"It's a well located property and it's one of the last intersections where developers can buy and upgrade property," Sean Teague, principal at Trammell Crow, whose firm brokered the sale, tells GlobeSt.com. "Buying this property positions (CRI) well in this area to accommodate business needs. In the last couple of years we've seen a lot of companies move down here." Teague, principals Joe Fallon and Peter Joseph and VP Kim Roop of TCC represented the Boston Globe, while CRI was self represented.
Located in the University Avenue Business Park, just off Route 128, 22 Marymount Ave. sits on nearly 10 acres of land and consists of 36,034-sf of office and 91,237-sf of warehouse/distribution space. The facility was built in 1980 on CCFNE land and rehabbed in 1993. It features 22'6" clear heights with 12 loading docks and has 240 parking spaces.
CRI made a similar purchase last year, acquiring the former Jet Spray building in Norwood, a 145,000-sf industrial site that they extended by 22,000-sf and are rehabbing. The building is 70% complete and 110,000 sf was leased to Instron. "It's been a specialty of ours to purchase these (buildings) and renovate them into high-tech properties," Jay Doherty, president of CCFNE tells GlobeSt.com.
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