Herb Chambers Acquires 190,000-SF Building in $8M Deal

SOMERVILLE, MA-Guaranty Bank sold 200 Innerbelt Rd., a four-story 192,000-sf building, for $8.3 million. Boston-based Herb Chambers Cos. purchased the property, which is situated on an eight-acre parcel. The Financial Services Group of Robert E. Griffin Jr., Richard F. Herlihy, Christopher T. Griffin and Jeffrey H. Gates as well as Arthur M. Agnew exclusively represented the seller and procured the Herb Chamber Cos.

TrizecHahn Corp. purchased the development rights to the site for $24 million in 2000 before the telecommunications industry went under. The property was permitted for two 192,000-sf buildings, but TriezcHahn only managed to build one at a cost of $16 million. Agnew tells GlobeSt.com that Chambers might pursue development of the other site and is considering all options.

Herlihy tells GlobeSt.com that Chambers plans on using some of the existing building, which is currently vacant, for its offices and leasing the remaining space to outside tenants. The company is currently headquartered on 116 Commonwealth Ave. in Boston and Herlihy notes that the company owns that building as well. “They are in the process of determining how much space they will be occupying [in the new building.]“