79,000-SF Building Sells for $11.7 M

SOUTHBOROUGH, MA-The Archon Group sold 120 Turnpike Rd. to TA Realty Associates for $11.7 million or $148 per sf. The deal includes the ground lease for the adjacent three and a half acres.

Chris Phaneuf, a vice president at Trammell Crow who brokered the sale tells GlobeSt.com the 79,016-sf building’s fully leased space and good credit tenants attracted potential investors. “People want stability,” he says. “This was a safe, stable deal in a good market.” Phaneuf points out that the leases on the building don’t expire for another three years allowing the buyers to ride out the “current leasing market woes.” The average lease rate in the building is $24 per sf.