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Marlborough Warehouse Sells For $2.1M

Mar 3, 2009 | Reprints | Print

A 28,000-square-foot office and warehouse property at 85 Hayes Memorial Dr. in Marlborough has been sold for $2.1 million.

Built in 1974 and expanded in 1998, 85 Hayes Memorial Drive consists of 28,000 square feet of warehouse and office space. The building is 100% leased to Diamond Machining Technology.

Senior Vice President Wayne Spiegel and Associates William C. Lynch and Timothy P. O’Brien of Colliers Meredith & Grew represented the seller, EPP Real Estate LLC. Senior Associate Joel Aho of O’Brien Commercial Properties, Inc. represented the buyer, an undisclosed "local investor."

"Despite the scarcity of available financing and the economy being ‘shocked’ in the middle of the transaction, this deal was a win-win. The buyer is a local real estate investor who was financed by a local bank. EPP Real Estate LLC capitalized on this opportunity to pursue an alternate investment strategy," said Spiegel.

Commercial & Industrial