Anthony Biette, with Grubb & Ellis' Boston office, tells GlobeSt.com the 50 Speen St. building here brought out at least eight bidders during its four months on the market. However, it was Bulfinch's reputation as a deal closer combined with a high price offer that gave the Needham investment group the keys to the property, he explains.
"People were interested because it was a well located building in a great performing market," says Biette, noting that the property also offered the buyer a value-added deal in one of the area's hottest suburban markets. The Metro West market is currently among the tightest submarkets in Metropolitan Boston with a total vacancy rate of about 15.2%, market studies show.
The 50 Speen St. property, whose tenants include Smart Source and National Life Insurance, is about 50% occupied, creating value added potential for the buyer, says Biette, who handled the transaction for local sellers, S&H Representatives.
He says the building's prime location with signage rights along the Massachusetts Turnpike and near Route 9 in Framingham helped create stiff competition among potential buyers. "It's a well located building in a market that is performing extremely well."
Bulfinch executives, did not return calls from GlobeSt.com seeking comment. Eric D. Schlager is the company's CEO. The acquisition, the company's first in Framingham, brings the total number of suburban properties in Boston owned by Bulfinch to 20. The company also owns office buildings in Cambridge, Concord, Hingham, Lexington, Littleton, Newton, Needham, Somerville, Waltham and Wellesley. Just last month, Bulfinch paid $3.3-million to acquire an 18,394-sf office and retail building at 114-116 Mt. Auburn St. in Cambridge, just off Harvard Square.
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