(To read more on the industrial market, click here.)
MARLBOROUGH, MA-A 69,376-sf, single-story flex building that was once home to Digital Equipment Corp. has been sold for $5 million to a 1031 exchange buyer in a deal that gives the new owner a vacant but fully leased property just off Route 495 in a booming high-tech area.
Scott Hughes, with New Dover Associates of Framingham, tells GlobeSt.com that the freestanding building, set on 5.14 acres in a neighborhood with seven million sf of industrial, office and flex space, is leased for the next three years to CTS Corp. CTS acquired the property when it bought SMTEC New England, the building's former tenant. The property has been vacant since 2005 when SMTEC merged with CTS, Hughes says.
The buyer, Marlborough Country Realty, LLC liked the 274 Cedar Hill St. property because it offered a key location in a growing industrial area and stability with an existing lease in place, Hughes says.
The former tenant is currently trying to sublease the property through CB Richard Ellis, while the new owner is offering a direct lease through New Dover Associates at $7.75 per sf, Hughes notes. The transaction was arranged for the seller, Cedar Marlborough Realty Corp. by Hughes, who also procured the buyer.
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