Marcus & Millichap handles $4.45m sale of industrial warehouse

Billerica, MA Marcus & Millichap completed the sale of 400 Iron Horse Park, an industrial property. The asset sold for $4.45 million.

“This was a competitive marketing process with multiple offers. The eventual buyer was able to close quickly with minimal contingencies,” said Harrison Klein, managing director investments in Marcus & Millichap’s Boston office. “This sale reinforces the need by users for affordable industrial space throughout New England.”

Klein, Luigi Lessa and Mattias Edenkrans of Marcus & Millichap exclusively marketed the property on behalf of the seller. Klein and Lessa, in association with David Skinner and Prescott IOS, procured the buyer.

The 219,164 s/f property was built in 1913 and includes two manufacturing buildings. The buildings have 185,000 s/f of ground-floor and 34,164 s/f of mezzanine space. It is occupied by a single manufacturer and features three loading docks and eight drive-in doors. The property sits on a 41.7-acre parcel, with 13 usable acres.

Iron Horse Park is witnessing a resurgence as the MBTA leverages holdings in the area and recently built a command center for all northern commuter rail trains. 400 Iron Horse Park is approximately 30 miles from Boston, close to Rte. 3 and I-495 and 93.