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Wilfab Associates Sells 13-Acre Property for $5M

WILMINGTON, MA-In one of the larger industrial sale transactions of the year, Wilfab Associates Trust sells 235 Andover St. to Marshall Farmington LLC for $5.4 million. The 13.4-acre property has two existing buildings on the site totaling 92,580 sf.

By Naomi Grossman | Updated on April 30, 2004

WILMINGTON, MA-Wilfab Associates Trust sold 235 Andover St. to Marshall Farmington LLC for $5.4 million. The 13.4-acre property has two existing buildings on the site totaling 92,580 sf.The front building is a 28,080-sf warehouse/ distribution facility which was occupied by a tenant at the time of the sale. The rear building, which will be occupied by the buyer, is a 64,500-sf warehouse and manufacturing facility. The property is located about one mile from the Route 93/Route 125 junction and represents one of the larger industrial sale transactions of 2004.Micah, James and David Stubblebine, principals of the Stubblebine Co., represented both the seller and the buyer in the transaction. Micah Stubblebine tells GlobeSt.com that the deal is indicative of the state of Greater Boston’s industrial market, where users are looking to purchase properties rather than leasing them, a trend he attributes to the current low interest rates. He notes that in the Route 128 area lease rates range from about $5 per sf up to $7 per sf depending upon the condition of the property and its proximity to Boston.

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