Kovago and Jim Glickman, principals of Worcester, MA-basedGlickman Real Estate, brokered the transaction. Glickman Managementalso handled the maintenance of the building during the sale.
The deal includes nearly 25 acres of additional propertyadjacent to the main parcel. The new owners plan to develop thesite. Possible future plans for the property could includedevelopment as an office building by subdivision or a resale.
According to Lincoln Property Co.'s most recent statistics thesuburban industrial market's overall availability rate is at 14.5%,falling just .2% since the first quarter. The market experiencedits first quarter of positive absorption, which amounted to 88,284sf, in a long time indicating that that the market might bestarting to recover.
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