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:
- Property Type: Commercial
- Transaction Amount: Not specified
- Address: 40 Ray Avenue
- Market: Burlington, MA
- Landlord: Eastern Retail
- Tenant: Jorge Barragan - The Picklr
- Landlord's Representative: Charlie Jacob & Steve Nohrden - Burgess Properties
- Tenant's Representative: Sam Peterson - Eastern Retail Properties
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
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