Updated Oct 29, 2024
MobilityWorks Leases 8800 Square Feet At 560 Providence Hwy Norwood With Tenant's Rep Ed Gerwig
560 Providence Hwy, Norwood, MA, 0...
Building Size
8,800 SF
Asset Type
Other
Closing
Nov 19, 2023
About this deal
AI
The property involved in this transaction is located at 560 Providence Hwy, Norwood, MA. MobilityWorks, a company specializing in transforming vehicles for wheelchair accessibility, has leased a space measuring 8,800 square feet in a retail setting, which includes a showroom and service area. This location is strategically positioned within a retail plaza that features tenants such as Savers and the Massachusetts Launch Family Park.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not specified
- Address: 560 Providence Hwy, Norwood, MA
- Market: Norwood
- Tenant: MobilityWorks
- Landlord: CMI
- Tenant's Representative: Ed Gerwig (National Commercial Brokers)
- Landlord's Representative: Daniel J. Waldman (Waldman & Associates)
- Square Feet: 8,800
In this transaction, Ed Gerwig and Brian Nadler represented the tenant, MobilityWorks, while Daniel J. Waldman acted as the representative for the landlord, CMI. The negotiation involved reclaiming warehouse space from Savers, allowing MobilityWorks to secure their new location. Waldman noted the significance of the lease due to the vital services MobilityWorks provides to veterans and individuals with disabilities. This location is expected to serve as a long-term home for MobilityWorks following the necessary modifications to meet their specific needs.
Players
Norwood Other Market Snapshot
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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