A Massachusetts-based real estate investor and part-owner of an auto dealership recently paid $2.72 million for a 42,699-square-foot industrial and commercial building on 3.5 acres in Manchester.
Great Pointe LLC sold the 40-year-old building and associated property at 275 Progress Drive to 39 Beacon Street LLC, in a deal recorded Dec. 16.
The seller’s principal, Richard Sheldon, also heads Dawn Enterprises, a manufacturer and distributor of commercial and residential site furnishings including trash receptacles, planters, benches and more. Dawn Enterprises operates from a portion of the building at 275 Progress Drive. Great Pointe LLC purchased the property for $1.17 million in 2017, according to assessing records.
The buyer shares an Auburn, Massachusetts address with Lundgren Honda of Auburn. The principal of 39 Beacon Street LLC is Barry Lundren, co-owner of the dealership and the listed manager of Lundgren Equity Partners LLC, an investment vehicle based at the same Auburn address.
The dealership property in Auburn was sold in June for $18.5 million to Legacy Automotive Capital of Exton, Pennsylvania, a company specializing in leaseback purchases and flips of dealership properties.
Lundgren Equity Partners has been busy in the past couple years, purchasing a distribution center in Auburn for $3.8 million; buying the Webster Plaza in Webster, Massachusetts; and buying at least four properties in Worcester.Â
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