71,000-SF Industrial Building Sells for $3.1 Mil

LOWELL, MA-Trull Brook Realty, a private real estate investment group, has acquired 100 Hale St., a 71,000-sf industrial building located near Routes 3 and 495. The single-story structure, erected in 1980, was purchased from Hale Street Limited Partnership for $3.1 million.

Represented by broker Mark Reardon of Cushman & Wakefield, Hale Street LP realized a substantial profit in the deal, having purchased the building less than two years ago for $1.2 million. The group upgraded the property prior to sale, with new floors, a new roof and the installation of modern mechanical systems.

“This is a significant piece of real estate in a shrinking industrial market,” says NAI Hunneman Commercial Co. vice president Joseph Flynn, who acted on behalf of Trull Brook. Although the Route 495/North industrial submarket currently has a 14.7% vacancy rate, according to Spaulding & Slye, much of the available product is considered obsolete, while developable land sites are being scooped up by office users and technology-related enterprises. The overall suburban industrial vacancy rate is 5.5%, with an average asking rent of $6.67 per sf.