Commercial activity in Melrose East, also known as “Mall City,” has been almost nonexistent for many years. Most of the real estate sales have been in the multifamily market, and they have usually involved some type of government incentive. But recently, the sale of two office warehouses have taken place, bucking the trend. These are lower-price deals and they are interesting only because so little activity takes place in this area.
The first sale of note is an office warehouse at 6871 Cezanne Ave. that Tower Capital purchased and renovated last year. Tower Capital purchased the property for $100,000 over a year ago, and then expensively renovated the building with new paint, carpet, counter tops, HVAC and other improvements. The building sold on Monday for $200,000, or $20 per square foot for the 10,000-square-foot building. LEWCO Specialty Products, which makes a variety of high-temperature textiles including fabrics, felts, tubing, ropes and threads, was the buyer, and they will occupy the building.
The second sale of interest is an office warehouse addressed 1123 North Carrollton Ave., which sold for $46,000, or about $23 per square foot for the 2,000-square-foot building. This sale included not only the office warehouse building but also an additional fenced in vacant lot with a stabilized yard. The seller was BAKMOT LLC, and the purchaser was T.A. Moran LLC, represented by Treshela A Moran. Danny Watts with Sperry Van Ness | Graham, Langlois, and Legendre brokered the transaction.