Sudbury marijuana executives attempting to flip Medway property for 43% increase
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4 Marc Road in Medway
Two executives from Sudbury marijuana cultivator NEO Alternatives are attempting to sell their Medway property for $2.85 million after they bought it for $2 million in February
Adam Patti, CEO of NEO, and Chad Blair, chief operating officer of NEO, bought the property at 4 Marc Road in Medway in February for $2 million, through a limited liability corporation, 4 Marc Road, LLC.
Since that purchase, NEO Alternatives has agreed to a long-term lease the space, according to Greater Boston Commercial Properties, which sold the property to Patti and Blair.
With the single-tenant lease on the property now secure -- and NEO's annual net operating income of $284,501 with a 10% capitalization rate -- Patti and Blair have re-listed the property for sale after making site improvements.
The duo are asking for $2.85 million for the property.
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