Framingham, MA Bret O’Brien, president of Greater Boston Commercial Properties (GBCP) represented Alprilla Holdings, LLC in the sale of 67 & 93 Beaver St., for a total price of $2.075 million between two separate sale transactions.
Alprilla Holdings had originally purchased both industrial properties in one transaction in 2011 for $1.65 million. The property consists four buildings totaling 16,849 s/f on a total of 4.3 acres. The seller operated the property for rental income for almost five years with 100 tenants most of which paid for individual parking spaces.
The two recent sales consisted of one larger transaction and one smaller transaction. The larger sale of 93 Beaver St. at $1.525 million on March 4, included 3.18 acres of land and three buildings totaling 14,369 s/f. The buyer Brothers Four Beaver, LLC purchased the property to park cars for the car dealerships associated with Herb Connolly. All of the tenants on this portion of the property were evicted prior to sale in order to make room for the buyer’s vehicle storage, with the exception of Onyx Granite and one other tenant. These two remaining tenants occupy the two larger buildings on the site and will continue to stay on as tenants for the new owner whose needs are simply for outdoor parking.
The smaller sale of 63 Beaver St. at $550,000 occurred in January, and included 1.12 acres of land and one building. The buyer Phillip R. Cunningham purchased the property to operate it as an automotive body shop, which is consistent with its current use. His business currently occupies the building and he has retained many of the outdoor parking tenants on this portion of the site as well.
GBCP was the sole broker of record in both of the recent transactions.