McLaughlin Keeps Pace With Pair of Recent Suburban Commercial Trades
May 24, 2017 - By The Real ReporterCHELMSFORD— McLaughlin Investments recently announced the 1031 Exchange Sale of 21-29 Drum Hill Road to Anton Realty for $1,600,000 with financing provided by Chet Szablak of Enterprise Bank and Trust with Star Realty Trust as the off-market seller. The 12,440 RSF building has a bottom floor for retail use and top floor for office space. At the time of the sale, the retail section was fully leased.
The land itself has a value of $388,000, with the building’s value totaling $888,300. Together, this makes for a total value of $1,276,300. After the acquisition, the building’s spaces remain up for lease. The retail units seek to bring in $25 per square foot per month and the second-floor office spaces $15 per square foot per month.
The close proximity to Route 3, Route 4, I-495, and southern NH arteries make Drum Hill Road a viable retail space. With major retailers including Walmart, Market Basket, McDonald’s, and Starbucks, the region draws many shoppers.
In addition to the exchange, McGlaughlin brokered the $1,850,000 sale of 255 Great Road in Littleton, MA with Stephen Sugar of Middlesex North Savings Bank providing financing.
The colonial style building resides in the “I-495 Technology Belt” and was master leased at the time of the sale to Digital Credit Union (DCU) for retail banking and office administrative purposes. The 20,300 RSF two-story complex was constructed in 1999 according to DCU design specs. Since then, the building has been improved with a passenger elevator, fire safety system, ADA compliances, and parking.
The building was put up for sale in 2016 when DCU switched locations. It was advertised to bring in just over $25,200 in monthly rental income. Nearby retail and corporate sites include IBM, Cisco, Littleton Municipal Offices, Dunkin Donuts, and CVS, making for a wide range of possible renters.
255 Great Road, Littleton MA