Greater Boston Commercial Properties, Inc. was the sole broker of record in the sale of 71 South St. Bret O'Brien, president and founder represented the seller, while senior associate Benjamin Gatti procured the buyer.
The sale represents unprecedented value on the street at $131 per s/f for the 9,750 s/f building that consisted of two thirds two story office and balance high bay drive through industrial bays. "The value here is truly in the 3.82 acres of industrial land located less than a mile from Exit 21B off I-495, and which can be utilized in manner that is very difficult to find so close to I-495 or the Mass Pike", said Gatti.
The principals of Galaxy Granite purchased the property from the former owner who had used the site for almost twenty years to accommodate his company Equipment & Systems for Industry. Equipment & Systems for Industry was able to utilize the nearly 3 acres of fenced in contractor's yard to store its heavy equipment. Galaxy Granite plans to convert the building to an office, showroom and fabrication hub, while storing slabs of granite outdoors.
The transaction was financed by Bank of America who provided a 90% loan to value ratio by offering a Section 504 SBA loan to the buyer, which was put in place by BOFA quickly and seamlessly for a closing that occurred on February 7, 2014.