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Greater Lowell Commercial Real Estate Statistics – Q2 2014

In the second quarter of 2014 a total of about 530,000 square feet of industrial buildings sold in 8 transactions. The industrial building transactions totaled $43.8 million, up about $19.8 million from the first quarter. Commercial buildings (offices, retail, restaurants…) totaled $116.3 million for a total of 1.5 million square feet of space. The second quarter commercial market was dominated by the sale of Cross Point in Lowell for $100 million. 71.32 acres of residential, commercial, and industrial land sold in a total of 5 transactions. The total price for those transactions was $10.1 million. Finally 172 apartment units sold in 4 transaction in buildings with 8 or more units. Those apartment transactions totaled $36.2 million. In April the total price of all sales surveyed was $21.7 million, in May the total rose slightly to $27.2 million, and in June the total rose to $173.3 million.

In April there was 1 land sale in Dracut for $115,000; in Lowell there were 4 apartment, commercial and land sales totaling $4.5 million; Tewksbury had 3 sales totaling $16.9 million; In Wilmington there was a single sale uncovered by our survey (an industrial condominium unit) for a consideration of $130,000. There were no commercial or industrial sales in Carlisle, Chelmsford, Dunstable, Tyngsborough, and Westford.

In May there were three commercial and industrial sales totaling a little over $4 million. In Chelmsford there was a single sale of industrial condominium units for $900,000. There were four sales in Lowell of apartments, industrial, and vehicular related properties for $6.9 million. Tewksbury had two commercial building sales for a total of a little over $15 million. Again, Wilmington had a single sale, of an industrial condominium unit for $230,000. There were no sales in Carlisle, Dracut, Dunstable, Tyngsborough, and Westford in May of 2014.

In June of 2014 the Greater Lowell commercial market was dominated by the sale of Cross Point at the end of the month for $100 million. There were two other transactions in Lowell bringing the total of all sales up to $101.1 million. There were two sales in Chelmsford, a R&D building and a gas station that totaled about $40.1 million. In Dracut there was a single transaction of a two building industrial property that sold for $450,000. In Westford there were two residential land sales for a total of $4.5 million. Finally there were two sales in Wilmington of an apartment complex and an industrial condo unit. The two transactions totaled $29.9 million. There were no sales in Billerica, Carlisle, Tewksbury, Tyngsborough, and Westford.

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