Joel Aho, vice president of investment sales and Eric O'Brien, president of O'Brien Commercial Properties represented South Street Professional Building LLC in the sale of 24 South St. The property is home of long term tenant HMEA, a human service provider for Massachusetts DMR.
The 15,000 s/f turn of the century brick building sold for $1.588 million or $105 per s/f.
The buyer was procured by Aho and purchased the building because of the stability of the tenant and for better than 10% capitalization rate. The building was put under agreement within ten days of hitting the market and three competitive bids were made.