Scott R. Hughes, president of Hughes Properties Inc., represented Vision New England in the transaction while Eric O'Brien, president of O'Brien Commercial Properties Inc., represented the buyer.

The five-year-old, two-story, wood framed office building is situated on nearly three acres. The property is located near Routes 2 and 495. Vision New England, upon the sale of the property, is leasing the entire second floor of the building.

Acton's 193,000-sf office market continues to struggle to fill its space. According to Trammell Crow Co.'s most recent statistics, the area's vacancy rate for direct space as well as its overall availability rate is at 48%. The city's much larger research and development market--852,000 sf--also had an overall availability rate of 47%, but much of that market's vacancy is driven by excess sublease space as its vacancy rate for direct space was only at 15%. Lease rates for office space in the area are at $9 per sf.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.