Image courtesy Google Maps
A downtown Lawrence office property located in a federal Opportunity Zone has been acquired by a local developer for $1.4 million.
The 29,000-square-foot, three-story office building at 170 Common St. was 80 percent occupied by 12 tenants, including Cafe Azteca, at the time of sale. The property is part of the city’s Downtown and North Canal District Opportunity Zone.
Cambridge-based Associated Brokerage Group’s Francisco Bae and Danny Cruz represented seller 170 Common Street LLC of Everett and procured the buyer, Common Realty LLC. State records identify the manager of the corporation of Gamal Salala of Lawrence.
Reading Cooperative Bank provided $1 million in mortgage financing.
The property which previously sold for $940,000 in 2015 is located near Lawrence City Hall and borders Campagnone Common. Built in 1900, the building is located on a 0.23-acre lot, according to assessors’ records.
The federal Opportunity Zone program was designed to spur investment in low-income neighborhoods by providing tax incentives to real estate investors, including exclusion of taxable income on gains at properties they hold for at least 10 years.
