Press Releases
Marcus & Millichap Arranges $10.125 Million Sale-Leaseback of Flex/Industrial Asset in Salem
February 12, 2025
SALEM, Mass., Feb. 12, 2025 – 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 an 84,814-square-foot flex/industrial property at 1 Technology Way in Salem, Massachusetts, for $10,125,000. The transaction was a sale-leaseback.
“This transaction allowed the seller to secure long-term occupancy of the building for the operating company with shared ownership while delivering real estate ownership to one of New England’s most respected industrial landlords,” said Harrison Klein, first vice president. “The buyer will immediately look to lease the remaining 22,000 square feet, which was vacant at the time of sale.”
Klein, Luigi Lessa and Mattias Edenkrans, investment specialists in Marcus & Millichap’s Boston office, represented the seller and procured the buyer, Calare Properties.
“This leaseback allows the new owners to capitalize on long term, stable rent growth, while allowing the tenant to focus on their operating business,” added Mattias Edenkrans, associate.
The flex/industrial building sits on approximately four acres in the affluent community of Salem, MA. A majority of the property is occupied by a sophisticated manufacturing user who will continue operating out of the building on a long-term lease agreement.
“This transaction allowed the seller to secure long-term occupancy of the building for the operating company with shared ownership while delivering real estate ownership to one of New England’s most respected industrial landlords,” said Harrison Klein, first vice president. “The buyer will immediately look to lease the remaining 22,000 square feet, which was vacant at the time of sale.”
Klein, Luigi Lessa and Mattias Edenkrans, investment specialists in Marcus & Millichap’s Boston office, represented the seller and procured the buyer, Calare Properties.
“This leaseback allows the new owners to capitalize on long term, stable rent growth, while allowing the tenant to focus on their operating business,” added Mattias Edenkrans, associate.
The flex/industrial building sits on approximately four acres in the affluent community of Salem, MA. A majority of the property is occupied by a sophisticated manufacturing user who will continue operating out of the building on a long-term lease agreement.
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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, 2024, the company had 1,712 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
