Known as the Arts & Industry Building, the four-story, 221 Pine St. property, located less than three miles from Northampton Center, was acquired from Molding Business Services. The new owner beat out several other bidders to take ownership, Dan McGee, with NAI Hunneman Commercial, tells GlobeSt.com.
"This was a unique niche property," says McGee, noting that the building, constructed on the banks of the Mill River for Scottish immigrant Alfred P. Critchlow's Florence Manufacturing Co., is a much sought after location by artists and businessmen looking for smaller space.
McGee says the property offered the buyer an immediate cash flow and has the potential to generate about $680,000 annually in gross revenues with rent increases.
The property was marketed by McGee and Carl Christie, also with NAI Hunneman Commercial. The pair also procured the buyer.
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