M
arcus & Millichap announced the sale of a 38,500-square-foot industrial facility in Newburyport, Massachusetts for $4,250,000. The property, located at 11 Malcolm Hoyt Dr., is part of the Newburyport Industrial Park near the New Hampshire border.
A robust market process yielded ten qualified offers, highlighting the asset's quality and one of the lowest vacancy rates in New England. Investment specialists Harrison Klein, Mattias Edenkrans, and Luigi Lessa exclusively marketed the property on behalf of the local seller and secured a private investor as the buyer.
The property features below-market rent and relatively short-term leases, driving demand for assets like this. The team leveraged this trend to secure a top-of-market exit for long-term ownership. Journeyman Press, a commercial printing and mail house, occupies the fully leased facility built in 1986 with metal construction, drive-in loading, and ample parking.
