119,000-SF Industrial Building Trades Hands

CHELMSFORD, MA-An affiliate of Sterling Corp. and STI has completed the purchase of a 119,000-sf office/warehouse that will be utilized for its own purposes. FinMar Realty LLC paid $6.6 million to the New Boston Fund for 20 Industrial Ave.

“It’s a nice building that fits all their needs,” broker Keith Coulter explains to GlobeSt.com of his client’s attraction to 20 Industrial Ave. A moving company focused on the Greater Lowell area, Sterling officials considered the property’s quick access to Interstate 495 and Route 3 as key, relays the broker. Coulter is a senior vice president at tenant representation company McPherson Corp./ATR Boston, whose local office is in Waltham.

The off-market transaction follows a search of the surrounding area when Sterling’s growth demanded additional space, a requirement coupled with a desire by company officials to have an ownership stake in their facilities. A tenant representation specialist for more than 25 years, Coulter says most clients tend to prefer leasing, but Sterling had enough of a long-range plan to make the commitment to one location. “It has to be the right situation, and for them, this was,” says Coulter, who adds he approached NBF with the suggestion the building might be suitable for Sterling. NBF paid $2.1 million for 20 Industrial Ave. in January 2006 as part of a package along with 10 Industrial Ave.