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The Klein Group of Marcus & Millichap Arranges Sale of 31,135 Square Foot Industrial Building in Malden

October 07, 2021

Marcus & Millichap, Inc. (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, today announced the sale of 303 Commercial Street, a 31,135 square foot industrial building in Malden, MA, said Thomas Shihadeh, regional manager of the firm’s Boston office. The asset sold for $1,800,000. 

Harrison Klein and Luigi Lessa, investment specialists in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the Florida-based seller. The team also procured the buyer, Combined Properties, Inc. 

Klein comments, “This property was a metal finishing facility since the 1940s and has environmental conditions typical of long industrial history. The buyer has extensive experience with brownfield properties and is well-equipped to re-establish a higher use on this well-located site.” 

The stand-alone industrial asset is five miles from Downtown Boston, in the core industrial market of Malden. The MBTA’s Malden Center hub for Orange Line, Commuter Rail and bus service is within walking distance. 

Lessa added, “The industrial market’s fundamentals continue to attract strong investor attention. With high values backed by strong rent growth and low interest rates, investors are comfortable expanding their footprint within these tighter markets. Major developments are taking place in Malden, including the multi-story mixed use redevelopment in Malden Center, solidifying the bullish outlook on the city. This site is a great fit for Combined Properties’ already-impressive portfolio.”

“We’re pleased to fold this asset into our portfolio,” said Chris Maietta, Combined Properties Senior Vice President of Business Development. “The transaction was layered with challenges like remote ownership, environmental complexities, and legacy industrial occupancy that was winding down. Marcus & Millichap worked closely with all parties to guide it across the finish line.”

Combined Properties is a full-service real estate investment and development firm specializing in quality office, R&D, industrial, retail, medical, and multifamily residential properties in the metro Boston region. Established in 1935, the company has purchased, developed, and managed more than three million square feet of space. The firm’s professional team provides complete real estate solutions with full-spectrum expertise in planning, permitting, development, architecture, financing, construction, leasing, and property management. More about the firm’s passion for Creating better places to live, work and playTM is available at www.combinedproperties.com.

 

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About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.

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