The Hampshire Companies announced today the sale of a 248,500-square-foot industrial building located at 351 Holt Road in North Andover, Massachusetts. The property, which is fully leased but no longer occupied, since Solo Cup Company moved its operations in 2010, was sold to Atlantic Management Corporation.
The single-story industrial building sits on 27.74-acres and is backed by the Merrimack River and borders an active Pan Am rail line. 351 Holt Road boasts 26’ ceiling heights with 40’x40’ column spacing and approximately 9,000 square feet of office space. The building was renovated in 2002 and has superior improvements, including heavy power and infrastructure and a newer roof. There are eight tailboard doors, three drive-in doors and two rail car doors with rail service at the building, 150 automobile parking spaces and 30 spaces for trailer storage.
“This was an excellent opportunity for Hampshire to take advantage of the tightening industrial market, monetize the asset and create significant value for our investors,” said Igor Derbaremdiker, Director of Dispositions at The Hampshire Companies. “With the current market conditions there are very limited large block industrial assets and this property represented a unique value-add or user-occupancy opportunity, as it is fully-leased but no longer occupied. There are also expansion and redevelopment opportunities, which made this asset very desirable.”
The facility offers excellent shipping and receiving options with rail access and is located just minutes from I-495, I-95, I-93 and 30-miles north of Boston and near the New Hampshire border providing outstanding access to a large and skilled labor force.
Mark Reardon, Bruce Lusa and David Corkery of CBRE represented The Hampshire Companies in the transaction.
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About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate investment firm based in Morristown, N.J. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at HampshireRE.com.
Contact
Nick Laplaca
R&J Strategic Communications
908-722-5757
nlaplaca@randjsc.com