After a Dry Spell, Paradigm Properties Makes a Local Purchase

FRAMINGHAM, MA-In its first purchase of the year in the Greater Boston area, Boston-based Paradigm Properties acquires 959 Concord St. for $12.15 million. Leggat McCall Properties sold the 76,000-sf building.

At a little over $160 per sf, James Belli, a senior director at Cushman & Wakefield, tells GlobeSt.com that the deal was a “pretty strong price per sf.” Belli’s firm brokered the deal on behalf of Leggat McCall. Belli notes that the MetroWest market where this property is located has been strong even while the overall market has been a lot slower. “Investors are looking for a good, stable market,” he notes. “This is a good submarket. There is no near-term rollover and they are getting a good chunk in return. People are concerned about where rents are at and where they are going.” The building is fully leased with tenants such as Process Software, Carlson Design and Pitney Bowes. Lease rates range from $28 to $34 per sf, according to Belli.