McGlaughlin Trades Off Market Mixed-Use in Chelmsford for $2.5M in 1031 ExchangeNovember 07, 2018
CHELMSFORD–McLaughlin Investments facilitated the IRC 1031 Exchange Sale of 21-29 Drum Hill Road, Chelmsford, MA to AlrigUsa Development for $2,500,000. The Mixed-Use 12,440 RSF, One (1) Acre, Value Add retail asset was partially occupied at the time of sale within the street level retail areas and second-floor professional office use. All leases were under market with short-term rollovers, allowing for a perfect redevelopment turnaround play. AlrigUsa seized this opportunity and intends to redevelop the entire site to construct a “Build to Suit”, free-standing, single story retail building.
Drum Hill is a highly desirable regional submarket into itself which is accessible from Routes 3, 3A, Route 4, 110, I-495, and southern NH arteries which allow access to local leading retailers, service providers and a Universities, Lowell General Hospital, AFC Medical Clinic, and numerous other retailers.
Daily Traffic Counts are in excess of 35,000 ADT along Drum Hill Road and 100,000 ADT pass by the Route 3/ Drum Hill Highway interchange.
John McLaughlin represented the 1031 Exchange Seller, Anton Realty Trust and procured AlrigUsa, the off Market Buyer.