Gatti of Greater Boston Commercial Properties, Inc. brokers $16.3 million sale

Billerica, MA Greater Boston Commercial Properties, Inc, has completed the $16.3 million sale of 19 Alexander Rd. The firm’s veteran broker, Benjamin Gatti, represented the seller, Charlesbank Estates, Inc, which he has had a long-standing professional relationship with handling multiple leases and sales. The asset, a 75,967 s/f high bay industrial building, is fully leased to three different warehouse and distribution tenants and features a cell tower which generates additional revenue. The property’s various attributes, such as 21’ + clear height, multiple tailboard loading docks, and proximity to Rte.3A are all major benefits to the tenants and made this a very desirable opportunity for investors. 

After a competitive bidding process run by Gatti, the asset was acquired by SI 19 Alexander Road, LLC aka The Seyon Group. The buyer will benefit from enormous upside with below market leases rolling in the next couple years and the ability to add more providers to the cell tower. Gatti notes that in his 14 years in the industry, warehouse rents in the Rte. 3 submarket have trended upwards. 

“The demand for this type of high bay premium industrial space in and around Billerica remains strong and healthy. There is tremendous value add opportunity here with some capital improvements to achieve market rents and the Seyon Group is well positioned to achieve this.” Gatti said.