Located in a Major Shopping Hub Seeing Over 35,000 Vehicles Per day
Boston, MA— Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the $7,692,000 sale of a 14,440 square foot Walgreens property located at 235 S Main Street, Middleton, MA. Senior Associate Grant Korn and Market Leader Maxx Bauman represented the seller in the transaction.
The Walgreens property is on a major thoroughfare, seeing north of 35,000 vehicles per day. The seller, Newport Property Corporation, a commercial real estate development and management company in Cambridge, achieved their goal of relinquishing the property to continue investing in other properties across the East Coast. The buyer, a private investor based out of New York, acquired the property as an upleg in a 1031 Exchange.
“We were able to capitalize on the property’s long term lease and strong reported store sales,” said Korn. “This helped us execute a seamless transaction with no credits or issues with due diligence.”
Located in an affluent Boston suburb with an average household income of $155,000, the Walgreens property offers strong demographics within a one- and five-mile radius. The property is in a dense retail corridor connecting to a shopping center with tenants such as Home Depot, Costco, Walmart, T.J. Maxx, McDonald’s, and more.
“The 10 year had increased by over 100 basis points during our marketing process and 1031 capital was challenging to capture. Leveraging our proprietary technology, creating a winning story behind the asset, managing expectations, and ultimately executing on our commitments were critical in getting this deal over the finish line,” said Bauman.
For more information, or to contact Grant Korn and Maxx Bauman, please visit www.matthews.com.
Matthews Real Estate Investments Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 500 agents and support staff in 15+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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