Prescott Facilitates $1.86 Million Sale of Industrial Outdoor Storage Property in Whitman
Prescott is pleased to announce the successful sale of 235 Essex Street, a 1.18-acre property zone for Industrial Outdoor Storage (IOS) with a 10,440 SF building in Whitman, MA. The $1,860,000 transaction was facilitated by Prescott, representing the seller, Marvin Farms Realty Group LLC, while Colleen Foulsham of FC Realty Group represented the buyer. The property offers valuable outdoor storage and industrial space, making it an ideal investment for industrial and logistics operations.
Project Overview
235 Essex Street is an industrial contractor building located in Whitman, MA. The property has six contractor bays and a spacious contractor yard. With industrial zoning that accommodates a wide range ofIndustrial Outdoor Storage (IOS) uses, the property provides great flexibility for various industrial applications. The property was fully leased at the time of sale with a long-term lease in place to HomeWorks Energy, also procured by the team at Prescott.
- Location: 235 Essex Street, Whitman, MA
- Building Size: 10,440 SF
- Land Size: 1.18 Acres
- Buyer: Whitman Essex Street LLC
- Seller: Marvin Farms Realty Group LLC
- Transaction Value: $1,860,000
The Challenge
Selling an industrial property at a cap rate presents challenges, particularly in markets with lower transaction velocity. Without immediate highway access and a deal size under $5 million, buyers were more inclined to evaluate the property’s vacant value rather than its income-producing potential.
Strategic Marketing Approach
Prescott’s team recognized the need to demonstrate the value of a mid-size contractor yard while addressing market skepticism. The following strategies were employed:
- Targeted Outreach: Prescott focused on South Shore business operators who already occupied similar properties, ensuring strong buyer alignment.
- Comprehensive Market Analysis: Lease comps were identified to justify valuation and provide assurance to potential buyers.
- Direct Marketing Campaigns: Efforts included direct engagement with contractors and IOS property buyers to highlight the property’s long-term potential.
Why Whitman Essex Street LLC Was the Perfect Buyer
The buyer group consists of South Shore business operators who understood the value of the property. Their experience with similar spaces made them an ideal fit, ensuring the site remains locally owned and operated.
Community Impact
This sale ensures that 235 Essex Street remains a hub for local business activity. The continued ownership by South Shore operators reinforces economic stability and long-term investment in the Whitman and greater south shore community
Looking Ahead
This transaction underscores the importance of market education and strategic outreach in industrial real estate sales. Prescott’s ability to secure the right buyer, validate pricing, and highlight the property’s long-term potential demonstrates its expertise in industrial property brokerage.
Prescott is an award-winning commercial real estate brokerage specializing in selling and leasing industrial properties with a focus on industrial outdoor storage (IOS) in Greater Boston and throughout New England. If you own this type of property and are interested in a sale or lease evaluation or are looking for hard-to-find industrial properties, please reach out at help@prescottadvisory.comor call our office at (617) 340-3332.
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