Eric D. Schlager, Bulfinch's chief executive officer, tells GlobeSt.com that 60 First Ave., the firm's second Waltham acquisition this year, was acquired from locally based McMillan Real Estate LP. Schlager, citing confidentiality, declined to disclose the price paid for the property but said Bulfinch plans to redevelop the building "in the near future."
"We think there are several potential uses for the site ranging from biotech to retail or office uses," Schlager says. He declined to discuss further details of the redevelopment plans.
Located on nearly four acres in the Central Route 128 market, the property is four miles from the Massachusetts Turnpike and adjacent to the Waltham Doubletree Guest Hotel, Home Depot and Costco. It is currently 100% occupied by Community Newsdealers Inc., an affiliate of the New York Times.
The acquisition was the second in Waltham this year for Bulfinch and the company's fourth suburban office buy since August. In March, Bulfinch acquired 1560 Trapelo Rd. in Waltham and is currently developing that 65,000-sf property into the Trapelo Corporate Center.
In September, the firm acquired its first Framingham office property when it paid $3.7 million to local sellers, S&H Representatives, to acquire a 31,669-sf office building at 50 Speen St. Just one month earlier, Bulfinch picked up its third Cambridge asset when it paid $3.3 million to acquire an 18,394-sf office and retail building at 114-116 Mt. Auburn St. from seller, 114 Mt. Auburn Trust. Schlager says Bulfinch also plans to close on another property in the Central Route 128 market by the end of the year.
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