Constructed in 1990 as a headquarters facility for a Framingham company, Avery Dennision, Clarks Hill Corporate Center was reportedly sold in an off-market transaction that NPV/Direct Invest secured as part of a tenant-in-common exchange arrangement. Broker Richard Putprush of Cushman & Wakefield's Capital Markets Group declined to discuss details, referring inquiries to NPV/Direct Invest. Efforts to contact officials at that Boston-based real estate investment firm were unsuccessful by deadline.
NPV/Direct Invest specializes in TIC deals and has gobbled up numerous properties throughout suburban Boston during the past year, most recently 2 Omni Way in Chelmsford, an 82,000-sf building that the company just closed on, according to sources.
In an announcement acknowledging the Framingham deal, Putprush did comment that he believes both parties were pleased with the outcome, stating that, "The seller was able to realize the value created during its ownership while the buyer was able to purchase an asset that fits nicely with its investment program."
Located on a hilltop in South Framingham, the 31-acre complex can accommodate another 100,000 sf of office space and 43 residential lots. The building itself at One Clarks Hill has been converted to multi-tenanted space in recent years and features solid credit via its key tenant, Lifeline, a medical emergency beacon firm recently acquired by Phillips.
"It's a very nice building that has done quite well," Putprush tells GlobeSt.com. Other members of C&W who negotiated the sale were Robert Griffin, David Pergola, Christopher Griffin and Brian Doherty.
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