Marcus & Millichap arranges $5m sale of industrial warehouse at 93 Mystic Ave., Medford, MA

Medford, MA Marcus & Millichap completed the sale of 93 Mystic Ave., an industrial property. The asset sold for $5 million.

“This rare, core-located food processing facility drove interest from local, regional and national investment groups,” said Mattias Edenkrans, associate director investments in Marcus & Millichap’s Boston office. “With the sellers targeting a sale process free of development permitting, we identified a group that was able to provide immediate non-refundable deposits and close cash within 45 days of offer acceptance.”

Edenkrans and Luigi Lessa of Marcus & Millichap exclusively marketed the property on behalf of the seller, 93 Mystic LLC, and procured the buyer, a private family.

The 19,278 s/f property sits on a 1.12 acre lot. Built in 1950 and 1955, it comprises two buildings, the main 14,278 s/f building and a 5,000 s/f auxiliary building. The property was delivered vacant and is currently designed for food processing with minimal office space. It has three loading docks, two drive-in doors WITH a front and rear parking lots. The asset offers future redevelopment potential because of its location in a flexible MX-2 zoning code.

93 Mystic Ave. provides direct access to I-93, State Rte. 16 and public transportation. The city is located five miles northwest of downtown Boston.