Released: 5/28/2021 4:16:51 PM
One of Concord’s premier professional attributes, 181 acres all around two business structures at the time occupied by Lincoln Financial, has been offered to Brady Sullivan Properties.
The website, off northern Rumford Street, was marketed for a total of $3.4 million, in accordance to authentic estate transaction data. The residence experienced been mentioned for $6 million, in accordance to an advert distributed at the finish of last yr in local media, together with the Watch.
The bigger 114,000-square-foot southern creating is vacant and is up for industrial lease, as a one device or in models as small as 28,000 sq. ft. The northern developing, totaling about 66,000 sq. ft, is even now below lease to clientele, in accordance to James Tobin, director of business leasing for Brady Sullivan, one particular of the state’s premier assets enhancement and management corporations.
The land is zoned for numerous works by using, like a part for household growth.
Brady Sullivan Qualities, centered in Manchester owns a amount of professional sites during a few states. This is its 1st business acquisition in Harmony.
It also owns a variety of condominium structures, including Cranmore Ridge on Portsmouth Road. Brady Sullivan purchased that advanced in 2019 and modified current leases, increasing rents, which drew issues from extensive-time tenants who had been pressured to scramble for solutions.
Pennsylvania-primarily based Lincoln Money is a Fortune 250 company that features expense management, fiscal suggestions and insurance plan. Its Concord existence dates back to 1913 when some locals proven United Daily life & Accident Coverage Co., which in excess of the a long time have been acquired by numerous other businesses till ending up as aspect of Lincoln Monetary in 2006.
Lincoln Financial’s existence in the city had been little by little shrinking for various several years and when COVID-19 strike, the properties have been largely emptied. They had been put on the market in December.
In accordance to the city’s serious estate transactions, the two divisions of the residence have been marketed to two LLCs, known as Chelsmford Concord and Granite Concord, that are owned by the Brady Sullivan enterprise.
It is prevalent for big business home product sales to be made to limited liability businesses that were produced just for that sale.