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40 Ray Avenue

Jorge Barragan Of The Picklr Leases 21,500 SF At 40 Ray Avenue In Burlington MA
LEASEDCommercial

Jorge Barragan Of The Picklr Leases 21,500 SF At 40 Ray Avenue In Burlington MA

40 Ray Avenue

Building Size

21,500 SF

Asset Type

Commercial

Closing

Feb 21, 2025

AI

The asset involved in this lease transaction is a commercial property located at 40 Ray Avenue, Burlington, MA, with a total square footage of 21,500. The facility was previously utilized as a Planet Fitness and is now leased to The Picklr, a national indoor pickleball franchise, scheduled to open on April 12, 2025.

Summary of transaction details:

This lease transaction involves key individuals including Jorge Barragan, representing The Picklr, and Eastern Retail as the landlord. The transaction was brokered by Burgess Properties, with Charlie Jacob and Steve Nohrden acting on behalf of the landlord. Sam Peterson represented the tenant through Eastern Retail Properties. The facility's opening will be supported by sponsorships from companies such as Head and Joola and publicized by former NFL star Drew Brees.

Players

Steve Nohrden

Burgess Properties

Broker

$27.4M

vol

8 deals

Broker

Burlington Commercial Market Snapshot

Boundary boundary · Commercial · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93