Net-Leased Industrial Asset Trades for $6M

BILLERICA, MA-A single-tenant, core-quality industrial building has found a new owner, as the Hampshire Cos. of Morristown, NJ, pays $6 million for 159 Rangeway Rd. to the Dickinson Cos. The 87,000-sf office/warehouse building is leased long-term to Hyster New England for its regional operations.

“It was just time to sell,” explains Mark Dickinson of Dickinson Development Corp., whose firm purchased the property in 2000 and undertook an extensive renovation before striking a 10-year lease with Hyster that runs through 2011. Hyster, which recently spent $1 million to upgrade 159 Rangeway Rd., also has two five-year extensions and controlled right of first refusal on any sale, an option the materials handling company did not exercise when Dickinson decided to harvest the asset. Instead, Dickinson retained CB Richard Ellis to trade the building, with the agreement involving the Hampshire Cos. brokered by CBRE principal Gary Lemire and Patrick Cavanagh. Constructed in 1988, 159 Rangeway Rd. is a single-story building featuring 14 loading docks and 12,000 sf of office space on a seven-acre site at Exit 28 of Route 3.