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CHELMSFORD, MA-An affiliate of Sterling Corp. and STI has completed the purchase of a 119,000-sf office/warehouse that will be utilized for its own purposes. FinMar Realty LLC paid $6.6 million to the New Boston Fund for 20 Industrial Ave.

“It’s a nice building that fits all their needs,” broker Keith Coulter explains to GlobeSt.com of his client’s attraction to 20 Industrial Ave. A moving company focused on the Greater Lowell area, Sterling officials considered the property’s quick access to Interstate 495 and Route 3 as key, relays the broker. Coulter is a senior vice president at tenant representation company McPherson Corp./ATR Boston, whose local office is in Waltham.

The off-market transaction follows a search of the surrounding area when Sterling’s growth demanded additional space, a requirement coupled with a desire by company officials to have an ownership stake in their facilities. A tenant representation specialist for more than 25 years, Coulter says most clients tend to prefer leasing, but Sterling had enough of a long-range plan to make the commitment to one location. “It has to be the right situation, and for them, this was,” says Coulter, who adds he approached NBF with the suggestion the building might be suitable for Sterling. NBF paid $2.1 million for 20 Industrial Ave. in January 2006 as part of a package along with 10 Industrial Ave.

According to Coulter, whose firm is a member of the Alliance of Tenant Representatives, the physical elements of 20 Industrial Ave. helped seal the acquisition. Besides clear heights of 25 feet and column spacing of 30-by-50-feet, there are ample loading docks needed by Sterling. Built in 1983 on a 7.35-acre parcel, the property also has heavy power and is air-conditioned, while a mezzanine office section of 16,000 sf also will allow the firm to operate its headquarters from 20 Industrial Ave., adds Coulter. Sterling is getting ready to relocate from its current headquarters in Lowell.

NBF still owns 10 Industrial Ave. and reportedly has a long-term lease in place that provides a measure of stability. Company officials were unavailable to comment on the sale of 20 Industrial Ave.

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