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Oliver Street Capital & Bain Capital Real Estate Acquire Industrial Property In Andover, MA For $10.35M

Property Image
SOLD
$10,350,000
Matt Quinlan
Alex Berger

Massachusetts

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Industrial120,000 SF
Sold 08/18/2021
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Property Image
SOLD

Oliver Street Capital & Bain Capital Real Estate Acquire Industrial Property In Andover, MA For $10.35M

7 Connector Road, Andover, MA 01810, USA & 7 Connector Road

See Similar Deals
Industrial120,000 SF
Sold 08/18/2021
Matt Quinlan
Alex Berger
the dealplayerscompscontact
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Summary

MASSACHUSETTS
Asset Type:Industrial
Price Per Square Foot:$86
Total Square Footage:120,000 SF
Transaction Type:Sale

Oliver Street Capital and Bain Capital Real Estate have purchased an industrial property located at 7 Connector Road in Andover, MA. The property, spanning 60,000 square feet, was sold by Stickamayka Group, LLC. The deal was facilitated by Alex Berger and Matt Quinlan of SVN | Parsons Commercial Group | Boston. The sale price for the property was $10,350,000, resulting in a price per square foot of $173.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $10,350,000
  • Address: 7 Connector Road, Andover, MA
  • Market: Andover, MA
  • Buyer: Oliver Street Capital & Bain Capital Real Estate
  • Seller: Stickamayka Group, LLC
  • Brokers: Alex Berger & Matt Quinlan - SVN | Parsons Commercial Group | Boston
  • Square Footage: 60,000
  • Price Per Square Foot: $173

Alex Berger and Matt Quinlan represented the buyer and seller respectively in this transaction.

Players

Alex Berger
Alex Berger
1 deal$10.4M volume
BROKER
Matt Quinlan
Matt Quinlan
2 deals$23.9M volume
BROKER
Bain Capital
Bain Capital
BUYER
BridgeCity Capital
BridgeCity Capital
LENDER
Bain Capital
Bain Capital
LENDER

Details

SOLD
IMAGE: Alex Berger & Matt Quinlan DATE: 08/18/2021 ADDRESS: 7 Connector Road MARKET: Andover, MA ASSET TYPE: Industrial BUYER: Oliver Street Capital & Bain Capital Real Estate SELLER: Stickamayka Group, LLC BROKERS: Alex Berger & Matt Quinlan - SVN | Parsons Commercial Group | Boston (@SVN_PCG_Boston) SALE PRICE: $10,350,000 SF: 60,000 ~ PPSF: $173

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$552,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$36,771.36
Cash-on-Cash Return-1.27%
Monthly Debt Service$49,064.28
Annual Debt Service$588,771.36