At a glance
- Across two manufacturing buildings the coverage dates to 1913, the purchase price works out to about $20.30 a square foot; count only the 13 acres of the 41.7-acre parcel that the report describes as usable, and the land trades near $342,000 an acre.
- At $20.30 a square foot, the rent roll is one line long.
- Klein's own framing is that the sale "reinforces the need by users for affordable industrial space throughout New England," which places user demand at the center of the story the brokerage tells about its own deal; whether this particular buyer intends to occupy any of the space is not something the coverage establishes.
Marcus & Millichap has closed the sale of 400 Iron Horse Park, a 219,164-square-foot industrial property in Billerica, Mass., for $4.45 million, Connect CRE reported, but the brokerage's account leaves the one document that will decide the buyer's return—the lease—unexamined. Across two manufacturing buildings the coverage dates to 1913, the purchase price works out to about $20.30 a square foot; count only the 13 acres of the 41.7-acre parcel that the report describes as usable, and the land trades near $342,000 an acre.
Harrison Klein, a managing director of investments in the brokerage's Boston office, described a competitive marketing process with multiple offers and a buyer able to close quickly with minimal contingencies, with Klein, Luigi Lessa and Mattias Edenkrans marketing the property for the seller and Klein and Lessa, working with David Skinner and Prescott IOS, procuring the buyer, whom the coverage does not name.
The buildings hold 185,000 square feet of ground-floor space and 34,164 square feet of mezzanine, with three loading docks and eight drive-in doors, and the property is occupied by a single manufacturer, so the buyer took a century-old plant on a parcel where most of the acreage falls outside the usable count, leased to one tenant whose rent and term the report leaves unstated. At $20.30 a square foot, the rent roll is one line long.
Klein's own framing is that the sale "reinforces the need by users for affordable industrial space throughout New England," which places user demand at the center of the story the brokerage tells about its own deal; whether this particular buyer intends to occupy any of the space is not something the coverage establishes.
The buyer's return has context in two of our own recent items: in August we noted a 36,800-square-foot warehouse in Hudson, N.H., that sold for $3.9 million, small private capital still clearing deals near the Massachusetts border, and in coverage dated the same day this sale published, Marcus & Millichap's research flagged rising cost pressure on industrial real estate—3.4 percent CPI and tariff-exposed construction costs against a 10-year Treasury yield above 5 percent, with slower construction starts as the one offset.
A brokerage can market occupied plants and still note that building costs and a 5-handle Treasury are pushing starts down, and only income-visible collateral clears in that setting—a $4.45 million building with a manufacturer already inside, sold on minimal contingencies, fits the filter. What the coverage never reaches is the document underneath the return: the lease, its rent, its remaining term, and whether the single tenant stays.
Reported by the Deals desk from Connect CRE. Published . Corrections