Lexington, MA Commercial Real Estate for Sale and Lease
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What to Expect
Located about 14 miles northwest of Boston, this bustling Middlesex County town had a population of roughly 31,400 in 2010. Its commercial real estate offerings are relatively divers, so there are usually plenty of properties on the market for sale or lease at any given time. Options include office space, industrial space and office space.
Commercial Space in Lexington, MA
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Located in Middlesex County, Massachusetts, this town of 31,394 is located only 20 miles from Boston, making it an excellent place for commercial investment. Steeped in history, this area draws a steady stream of visitors interested in seeing historic sites as well as a number of prominent technology and corporate organizations that have made the area the site of their headquarters. With 16.4 square miles of land, the town offers numerous opportunities for visionary investors and developers.
Public green spaces and recreation areas includes the The Great Meadow, the Willards Woods Conservation Area, the Wilson Farm, the ice-skating and picnic grounds of the “Old Reservoir,” and the town center, which is chock full of arts spaces, a library, restaurants, and several museums. Investors should be aware that within the city are numerous individual neighborhoods, including the Munroe District, Four Corners, Woodhaven, Irish Village, Lexington Centre, and The East End.
Although the town does not have a dedicated MBTA Commuter Rail stop, it is located to several in nearby adjoining cities. The area is highly accessible via several major transportation routes, including Interstate 95, Route 4, Route 2A, and Route 2.
The highly desirable nature of property in this town combined with its dense urban fabric makes the sale of undeveloped commercial land a rarity. Many of the properties have already been developed into either office or retail spaces, and most of them are being leased. Properties that are for sale are only expected to continue to appreciate in value.
Office Space Market
The office space market in this area is highly competitive. First-rate facilities abound, and the steady influx of businesses to this area means that a long queue of potential investors is always on the lookout for new available spaces. The property at 420 Bedford Street, which has a total rentable area of 82,251 square feet, is located very close to downtown just off Interstate 95. Built in 1981, the space was renovated in 2017 and features excellent views of the surrounding community as well as brightly lit interiors and a flexible configuration for virtually any type of company. The estimated rent for this property is $2.08 a square foot per month.
For those seeking a beautiful historic building in which to place their office, the property at 1840 Massachusetts Avenue may be an ideal fit. Built in 1930, the brick and masonry structure features elegant exterior and interior ornamentation. With 12,764 square feet of gross leasable space, the building has numerous suite sizes available. Perimeter offices have a window, and the building features configurable spaces with conference rooms, a reception area, and elevator access. Located in a prime downtown locale, the estimated rent for this property is $2.00 per square foot per month.
The elegant office complex at 76 Bedford Street features a central open-air courtyard with a landscaped island and columned porticos. Located close to downtown, the 40,000 square foot structure features roomy office interiors laid along a shared hallway. Built in 1986, the building is undergoing a renovation which will be completed in 2018, and has onsite parking, an atrium, central air conditioning, brand new LED lighting, soundproof doors, and operable windows. The estimated rent for this property has not been disclosed.
The charming, partially vine-covered structure at 7 Muzzey Street has gorgeous interiors and exteriors that make the most of natural light and elegant materials. Built in 1961, this recently renovated space is within walking distance of downtown, and includes a conference area, open space for almost any office configuration, a kitchenette, and many other amenities. With an estimated rent of $2.33 a square foot per month, the space has 3,000 total square feet.
Retail Space Market
For those seeking highly trafficked retail spaces located in a dense urban community, the properties in this town offer an ideal investment opportunity. The property at 165-201 Massachusetts Avenue is located within blocks of The Great Meadow, which functions as a reliable draw for foot traffic. Built in 1967, the boutique retail complex features large storefront display Windows and an adjacent parking lot for ease of access. With 14,338 square feet of gross leasable area, the complex offers numerous units of varying sizes. The estimated rent for this property is $2.42 a square foot per month.
The property at 421 Lowell Street is a perfect fit for a bank or similarly structured retail business. With 3,800 square feet of gross leasable area, the building is located within a three mile radius of 84,449 residents. This property, which is for sale, offers a savvy investor the rare opportunity to purchase land in this highly desirable area. The 0.79 acre property has a sale price of $7,159,091.
The roomy retail spaces at 21 Muzzey Street are located near the epicenter of downtown, making them particularly desirable for anyone who enjoys easy access to restaurants, shops, and art galleries. The space will not permit any cooking on the premises, and is not zoned to be a medical clinic, but is open to a variety of other tenants. Built in 2015, the property has 9,000 square feet of gross leasable area, and offers suites of different sizes, the smallest of which is 1,400 square feet. The estimated rent for this property is $2.92 a square foot per month.
Commercial Development News
The scarcity of land for sale in this town is partly due to the recent influx of large corporations, including WAVE Life and Shire PLC, both of which are developing significant amounts of commercial space in the city. In 2017, WAVE life opened their 90,000 square foot manufacturing facility to the public. The locale was chosen specifically for its likely ability to attract talented workers while also taking advantage of the nearby urban amenities.
In June of 2017, Shire PLC, which is a biotech employer, announced that it is making this town one of its primary campuses for manufacturing and research and development. The company currently has over two thousand employees in the town and plans to increase that number by 2021.
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