Press Releases
Marcus & Millichap Sells 30-Acre Randolph Development Site for $7.5 Million
March 07, 2024
RANDOLPH, Mass. Mar. 7, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 30-acre development site in Randolph, Massachusetts, for $7.5 million.
"This transaction closing despite tumultuous development conditions is a testament to the location and cooperation between buyer, seller and municipality,” said Harrison Klein, first vice president. “We had tremendous interest from developers excited about this Route 128 location. The owner was able to retain a portion of the site to operate his contracting business, a major bonus for this already strong transaction,” James Manning, associate, adds.
Klein and Manning, investment specialists in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, a private investor, and procured the buyer, Bluewater Property Group.
Located at 11 Randolph Road, the development site is situated between the East Randolph Industrial Park and Messina Industrial Park, offering an opportunity for an industrial development spanning 120,000 square feet, which the developer plans to construct on a speculative basis. The asset is a 20-minute drive to Downtown Boston and three miles to Interstate-95 and Route 24. JLL’s Boston Industrial Team will be the leasing agents for this project, with an expected delivery date in 1Q2025.
"This transaction closing despite tumultuous development conditions is a testament to the location and cooperation between buyer, seller and municipality,” said Harrison Klein, first vice president. “We had tremendous interest from developers excited about this Route 128 location. The owner was able to retain a portion of the site to operate his contracting business, a major bonus for this already strong transaction,” James Manning, associate, adds.
Klein and Manning, investment specialists in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, a private investor, and procured the buyer, Bluewater Property Group.
Located at 11 Randolph Road, the development site is situated between the East Randolph Industrial Park and Messina Industrial Park, offering an opportunity for an industrial development spanning 120,000 square feet, which the developer plans to construct on a speculative basis. The asset is a 20-minute drive to Downtown Boston and three miles to Interstate-95 and Route 24. JLL’s Boston Industrial Team will be the leasing agents for this project, with an expected delivery date in 1Q2025.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
