–Leading investment sales firm represents the seller and procures the buyer for the mixed-use property in Lowell, Massachusetts, and procured the buyer for the retail property in Salem, New Hampshire–
Newton, MA (April 25, 2022) – Northeast Private Client Group® (NEPCG) has announced the 1031 Exchange of Market Street Mixed-Use and Nettles Shoppes.
Investment Associate Jim Casey represented the seller and procured the buyer for the mixed-use transaction. Jim also procured the buyer for the retail transaction.
Market Street Mixed-Use, located in Lowell, Massachusetts, sold for $3,000,000, equating to a price of $168.42/SF and a cap rate of 6.08%. The historic 16-unit mixed-use property sits in the heart of Downtown Lowell and consists of five (5) fully-leased retail suites and 11 apartments. The apartments have one and two-bedroom floor plans with off-street parking and coin-op laundry. Market Street Mixed-Use is a value-add property where the new owner can renovate unit interiors and bring rents to market rates.
Nettles Shoppes, located in Salem, New Hampshire, sold for $4,750,000, equating to a price of $ 172.18/SF. This plaza is located on a busy retail & commuter corridor with 18,950 VPD per NHDOT. The property features easy access to I-93 & Route 213 and the New Hampshire/Massachusetts border. Nettles Shoppes is also 100% occupied with strong national credit tenants including: FedEx, H&R Block, Cartridge World, Allstate Insurance, and more.
“Using our trusted process, we were able to work with our client to sell a management-intensive asset and move his proceeds into a higher cash-flowing asset with fewer management responsibilities in a more landlord-friendly location. We were grateful for the opportunity to walk him through both transactions from start to finish.”
– Jim Casey, Investment Associate.
Northeast Private Client Group® specializes in mixed-use, retail, and multifamily real estate, exclusively representing investors, property owners, and professional real estate investors. To date, more than 1000 successful transactions have been completed totaling over $3 billion in value within local submarkets around the Northeast and Southeast regions of the United States.
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