Medford Food Processing Facility Trades Amid Interest from Local and National Investors
Marcus & Millichap closed the sale of 93 Mystic Ave., an industrial property dedicated to food processing use in Medford, MA. The sale price was $5 million.
“This rare, core-located food processing facility drove interest from local, regional and national investment groups,” said Mattias Edenkrans, associate director investments in Marcus & Millichap’s Boston office. “With the sellers targeting a sale process free of development permitting, we identified a group that was able to provide immediate non-refundable deposits and close cash within 45 days of offer acceptance.”
Edenkrans and Luigi Lessa of Marcus & Millichap exclusively marketed the property on behalf of the seller, 93 Mystic LLC, and procured the buyer, a private family.
The 19,278-square-foot property sits on a 1.12-acre lot. Built in 1950 and 1955, it comprises two buildings, the main 14,278-square-foot building and a 5,000-square-foot auxiliary building. The property was delivered vacant and is currently designed for food processing with minimal office space.
