Klein Group of Marcus & Millichap Completes Sale of 31,135 SF Industrial Building in MaldenOctober 08, 2021
MALDEN — The Marcus & Millichap Boston office recently completed the trade of 303 Commercial Street, a 31,135 sf industrial building in Malden, according to regional manager Thomas Shihadeh of the firm’s Boston office. The asset sold for $1,800,000.
Harrison Klein and Luigi Lessa, investment specialists in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the Florida-based seller. The team also procured the buyer, Combined Properties, Inc., the homegrown Malden-based real estate investment firm.
“This property was a metal finishing facility since the 1940s and has environmental conditions typical of long industrial history. The buyer has extensive experience with brownfield properties, and is well-equipped to re-establish a higher use on this well-located site,” explained Klein.
The stand-alone industrial asset is five miles from Downtown Boston, in the industrial market of Malden, and within walking distance to the MBTA’s Malden Center hub for Orange Line services.
“We’re pleased to fold this asset into our portfolio,” said Chris Maietta, Combined Properties Senior Vice President of Business Development. “The transaction was layered with challenges like remote ownership, environmental complexities, and legacy industrial occupancy that was winding down. Marcus & Millichap worked closely with all parties to guide it across the finish line.”
“The industrial market’s fundamentals continue to attract strong investor attention ... with high values backed by strong rent growth and low interest rates, investors are comfortable expanding their footprint within these tighter markets,” added Lessa. “Major developments are taking place in Malden, including the multi-story mixed-use redevelopment in Malden Center - solidifying the bullish outlook on the city. This site is a great fit for Combined Properties’ already-impressive portfolio.”