Danvers, MA Tranzon Auction Properties and U.S.-1 Ventures completed the auction of 55 Ferncroft Rd., a 108,000 s/f office building currently 30% occupied. The auction sale held on November 12, concluded with a high bid of $5.3 million by U.S.-1 Ventures.
This bank-owned asset was aggressively marketed by Tranzon Auction starting October 2. The multi-faceted marketing campaign generated very strong response. “Eight parties registered for the auction, depositing $100,000 in certified funds to be a qualified bidder,” said Mike Carey, vice president at Tranzon Auction. “After asking for $5 million to open the auction, our president, Tom Saturley, accepted an opening bid of $3 million and proceeded briskly to $5.1 million at which point bidding slowed. We took a brief break to consult with the seller and with U.S.-1 Venture’s assistance were able to increase bidding to $5.3 million and say sold. This is a good result for both buyer and seller.”
Christine Diarbarkerly, director of development for U.S.-1 Ventures said, “This acquisition enhances our growing portfolio of trademark properties throughout Greater Boston and the increasingly hot 95 suburban market. We are excited about increasing our presence in the North Shore/95 suburban market. I’m looking forward to activating the ground floor with some new retail tenants, specifically by adding a fitness center and dining options. We are already fielding calls from tenants looking to occupy some of the vacant space.”
Kevin Diabarkerly, U.S.-1’s representative at the auction, was thrilled after the bidding ended, “We couldn’t be more pleased with this purchase. We’re financing through Northern Bank and Trust and closing as soon as we can.”
The property, located in the Ferncroft area of Danvers, is a 108,000 s/f office building currently 30% occupied. After seeing post-recession contraction, the suburban office market is generating renewed vitality and interest from large and small landlords and developers.
About U.S.-1 Ventures: U.S.-1 Ventures, a reputable Massachusetts real estate development and investment firm based out of Brookline and Winchester, specializes in the development, redevelopment and improvement of properties throughout Greater Boston. Based on John Diabarkerley’s principles of entrepreneurship, leadership and philanthropy, U.S.-1 Ventures is lead by Christine Diarbakerly, Director of Development. U,S,-1 is actively pursuing investments in all segments of the real estate industry.
About Tranzon Auction Properties: With over 30 offices coast-to-coast, Tranzon is one of the nation’s largest real estate auction companies. Tranzon’s professionals are widely recognized as leaders in the auction industry, and have conducted auctions in 48 states and the District of Columbia, selling Billions in total asset value. Tranzon Auction Properties is a member company of Tranzon, LLC and Tranzon International, LLC. All Tranzon companies are independently owned and operated.