Northeast Private Client Group Sells Multiple Buildings for $6.7 Million

Business and Professional

January 22, 2019


Newton, Mass. (January 22, 2019)  Investment sales broker Northeast Private Client Group has announced the sale of multiple Massachusetts buildings. Drew Kirkland, senior associate, Francis Saenz, investment associate, and Tim McGeary, investment associate, in the firm's Newton, Mass. office, represented the sellers and procured the buyers in all five transactions totaling $6,760,000.

 

"We have a proven track record of matching our mid-market clients with qualified buyers for commercial and multifamily properties," said Kirkland. "In all of five of these instances we worked exclusively for the owners of the properties to manage a highly competitive process and identify the successful buyer for each asset."

 

On December 3rd, Northeast Private Client Group closed the sale of 17 & 23 Raymond Street, Framingham Mass. This 12-unit multifamily building traded for $1,250,000 to Union Realty Trust. This equates to a price of $104,166 per unit and a capitalization rate of 8.2 percent based on the current net income. The seller, VTT Management Inc, is based in Framingham, Mass.

 

On December 7th, Northeast Private Client Group closed the sale of 584-592 Waverly Street, Framingham Mass., an 11,425 square foot mixed use property. The seller, VTT Management Inc, sold the property to The Beantown Companies for $1,335,000. This equates to a price of $116.85 per square foot with a capitalization rate of 6.6 percent on the current net operating income.

 

Also, on December 7th, Northeast Private Client Group closed the sale of 217-219 Washington Street, Haverhill Mass., a 12-unit multifamily property. The seller, a private Massachusetts-based investor, sold the property to OCP Realty LLC for $1,300,000. This equates to a price of $108,333 per unit with a capitalization rate of 8.1 percent on the current net operating income.

 

On December 18th, Northeast Private Client Group closed the sale of 7 Midstate Drive, Auburn, Mass., a 14,944 square foot office building. The seller, Newman Properties, sold the property to Heritage Mall Realty for $1,150,000. This equates to $76.95 per square foot with a capitalization rate of 9.0 percent on the current net operating income.

 

On December 28th, Northeast Private Client Group closed the sale of the Lowell Portfolio which included, 287-299 West Sixth Street, 687-689 Lakeview Avenue, 242-244 Ludlam Avenue, and 34-36 Lilley Avenue in Lowell, Mass. The seller, a private New Hampshire-based investor, sold the properties to a private Massachusetts-based investor for $1,725,000. This equates to a price of $87.39 per square foot with a capitalization rate of 8.0 percent on the current net operating income.

 

"Our team has a deep understanding of investment real estate with local expertise in regional submarkets from Boston to New York," explained Edward Jordan, JD, CCIM, managing director of Northeast Private Client Group. "Our specialized knowledge and relationship-based approach provide unmatched results for our clients."

 

About Northeast Private Client Group

Northeast Private Client Group is the leading mid-market investment sales firm in the region and was recently named to the Inc5000 list of America's fastest-growing private companies. With offices in New York, Connecticut and Massachusetts, the firm actively supports private investors looking to buy, sell or exchange mid-market properties including mixed-use, multifamily, retail and office assets. Northeast Private Client Group's highly disciplined process is just one of the many reasons the firm has earned CoStar's Power Broker designation year after year. To learn more, visit: www.northeastpcg.com.