Marcus Multifamily Team Brokers Sale Of Salem Mixed Use Building For $2.85MMay 10, 2019
SALEM–The Marcus & Millichap Boston Multifamily team completed the sale of 217-221 Essex Street, a 32,100-square foot mixed-use building in Salem, MA. The asset sold for $2,850,000.00.
Evan Griffith, first vice president investments, Tony Pepdjonovic, vice president investments, and Ryan Quinn, associate, in Marcus & Millichap’s Boston office had the exclusive listing to market the property on behalf of the seller, a limited liability company, and procured the buyer, also a limited liability company.
217-221 Essex Street is located right in the heart of the Essex Street Pedestrian Mall, an area that attracts high tourist traffic because of its wide variety of shops, restaurants, and entertainment. This transit-oriented property is a just a five-minute walk from Salem Station (MBTA Commuter Rail) which travels to North Station in downtown Boston in under 30 minutes.
According to Griffith, “The acquisition is a great value-add investment in the highly sought after Downtown Salem submarket which is one of the busiest foot traffic destinations on the North Shore. The Buyer plans to re-position the asset by converting the vacant office space on the upper floors into modern residential units, he added.”
“The Downtown District of Salem is a vibrant area that promotes the live, work, and play lifestyle which continues to be the successful formula for attracting new residents” added Pepdjonovic.Ryan Quinn Tony Pepdojonovic Evan Griffith