Billerica, MA — The Hampshire Companies, a full-service, private real estate investment firm with equity in assets valued at over $2.5 billion, has announced the sale of an 87,927 s/f mixed-use industrial building located at 159 Rangeway Rd. in Billerica, Massachusetts, to the property’s tenant, Lynnway Auto Auction, Inc. The buyer has been a tenant of the building since 2011.
The mixed-use industrial building features approximately 14% office space as well as 14 dock-high loading doors, two drive-in loading doors, 24-foot ceilings and ample parking. The building is located on six acres and is adjacent to another 30 acres that Lynnway Auto Auction, Inc. currently owns. The property is located just off of U.S. Route 3 and the Treble Cove Rd. intersection which also provides easy access to I-495, Route 128 and I-95.
“Any time that we can sell one of our properties to an existing tenant, that deal becomes mutually beneficial for both parties,” said Igor Derbaremdiker, dispositions director for The Hampshire Companies. “Our ability to align tenants with superior locations that help their businesses to prosper drives our success and helps us to succeed in delivering a great value and a desirable result for our investors and the buyer. The communities that we operate in also reap the benefits of having established brands continuing to do business where they are already comfortable and have good relationships.”
Currently there is 35,054 s/f of space at the property under contract for a sublease.
David Corkery of CBRE represented The Hampshire Companies in the transaction. The Stubblebine Company represented Lynnway Auto Auction, Inc.
The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey.