Sterling warehouse sold for $4.3M in sale-leaseback deal
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This Sterling industrial building at 86 Leominster Road was sold by ALTO Aviation as part of a sale-leaseback agreement.
A 36,977-square-foot industrial building in Sterling has been sold for $4.25 million, part of a sale-leaseback deal which will see its former owner remain at the site.
Tenor Properties, a Sterling-based entity managed by executives at aviation electronics firm ALTO Aviation, sold the property at 86 Leominster Road on Aug. 18, according to Worcester District Registry of Deeds. The property was sold to 417 Bolton Road LLC, a Lancaster-based entity managed by Timothy Nickerson, owner of N&T Mechanical Contractors in Clinton.
The deal is part of a sale-leaseback agreement, which will see ALTO Aviation continue to occupy part of the site, while the buyer will occupy the remainder, according to a Wednesday press release from the Boston office of California-based Marcus & Millichap. Harrison Klein of Marcus & Millichap marketed the property on behalf of ALTO Aviation.
The warehouse sits on a 6.6-acre site and features 20,000 square feet of air-conditioned warehouse space and 16,000 square feet of office space. The building features a drive-in door, four loading docks, and 150 parking spaces.
With the property selling at its asking price within three weeks of hitting the market, Klein said the sale shows the strength of the warehouse market in Central Massachusetts.
“This sale, which included a partial leaseback, allowed our seller to capitalize on this high-quality building while entering a long-term lease for a portion of the warehouse,” Klein said in the press release.
The buyer was represented by Alan Ringuette of The Stubblebine Co. in Lexington, while Evan Koogler of Kelleher & Sadowsky Associates in Worcester handled leasing responsibilities for the seller.
Founded in 1997, ALTO Aviation manufactures audio systems used in aircraft. The company was acquired in 2023 by Heads Up Technologies, a fellow aviation-focused firm based in Texas, according to a 2023 press release from HUT.
The property received a 2025 tax assessment value of $1.98 million, according to Town of Sterling property records.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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