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Merchant Buy Gives Legacy Second Asset

SHARON, MA-The single-story flex building in suburban Boston is fully leased through the end of the decade.

By Joe Clements | Updated on June 08, 2008

SHARON, MA-A 30,000-sf flex building here is the latest conquest for Legacy Real Estate Ventures, the Waltham-based firm that launched an investment campaign earlier this year with a goal of making multiple property purchases throughout Greater Boston. The company paid $2.31 million for 6 Merchant St., a single-story structure fully leased to a half-dozen tenants.

“It has a good, solid tenant roster,” says Legacy President Michael Price, whose firm has now completed two acquisitions after earlier paying $7.3 million for a 26,000-sf medical office building in Framingham, as reported by GlobeSt.com. Occupancy at 6 Merchant St. has traditionally stayed at full capacity, according to Price, explaining that the structure caters to tenants needing 4,000 sf or less, a popular size requirement for the area. The first lease rollover will not occur until 2010, says Price, who expects upside from rental accretion when space ultimately frees up at the 20-year-old structure.

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