The acquisition had a cap rate of nearly 9%, the sellers' representative, Chris Devaux, with Parsons Commercial Group in Framingham, tells GlobeSt.com.
The acquisition included four, two-story class A and B office buildings totaling 160,584 sf in the Birchwood Office Park and a two-story office and medical building totaling 42,000 sf at 321 Fortune Blvd. Both properties, which lease for between $15 and $17 per sf, are located in Milford about a mile from Route 495.
Devaux says the buyers "came to the table quickly" and put the properties under agreement almost immediately before it was widely marketed. "They felt the market in general was improving and liked the fact that they could acquire the property below replacement cost," he says.
Tenants of the property include the biotech firm SeraCare Life Sciences Inc., health care provider Metrowest Medical Center and LSI Market Intelligence, a provider of title insurance and real estate related services.
The transaction was handled for the sellers by Devaux. Marci Alvarado, also with Parsons Commercial Group, represented the buyer.
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