Natick Property Sold For $2.4M
A mostly occupied 51,000-square-foot office park in Natick has been sold for $2.4 million and the new owners have major plans to renovate the facility and turn it into high-class office space, according to the commercial real estate broker involved in the deal.
The Daly Co., a Boston-based property management firm, purchased 19 Willow St. from Nickinello Realty Trust this week, according to Greater Boston Commercial Properties of Marlborough, who acted as the sole broker for the buyer and seller of the property.
The site has about a dozen tenants, with about 13,650 square feet of space available for lease.
As part of the transaction, Daly has agreed to make significant improvements to the property, including new façade, landscape upgrades and interior work to beautify the three-building complex.
Possibilities Ahead
Bret O'Brien, the broker with Greater Boston Commercial Properties who worked on the deal, was surprised to see the amount of interest the property elicited. He said Nickinello, the seller, had multiple offers from willing buyers before choosing Daly.
The market was likely fueled, O'Brien said, by the fact that the property yields about $300,000 in net income annually due to long-term leases in place at the 2.78-acre site.
The complex houses Broadway Bound Dance, a daycare facility and a Jiu Jitsu facility.
"We really did well in terms of the interest of the property, likely because of the income that it generates," he said. "The challenge is that a lot of things need to be done to the property, so it will be a bit of a process."
Massachusetts land records show the building had about $23,000 in back taxes.
According to O'Brien, Daly has plans to significantly renovate the property with new façades and overhangs, sidewalk installations and interior redesign.
The goal is to market the sites to potential clients in the medical services industry.
The building is near a high-density area of residential units in Natick, so O'Brien said it would be an ideal site for a doctor's office.
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