Stonegate Group, a Natick-based developer and property management company, recently purchased a 40,000 square-foot industrial property at 763 Waverly St. in Framingham for $2.5 million.
The four-story industrial property, situated on 2.3 acres, was sold by Gary Realty Trust on May 18. Harrison Klein and Mark Lyman from national brokerage Marcus & Millichap’s Boston office represented the seller and procured the buyer, according to a June 15 press release from the brokerage.
“Stonegate is excited to add this unique, nearly fully occupied asset to our portfolio. As suburban sprawl continues, we look forward to the continued growth of Framingham,” said Stonegate Project Manager David McGrath, who led the acquisition on behalf of the developer in the press release.
The trust purchased the property from The Baker Nail Co. of North Carolina for $200,000 in 1979, according to the Middlesex South Registry of Deeds.
The property abuts a solar farm which Stonegate bought in 2020 for $500,000. Stone gate owns three solar farms according to its website. The developer now owns 6 acres on Route 135 which it plans to develop for industrial users, according to the press release.
Stonegate owns properties throughout Central and Eastern Massachusetts. In Worcester, it is demolishing 278-284 Grove St. which it purchased from Bodycote Processing in December for $2 million. The developer plans to perform environmental remediation of the site and redevelop it with a mixture of office and retail space, according to a January 20 press release from Stonegate.
