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Legacy Launches With Deals in Tow

WALTHAM, MA-The new company is led by Michael Price, whose previous firm built a diverse local portfolio.

By Joe Clements | Updated on January 09, 2008

WALTHAM, MA-In more ways than one, Michael Price is back to his roots. Having turned over operations at Eastport Real Estate Services to a management team led by president Robert Bowen, Price has launched an investment-focused firm just up the street at 318 Bear Hill Rd. That is the first building acquired by Eastport, which since being founded in 1995 has secured dozens of properties and has more than one million sf owned or managed in Greater Boston.

“We’re really hitting the ground running,” Price tells GlobeSt.com in reporting three deals in negotiations and two accepted offers even though Legacy Real Estate Ventures LLC just opened for business this week. The firm will pursue the same small- and mid-sized assets that Eastport became known for buying during Price’s oversight, often in the $10 million and under range, but with the ability to handle larger undertakings when presented.

The initial deals include retail and medical office, says Price, who declined to identify the prospects. “I love medical office,” he says, citing a combination of tenant stability and building upkeep as pluses. Legacy will target opportunities inside Interstate 495, but is unlikely to venture into Downtown Boston, says Price, a strategy he expressed when first announcing formation of the company to GlobeSt.com in a Nov. 7 article.

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