Sam Altreuter, a principal with Farley White, tells GlobeSt.com that the company, which owns another building in the Bedford Farms Office Park, liked the local property so much that it opted to purchase the entire site from the Gutierrez Co., of Burlington.
"We liked the location, the access and the dynamics of southern New Hampshire," says Altreuter, adding that the company plans to reposition the asset and lease up the remaining space. The firm has owned 3 Bedford Farms, another building in the complex, for about five years, he adds.
"This was a solid transaction for both the buyer and seller," Dave Pergola, with Cushman & Wakefield's Boston office, says "The seller achieved good pricing for this irreplaceable asset, while the buyer was able to expand its existing holdings in the Bedford Farms Office Park by acquiring the remaining mass of prime real estate in the park." The buyer has acquired more than one million sf of assets in the past 12 months, he says.
The office park, which is set on a pond at the junction of Intrastate 293, Route 101, Route 3 and the F.E. Everett Turnpike, is comprised of five class A concrete and glass office buildings ranging in size from 84,000 sf to 17,000 sf.
The transaction was handled for the Gutierrez Co. by Cushman & Wakefield's Capital Markets team comprised of Pergola and Robert E. Griffin, Christopher Griffin, Richard E. Putprush and Brian R. Doherty and Thomas P. Farrelly with C&W's New Hampshire office. The team also procured the buyer in the deal.
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