(Read more on the industrial market.)
PEABODY, MA-Continuing to assemble a portfolio of industrialbuildings for divestment to institutional buyers, ParadigmProperties has secured another building at One First Ave., companyofficials tell GlobeSt.com. The 134,000-sf warehouse in thissuburban community north of Boston is fully leased to threeoccupants, Paradigm principal Steve Allison explains.
"It's a stable property that performs well in the market," saysAllison, whose firm paid $7.8 million, or about $58 per sf. Thelead tenant occupies 85,000 sf and has seven years of term left.The other occupants are in place for a shorter stretch, allowingfor both guaranteed cash flow and the opportunity to increase netoperating income, says Allison, whose Boston-based firm has nowcompleted three industrial deals this year.
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