessa, investment specialists in Marcus & Millichap's Boston office, exclusively marketed the property on behalf of the local seller and procured the buyer, a private investor.
"We see tremendous demand for assets like this, with below-market rent and relatively short-term leases. We leveraged this trend to secure a top-of-market exit for long-term ownership," added Edenkrans, associate.
The property is located at 11 Malcolm Hoyt Dr., in the Newburyport Industrial Park, near the New Hampshire border. It is fully occupied by Journeyman Press, a commercial printing, marketing, and mail house servicing various industries. Built in 1986, and later expanded, this metal building features drive in loading and ample parking.
"We had a robust market process for this asset with ten qualified offers. This is a testament to the quality of this industrial park, which has one of the lowest vacancy rates in New England," said Harrison Klein, first vice president investments.
Klein, Mattias Edenkrans and Luigi Lessa, investment specialists in Marcus & Millichap's Boston office, exclusively marketed the property on behalf of the local seller and procured the buyer, a private investor.
"We see tremendous demand for assets like this, with below-market rent and relatively short-term leases. We leveraged this trend to secure a top-of-market exit for long-term ownership," added Edenkrans, associate.
The property is located at 11 Malcolm Hoyt Dr., in the Newburyport Industrial Park, near the New Hampshire border. It is fully occupied by Journeyman Press, a commercial printing, marketing, and mail house servicing various industries. Built in 1986, and later expanded, this metal building features drive in loading and ample parking.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.