(For more retail coverage, click GlobeSt.com/RETAIL.)
READING, MA-The Burlington-based Nordic Properties has acquired the 186,000-sf office complex on 14 acres at 55 Walkers Brook Dr. The site was formerly occupied by a division of Northrup Grumman.
The price for the vacant complex was $18.5 million, according to Michael Dalton, SVP of the area office of Trammell Crow Co. He and Brian Hines, a TCC principal, represented the seller, Walkers Brook LLC, which is a group of Boston-based investment partners, and also procured the buyer.
Nordic plans to reposition the existing structures for general office and medical office space and add new construction on two pads of approximately one acre each for retail, Dalton tells GlobeSt.com. The complex consists of a 135,000-sf, six-story office building; a 40,000-sf, three-story office building and a smaller single-story building.
"All the existing buildings are interconnected," Dalton says. Nordic assigned the office lease-up to TCC, which has obtained a commitment from a medical office user for the 40,000-sf structure. Dalton declined to disclose the name of the tenant or the aggregate value of the commitment. "No rate has yet been formulated for the tallest, largest building, but the rate will likely be in the mid-$20s per sf." The retail pads will accommodate structures of between 10,000 sf and 15,000 sf and probably be marketed to restaurant companies, he says. "Typically, the users would construct the buildings and operate them under a ground lease to Nordic."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
Already have an account? Sign In Now
*May exclude premium content© 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.
