Plainville industrial building sells for $2.1M
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An investor recently paid $2.1 million for a 37,200-square-foot light industrial building in Plainville with a long-term manufacturing tenant.
In a deed recorded Sept. 17, a company tied to the former owner of precision machining and finishing manufacturer Hygrade Precision Technologies sold the 1967-vintage, brick-and-masonry building on 2 acres at 329 Cooke St. to a limited liability company headed up by real estate investor Peter Niro, who lists a Higganum address in state business records.
Brittney Gondek, of Berkshire Hathaway HomeServices New England, represented the buyer.
Zach Antonucci and James M. Panczykowski, of JLL, represented the seller.
Antonucci said there had been robust interest and the property sold in less than six months. Industrial real estate properties of under 50,000 square feet with strong existing tenants have become an increasingly hot commodity among investors over the past year or two, he said. As the federal funds interest rate drops, these investors are able to make better returns, he said.
Pedro Soto, Hygrade’s owner, said he bought the company six years ago and had leased the building from the prior owner ever since.
“We are a tenant and met the new owner and he seems really great,” Soto said. “The intent for him was to buy an investment, for us, it was to stay as a tenant through the lease and beyond.”
Hygrade, which employs 18, improves and finishes parts for the aerospace, energy, defense, manufacturing and other industries.