Despite the scarcity of available financing and the economy being 'schocked in the middle of this transaction, this deal was a win-win," says Wayne Spiegel, SVP at Colliers Meredith & Grew, in a statement. "The buyer is a local real estate investor who was financed by a local bank." Although the terms of the loan were not disclosed, Spiegel referred to the loan as "conservative."
Spiegel tells GlobeSt.com that the seller, EPP Real Estate, LLC, was looking to sell the property to pursue alternative investments. The only challenges were Diamond's "short-term lease, which ruled out a good portion of standard investors," many of whom were looking for a longer-term lease, somewhere in the area of seven to 10 years, Spiegel explains.
Spiegel represented the seller, along with associates William Lynch and Timothy O'Brien, all from Colliers Meredith & Grew. The buyer was repped by Joel Aho, senior associate at O'Brian Commercial Properties, Inc.
The property, located in the 495 West submarket averages in asking price in the high teens to the low $20s per square foot, according to Cushman & Wakefield's 4Q report. The rent has shown an increase of over 1% year-over-year, despite the downturn. Recently, a 563,000-square-foot industrial building traded for just over $2 million as well, out in West Warren, MA and a 121,000-square-foot warehouse/office property sold in Sharon, MA for twice that.
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