28,862-square-foot industrial building slated for marijuana cultivation at 4 Marc Road in Medway sold for $2.85 million in June, according to an announcement Tuesday from Greater Boston Commercial Properties of Northborough, which represented the seller.
The sale was characterized as a flip because the seller, 4 Marc Road, LLC, purchased the building four months prior, according to Greater Boston Commercial Properties. The property was last assessed by the Town of Medway at $1.8 million.
4 Marc Road, LLC is registered to Adam Patti in Sudbury, according to the Massachusetts Secretary of the Commonwealth.
The new owner, David Costa, will acquire a long-term lease with Neo Alternatives, a marijuana cultivation affiliate of Patti, according to Greater Boston Commercial Properties. Neo Alternatives is slated to renovate the property at its expense.
The building’s purchase came with a cap rate of 10% in year one, as well as an annual 2% rent increase.