43 River Street - Danvers, MA

Danvers, MA Herrick Lutts Realty Partners has completed the sale of 39 and 43 River St. for $1.89 million for Garden City Realty, LLC. The buildings are each comprised of six residential units. Each building contains 5 two-bedroom units and 1 one-bedroom unit. They feature off-street parking and are located in the Danversport neighborhood next to the Porter River and commuter Rtes. 128 and 62.

Paul Herrick, marketing agent and principal of Garden City Realty said the River St. properties presented a unique and appealing opportunity to the buyers River Morgan Properties, LLC and 29-31 Woodbury Street, LLC. Both companies are managed by Andreas Bauermeister. The purchases were done through 1031 Exchange transactions. Financing was provided by David E. Boudreau and Katrina P. Cutts of the Institution For Savings.

39 River Street - Danvers, MA

Also, Herrick Lutts Realty Partners recently sold the former headquarters of Windover Construction Co. for $1.25 million. According to Herrick, Windover outgrew their original offices and relocated to a larger single level facility. Located at 13 Elm St. in Manchester, Mass., this office building has been fully leased to individual tenants. The buyer, MBTS 13 Elm Street LLC, purchased the building as a long-term investment. While under the ownership of Windover Construction, the property saw extensive redesign and was rebuilt to feature 10,000 s/f of classic individual office spaces. The architect for the project was Art Dioli of Olson Lewis + Architects.

Financing was provided by Stephen VanDerwerken of the Institution For Savings.

Herrick Lutts Realty Partners/ KW Realty is a leading North Shore real estate marketing firm.