Framingham industrial property sells for $2M
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A Framingham industrial property made up of four buildings totaling 16,849 square feet on 4.3 acres of land has sold for just over $2 million in two separate transactions.
Alprilla Holdings originally purchased both industrial properties in one transaction in 2011 for $1,650,000, according to Greater Boston Commercial Properties which handled the sales. The seller operated the property for rental income with approximately one hundred tenants, most of whom paid for individual parking spaces.
The larger sale of 93 Beaver St. at $1,525,000 on March 4 included 3.18 acres of land and three buildings totaling 14,369 square feet. The buyer Brothers Four Beaver, LLC purchased the property to park cars for the car dealerships associated with Herb Connolly. All of the tenants on this portion of the property were evicted prior to sale in order to make room for the buyer’s vehicle storage, with the exception of Onyx Granite and one other tenant. These two remaining tenants occupy the two larger buildings on the site and will continue to stay on as tenants.
The smaller sale of 63 Beaver St. at $550,000 occurred in January, and included 1.12 acres of land and one building. The buyer, Phillip R. Cunningham, purchased the property to operate it as an automotive body shop, which is consistent with its current use. His business currently occupies the building and he has retained many of the outdoor parking tenants on this portion of the site as well.
Greater Boston Commercial Properties was the sole broker of both sales.
WBJ Web Partners
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