Herrick Lutts Realty Completes Sale of Rowley Crossing on Newbury TurnpikeJuly 15, 2021
ROWLEY — Herrick Lutts Realty Partners has completed the sale of Rowley Crossing. The unique property is located at 300 Newbury Turnpike (Route 1) in Rowley, MA.
The building, situated on a 2.1-acre lot, is fully updated and includes approximately 25,000 square feet of rental space, and parking for 56 cars. The selling price for the property was $3,575,000.
The mixed-use property has a mix of tenants including el Tapatio-Family Mexican restaurant, Cape Ann Cannabis, Phillips Roast Beef & Pizza, Yankee Pine Corp., Seacoast Cabinet, Salon Avie, and a number of professional offices.
The sale was handled by Rich Vincent, Nick Zolotas and Paul Herrick from Herrick Lutts Realty Partners. Paul Herrick, a partner with the company said the sale was a perfect fit. “The buyer felt this property was ideally suited for their needs; this was a 1031 Exchange transaction for them. They will be engaging in some cosmetic upgrades initially, and plan to invest in the property and hold for a long-term investment.”
He added, “Rowley is an exceptional community with steady growth, and it is a very well-run town. We believe the purchaser has made a strong and solid investment here.”
The purchaser was represented by Chris Latham of Latham Law Offices LLC and financing was through Peoples Bank.
Herrick added, “The 1031 Exchange option really allowed all parties to move up in size and reach their goal and stimulate the economy at the same time.”