As seen in American Towns
Newton, Mass. (September 14, 2018) Investment sales broker Northeast Private Client Group has announced the sale of three Massachusetts buildings. Drew Kirkland, senior associate, Francis Saenz, investment associate, and Tim McGeary, investment associate, in the firm’s Newton, Mass. office, represented the sellers and procured the buyers in all three transactions totaling $5,830,000.
“We have a proven track record of matching our mid-market clients with qualified buyers for commercial and multifamily properties,” said Kirkland. “In all of three of these instances we worked exclusively for the owners of the properties to manage a highly competitive process and identify the successful buyer for each asset.”
On September 13th, Northeast Private Client Group closed the sale of 415 Boston Turnpike, Shrewsbury Mass. This 36,494 square foot office building traded for $3,880,000 to Israel Real Estate Co. This equates to a price of $106.31 per square foot and a capitalization rate of 9.2 percent based on the current net income. The seller, Boston Development Group, is based on Newton, Mass.
On September 6th, Northeast Private Client Group closed the sale of 112-114 St. Andrew Road, East Boston Mass, a three-unit multifamily property. The seller, a private Massachusetts-based investor, sold the property to NOAH CDC, a Massachusetts-based nonprofit organization for $975,000. This equates to a price of $319.67 per square foot with a capitalization rate of 4.1 percent on the current new operating income.
On August 21st, Northeast Private Client Group also closed the sale of 338-340 Main Street, Southbridge Mass, a 9,796 square foot mixed use property. The seller, Capto Real Estate Investment Corporation, sold the property to a private New York-based investor for $975,000. This equates to a price of $99.53 per square foot with a capitalization rate of 11.2 percent on the current net operating income.
“Our team has a deep understanding of investment real estate with local expertise in regional submarkets from Boston to New York,” explained Edward Jordan, JD, CCIM, managing director of Northeast Private Client Group. “Our specialized knowledge and relationship-based approach provide unmatched results for our clients.”
About Northeast Private Client Group
Northeast Private Client Group is the fastest growing mid-market investment sales firm in the Northeast, providing unmatched results by combining specialized market intelligence with a relationship-based marketing strategy that caters to each client’s needs. The firm’s collaborative and research-driven solutions are tailored to meet the individual needs of investors across the Northeast who are looking to buy, sell or exchange mid-market properties including mixed-use, multifamily, retail and office assets. Northeast Private Client Group’s highly disciplined process is just one of the many reasons the firm has earned CoStar’s Power Broker designation year after year, and been ranked on the Inc5000 list of America’s fastest-growing private companies. To learn more, visit: www.northeastpcg.com.