Marcus & Millichap and Fieldstone Commercial broker $4 million industrial sale

Leominster, MA Marcus & Millichap completed the sale of 44 Mead St., a 62,259-s/f, eight-tenant industrial property, for $4 million. 

“The sale of this highly visible industrial asset reflects a surge in industrial activity in Worcester County,” said Harrison Klein, managing director investments in Marcus & Millichap’s Boston office. “We’re excited to see the renovation program that the buyer plans to undertake on this unique property, which sits between Durand Cadillac and Leominster Deck Hockey.” 

Klein represented the seller, a private investor. The buyer, The Lexvest Group, was represented by Nate Nickerson of Fieldstone Commercial. 

“This is a great outcome for the Leominster market. The LexVest Group is making a real investment in this building – comprehensive interior and exterior improvements, organizing and demising the space into efficient, well-laid-out warehouse and flex units that local businesses can use. That kind of improvement is exactly what this market needs, and we’re proud to be part of it from acquisition through leasing,” said Nickerson.

The 4.1-acre property includes 100 parking spaces and features 14- to 16-foot clear heights, eight loading docks and two grade-level doors. Located at Exit 100 off Route 2, it is about a half mile from the North Leominster MBTA station with direct service to Boston’s North Station. The site sits adjacent to a Cadillac/GMC dealership and near Dunkin’ and Speedway, providing strong visibility along a primary commercial corridor. 

 The LexVest Group plans to invest significant capital into the building and lease it up, with Fieldstone retained to handle leasing going forward.