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Billerica Spec Building Goes Up for Sale

BILLERICA, MA-The 76,000-sf structure at 95 Billerica Ave. is being marketed to value-added investors.

By Joe Clements | Updated on January 24, 2008

BILLERICA, MA-It has been a far slower start to the 2008 investment sales campaign than that seen in 2007, but signs of activity are beginning to appear, as evidenced by plans from developer Ivan Cormier to harvest an unfinished flex/office building here along the Route 3 corridor. The two-story, 76,000-sf building is being marketed as a value-added play by the Boston office of CB Richard Ellis.

“It’s really ready for someone to buy and fit up,” explains CBRE/New England principal Gary Lemire, who is handling the assignment with CBRE/New England principals Patrick Cavanagh and Mark Reardon. Besides plenty of value-added capital aiming to take advantage of Greater Boston’s economic rebound, Lemire cites the north suburban Boston office market as a particularly attractive area at present after an impressive 2007. “The Route 3 market has picked up quite a bit, and there is a lot of interest for quality, modern space,” he says. Owner of a Tewksbury construction company and developer of several suburban Boston commercial assets, Cormier designed 95 Billerica Ave. to offer a flexible layout and such high-end features as a two-story atrium, relays Lemire. The landscaped, 13-acre site is just two miles from the Interstate 495 interchange.

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