MALDEN, MA- Boston Wood Floor Supply Inc. has acquired a 20,000-sf warehouse at 120 Canal St. here. Placed on the market 60 days ago, the site sold for $1.6 million, approximately $85 per sf, which sets a new level of pricing for warehouse space in this suburb north of Boston.
"Two or three years ago, if you said empty warehouse buildings would sell for $85 per sf, people would say you are crazy," Phillip Burgess, with locally based Burgess Properties, tells GlobeSt.com. "But the sales market couldn't be hotter." Burgess, along with Paul R. Delaney, also with Burgess Properties represented both the buyer and the seller, CL Associates.
While owners throughout the Boston area continue to have trouble filling vacant warehouse space, the market for warehouse properties is simmering, Burgess says. "The demand is solely for purchase," he notes. At least three prospective buyers were interested in the property, Burgess says. Boston Wood, which was leasing about 10,000 sf at another Malden location, will double the size of its operation when it moves into the building this fall to replace former tenant, Morgan Awning, which relocated to Wilmington, MA.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.