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CANTON, MA-With the price of its Dorchester property escalating, an electrical construction company has decided to turn its long-time home into residential condominiums now that it has purchased a 65,000-sf, multiple-tenant industrial and warehouse building here. City Lights Electrical Co. paid $2.1 million for the 290 Pine St. property.

The company has made plans for property improvements before moving the firm into its expanded operation in August, Jim Grady, vice president at NAI Hunneman Commercial, tells GlobeSt.com. “It gave them opportunity for expansion at an affordable price and will allow them to redevelop their existing facility in Dorchester into residential condominiums,” says Grady, who negotiated the transaction for the buyer. Seller Yanswe Realty Trust was assisted in the transaction by Mark Kearnis of Atlantic Commercial Real Estate.

Grady says the company has not yet worked out all the details involved in converting its current 15,000-sf 5 Woodward St. building in the Port Norfolk area of Dorchester into condos but plans to begin that process once the move is completed. The high demand for condominiums in Boston factored into the firm’s decision to move to the suburbs, he says. “They’re sitting on a pretty valuable piece of property and were looking to expand close to the city but limited opportunities abound within the city limits,” The Canton property, which was on the market for about eight months, offered the firm the expansion potential and a location near Boston that the company was seeking, Grady adds.

Built in 1982, 290 Pine St. is set on 6.2 acres within the Route 128 South Industrial Cluster less than 20 miles from Boston. City Lights plans take approximately 25,000 sf and partition the remaining square footage for additional tenants.

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