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WESTBOROUGH, MA-The Summers Group has acquired 130 acres off Brigham Street from Tyrolit North America. The group has an option to purchase Tyrolit’s remaining property in that area as the company completes the closure of its manufacturing operation. Financial details of the deal were not disclosed, but the average asking price for industrial space in the area, depending upon its condition, ranges from $30 to $60 per sf.

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.

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