NORWELL, MA-Jumbo Capital Management, LLC is laying out $7.9 million to purchase 600 Longwater Dr. here. The 70,113-square-foot office property sits in Assinippi Park, a commercial business park. Rader Properties procured the buyer and represented the seller, Oasis Longwater, LLC.
The property sits at 78% occupancy with a two-story atrium lobby and 23,000-square-foot floorplates. Rader Properties notes that the building was purchased below replacement cost. Rader tells GlobeSt.com that the buyers estimate $150 - $200 per square foot as the replacement cost, while they absconded with it for $115 per square foot, pointing out that there is “very little land available along Route 3.”
The renovations will be generally mechanical systems, HVAC and building signage. There is no estimate for the renovations, although certain suites will be tailored to the tenants. David Mitchell and Jim Rader of Rader Properties repped Rader in the proceedings. Rader will remain on to help lease the office.
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