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100,000-SF Building Sells for $5M

BOSTON-The Mayo Group acquires 28 Damrell St. The locally based company purchased the 100,000-sf industrial property for $5.5 million from Damrell Ewer Partners in a deal indicative of the area's healthy industrial market.

By Naomi Grossman | Updated on January 23, 2004

BOSTON-The Mayo Group is purchasing 28 Damrell St. The locally based real estate company acquired the 100,000-sf industrial property from Damrell Ewer Partners for $5.5 million. Carl L. Christie, vice president and principal and Noah Hano, both of NAI Hunneman Commercial represented Damrell Ewer Partners and procured the buyer in this transaction.

The deal is indicative of the area’s industrial market where warehouse and distribution space is in high demand, especially in the city or in areas close to the city. According to Spaulding & Slye Colliers’ most recent statistics, the overall availability rate for industrial space in Greater Boston is 19.2%, but many industry experts note that it is older, non-modernized spaces that are behind many of those vacancies. The average asking rent for industrial space in Greater Boston is $6 per sf.

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