Joel Aho of O'Brien Commercial Properties recently represented Shaimas LLC in the purchase of 275 Billerica Rd. for $2.2 million.
The 50,047 s/f building is a multi tenant property located less than one mile from Rte. 3 near the junction of 495.
The new owner has plans for some minor cosmetic upgrades to the property, which currently has 13,600 s/f of vacant space consisting of 6,400 s/f of office and 7,200 s/f of fully air conditioned warehouse/manufacturing space.
"The competitive purchase price of $44 per s/f allows the owner to aggressively price the vacant space, and will hopefully result in finding a tenant in the near term to bring the property to full occupancy along with the existing tenants Grace Church and Quick Prints," said Aho.
"The current market is demanding that landlords offer prospective tenants some rent concessions, and the buyer felt the purchase price would allow him to meet the market's demands for the vacant space while still providing a high level of service to the existing tenants."
Tim Brodigan of Klemmer Associates represented the seller, Whitewater Realty Trust and was instrumental in helping facilitate some of the complex aspects of the sale.