Pinnacle Construction Pays $3M for Tewksbury Industrial Building

TEWKSBURY, MA-A locally based general contractor has paid more than $2.5 million for a 56,000-sf industrial building here. The firm plans to turn the property into one of the first industrial condos in the area.

Pinnacle Construction Co. won out over two other prospective buyers to take ownership of the 514 Main St. building. The offer was about $1.1 million below the $3.6 million originally asked by seller New England Ventilation. "It was very good space," James Stubblebine with the Stubblebine Co. of Lexington, tells GlobeSt.com. The property appealed to Pinnacle because of the high ceilings and yard space which are capable of handling the heavy construction equipment the buyer uses in his business, he notes.

Set on 3.5 acres of industrial land off Interstate 95 at the Route 38 interchange, the property features about 10,000 sf of office space in a separate building along with about 20,000 sf of manufacturing space in the main facility. Originally built in two phases, the property is comprised of a building constructed in the 1950s with 11-foot clearances along with a 25,200 sf addition that features clearances of between 22 sf and 31 sf with one exterior dock and seven drive in bays along with onsite parking. The property was occupied by New England Fabrication until the firm recently went out of business.

Stubblebine said the new owner plans to subdivide the building into four industrial condominiums, making it one of the first ones in the Tewksbury market. Pinnacle plans to sell off three of the units and use a portion of the space for its construction business, he says. James and Robert Stubblebine, both with the Stubblebine Co., represented the seller and procured the buyer.