Suburban Flex/Industrial Package Fetches $16M

(Read more on the industrial market.)

FRANKLIN, MA-Five years after the Grove Street Business Center broke ground here, two buildings at the flex/industrial park are changing hands, as a joint venture has purchased 157 and 165 Grove St. from the Maggiore Cos. Woburn-based Maggiore reaped $15.8 million for the two fully leased buildings, which total just under 167,000 sf.

“In my mind, this is the best one-story flex product along Interstate 495, and the price reflects it,” says New Dover Associates president Scott Hughes, the sole broker in the transaction. Hughes has represented Maggiore since construction began on the 23-acre parcel on a speculative basis in spring 2002. A third building at the 221,000-sf park, 161 Grove St., was not included in the sale to Hall Royce Grove St. LLC, an entity led by local investors Denison Hall and Adam Berger, and their joint venture partners, Guggenheim Real Estate LLC.