Search
 

VinCo Grabs 74,000 SF in $4M-Plus Value Buy

WOBURN, MA-The company plans to pump at least $1 million into the vacant, four-story property. The class B office asset sits on 5.27 acres.

By Beverly Ford | Updated on September 26, 2006

WOBURN, MA-A Boston developer has paid $4.15 million for a vacant 74,000-sf office building here in a value-added deal. The four-story building is situated on 5.27 acres near a prime highway exit which is currently undergoing some major retail development.

VinCo Properties, Inc., which specializes in value-added deals, took title to 78 Dragon Court from American Real Estate Holdings LP just months after the New York seller decided to divest of its only Bay State holding, Hunter Emerson, with CB Richards Ellis Whittier Partners’ Boston office, tells GlobeSt.com.

Emerson says American Real Estate Holdings initially planned to lease the property but opted to sell rather than renovate the building for tenant use. VinCo plans to invest more than $1 million to renovate the structure’s mechanical systems and common areas before putting it up for lease at per sf prices expected to range in the mid-teens, substantially below the going rate of nearby class A office properties, he says.

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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.