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Colony Realty Seen Growing Suburban Footprint

FRANKLIN, MA-The Boston-based company is said to be acquiring an 80,000-sf building here for a third investment fund.

By Joe Clements | Updated on May 27, 2008

FRANKLIN, MA-Its management team might not be much for talk, but Colony Realty Partners is taking plenty of action as a commercial real estate investor in suburban Boston. The firm is angling to buy 17 Forge Park here in the Interstate 495/Massachusetts Turnpike submarket, according to multiple sources, a pursuit reportedly being done on behalf of the same fund which just closed on an $82 million office portfolio in Framingham, as first detailed by GlobeSt.com.

“That is happening,” maintains one source tracking the Forge Park negotiations, a notion supported by other industry professionals. It is unclear whether a contract has been inked, or what the sales price might be for the single-story, 80,000-sf building, which was originally constructed by National Development of Newton as a distribution center and regional headquarters for Keebler Foods. One veteran broker of the I-495 market provided a ballpark estimate of $80 to $85 per sf, depending on the status of the tenant.

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