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Retired CEO Sells Malden Industrial Property For $24M

An aerial view of 180-184 Charles St. in Malden, which was acquired by Quaker Lane Capital.

The former head of an awning manufacturer in Malden sold an industrial site the company occupies for $24.4M.

Jonathan Hershberg, the former CEO of Sunsetter Products, sold the 64K SF property at 180-184 Charles St., according to public records. 

Quaker Lane Capital acquired the asset and Burgess Properties' Steve Nohrden acted as the sole broker on the deal. Sunsetter is still the sole tenant at the property, according to a press release from Burgess.

Hershberg sold the company years ago but still owned the building until this sale, Nohrden said. Hershberg's LinkedIn page said he had led the company since 1988 and retired in 2016. 

The industrial market has been growing in Boston and its inner suburbs. In the third quarter, 15.5M SF of industrial space was under construction in the Greater Boston market, according to Colliers' 2022 Q3 Industrial report. Vacancy in the market also fell slightly in the third quarter.

Malden has become an attractive city for developers because of its proximity to Boston, its growing life sciences hub and its close proximity to the MBTA.

In June 2021, Quaker Lane received a special permit for its project at 11 Dartmouth St. in Malden, a nine-story office building located in an opportunity zone. The city has also seen activity from Berkeley Investments, which underwent an office-to-lab conversion in 2021 with its Exchange 200 development.