NAI Hunneman Commercial represented both the buyer and the seller in the deal. Carl Christie, executive vice president/principal and Dan McGee, financial analyst of Hunneman Commercial, worked together on the transaction.
The building has immediate access to Route 1A. Christie says that the deal is an indication that the North Shore residential market is "starting to come alive again." According to Tom Meagher of Northeast Apartment Advisors Inc., the most recent occupancy rate for the near North submarket, which includes Medford, is 94%, up from 92% last summer.
But Meagher tells GlobeSt.com that the average rent for the area has dropped nearly 4.5% in that time from $1,430 per month to $1,366 per month. "We see occupancy improve as rents decline," says Meagher. "This is the story in general for the metropolitan Boston area."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
