58,000-SF Facility Sells for $1M

STURBRIDGE, MA-Coherent General sold One Picker Rd. to Sturbridge Realty Trust for nearly $1.4 million. The 58,344-sf manufacturing facility was leased for more than a decade by Convergent Prima.

Kovago and Jim Glickman, principals of Worcester, MA-based Glickman Real Estate, brokered the transaction. Glickman Management also handled the maintenance of the building during the sale.

The deal includes nearly 25 acres of additional property adjacent to the main parcel. The new owners plan to develop the site. Possible future plans for the property could include development as an office building by subdivision or a resale.

According to Lincoln Property Co.’s most recent statistics the suburban industrial market’s overall availability rate is at 14.5%, falling just .2% since the first quarter. The market experienced its first quarter of positive absorption, which amounted to 88,284 sf, in a long time indicating that that the market might be starting to recover.