Upland Takes Asset in $20M Deal

SOMERVILLE, MA-Bernard Chiu says he is not looking to own all the commercial buildings in Greater Boston, just a few of the better ones–and in buying 212 Elm St. here, the founder of Upland Capital maintains he has furthered that aim. “It’s a great piece of property and a great location,” Chiu tells GlobeSt.com in detailing reasons for paying $20 million to secure the four-story, 65,000-sf asset in Davis Square, the city’s core business district.

Upland is buying 212 Elm St. from a tenant-in-common investment group organized by Paradigm Properties, a Boston-based firm that had owned the asset before the TIC took control two years ago. Paradigm held a minor interest in that entity as well, says company principal John Caldwell, and despite the total departure now, the firm remains enamored with 212 Elm St. “We love it,” Caldwell says, and having been retained by Upland as property managers, Paradigm will be able to keep a close association to the structure going forward. Chiu also announced that Meredith & Grew VP Theodore Lee has been retained as leasing agent.