Northeast Private Client Group brokers mixed use and retail 1031 Exchange: Massachusetts HomeOwnership Homebuyers

 NEWTON, MA – Northeast Private Client Group announced the 1031 Exchange of Market Street Mixed-Use and Nettles Shoppes in Lowell, MA. Investment Associate Jim Casey represented the seller and procured the buyer for the mixed-use transaction. He also procured the buyer for the retail transaction.

 Market Street Mixed-Use, located in Lowell, Massachusetts, sold for three million dollars, equating to a price of one hundred sixty eight dollars and forty two cents square foot and a cap rate of six point eight percent. The historic sixteen unit mixed use property sits in the heart of Downtown Lowell and consists of five (five) fully leased retail suites and eleven apartments. The apartments have one and two bedroom floor plans with off-street parking and coin op laundry.

 Market Street Mixed-Use is a value add property where the new owner can renovate unit interiors and bring rents to market rates.
Nettles Shoppes, located in Salem, New Hampshire, sold for four million seven hundred and fifty thousand dollars, equating to a price of one hundred seven two dollars and eighteen cents square foot. This plaza is located on a busy retail and commuter corridor with eighteen thousand nine hundred and fifty VPD per NHDOT. The property features easy access to I-93 & Route 213 and the New Hampshire/Massachusetts border. Nettles Shoppes is also one hundred percent occupied with strong national credit tenants including: FedEx, H&R Block, Cartridge World, Allstate Insurance, and more.

 “Using our trusted process, we were able to work with our client to sell a management-intensive asset and move his proceeds into a higher cash flowing asset with fewer management responsibilities in a more landlord-friendly location. We were grateful for the opportunity to walk him through both transactions from start to finish,” said Casey.

The post Northeast Private Client Group brokers mixed-use and retail 1031 Exchange appeared first on Boston Real Estate Times.

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