CGI Properties Sells Suburban Flex Asset for $6M

CANTON, MA-A local investment group pursuing commercial real estate regionally has landed a 55,000-sf flex/office building here for $6.2 million. An affiliate of Waltham-based Commonwealth Property Group acquired 5 Campanelli Circle from CGI Properties, which bought the two-story structure for $4.1 million in 2000.

“We really like it as a long-term hold,” explains CPG COO Doug McGregor. The buyer was drawn by the presence of Xerox Corp. as anchor tenant and the overall quality of the asset, he says, plus “it has a very good occupancy history and is well located just off Route 24.” Physical features include 14.5-foot clear ceilings, ribbon windows and a pair of tailboard loading docks.

The off-market opportunity was brought to CPG by Lincoln Property Co. VP Gian Starita tells GlobeSt.com that the arrangement met the objectives of both parties, with the seller expecting to use the proceeds for a retail investment. “Everyone got what they wanted,” relays Starita, who was joined by Lincoln colleague Ned Halloran in representing the seller and securing the buyer. As the new year commences, Starita says he is encouraged by the level of activity, especially in the wake of a market slowdown for property sales late in 2007. “We’re going to be busy,” he predicts of the first quarter.