July 29, 2022 – Dennis Kelleher, John Pentore and Spencer Norton of Horvath & Tremblay have arranged the sale of a mixed-use condominium interest (retail and residential units) in Lawrence, Massachusetts. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $5,700,000.
The mixed-use residential and retail condominium consists of floors 1-4 at 11-21 Lawrence Street in Lawrence, Massachusetts. Known as the “Bay State Building”, 11-21 Lawrence Street occupies a full city block in the heart of Lawrence’s vibrant commercial downtown. The Property consists of six (6) street-level retail units and thirty-two (32) residential units on floors two through four. The Property consist of 60,243 square feet of living area and 63,262 square feet of total gross area and represents 50% of the condominium interest in the eight-story building. The Property features an attractive mix of residential units and is comprised of twenty-three (23), 2-Bedroom/1-Bathroom units, four (4), 3-Bedroom/1.5-Bathroom units, three (3), 1-Bedroom/1-Bathroom units and two (2), Studio units. The residential units are in turn-key condition and feature upgraded bathrooms and kitchens, recessed lighting and separately metered electricity (including base-board electric heat), which the Tenants pay directly. The street level retail units are anchored by Chase Bank which has a new 10-year lease with four (4), 5-year renewal options, and attractive rent increases throughout the primary term and renewal options. 11-21 Lawrence Street is centrally located in Lawrence’s vibrant downtown. Spanning a city block, the Property is positioned at the signalized intersections of Lawrence Street and Common Street and Lawrence Street and Essex Street. The high-traffic location provides walkable access to a multitude of downtown businesses, government employers and amenities including Lawrence City Hall, Lawrence General Hospital and Central Catholic High School. The location features convenient access (0.9-miles) to MBTA commuter rail and Express-bus service to Boston via the nearby McGovern Transportation Center. Regional highway access is also easily accessed via nearby Interstates 495 and 93 as well as MA Route 28.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.