The property purchased by Summers Group consists of four parcels including a 118,000 sf warehouse building, a 10,000 sf building on 16 acres, a 2,400 sf conference center and approximately 91 acres of additional land. Chris Devaux, vice president of Parsons Commercial Group, represented the Summers Group in the transaction while Chris Tosti of CB Richard Ellis represented Tyrolit.
"The properties offer us the opportunity to deliver quality space at an excellent value," says John Summers of the Summers Group, whose group also owns buildings in Hopkinton and Maynard.
Tosti tells GlobeSt.com that this space was very old, was not modernized and has some environmental issues, all of which would drive down the price.
Tosti notes that Tyrolit, a large, Austrian-based family-owned company, is shutting down its plant, which was an abrasive manufacturing facility. Tosti says that Summers plans to upgrade the facility and lease it out.
The remaining Tyrolit property consists of a 372,000 sf manufacturing plant and a 45,000 sf research and development building. The company is currently exploring its options for redevelopment of the manufacturing plant into office and retail space. Parsons Commercial Group will be handling the marketing of these properties.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.