(Read more on the industrial market.)
WOBURN, MA-Tucked into a corner at the juncture of Interstates 93 and 95, the four-building, 227,000-sf commercial complex just acquired here by Quincy Mutual Fire Insurance Co. offers plenty of future potential, acknowledges investment advisor Garlan Morse. But while visions of a glitzy office complex bearing superior accessibility and visibility could be easily conjured up for the site along Olympia Ave., the principal of Boston-based Morris & Morse says his client's $15.7 million investment reflects the property's past and present performance as an industrial center.
“The buildings have always leased well,” Morse tells GlobeSt.com in explaining the interest. “It's a place where people like to do business.” All four properties are virtually full today, he notes, and it was that loyal tenant base that inspired the buyers to doggedly pursue the park. For the time being, the new ownership is happy to keep the status quo. “All we really want to do right now is listen to the tenants and respond to their needs,” says Morse. “We appreciate their dedication and want to make sure it is the best property it can be for them.”
The main tenant at the park is Charrette, an architectural/art supply company that occupies all 140,000 sf at 31 Olympia Ave. The sellers of the park were also the founders of Charrette, but those principals, Blair Brown and Lionel Spiro, have since divested their interest in the company. The entity that sold the Woburn assets was 2000 Mass Ave Associates.
CBRE/New England negotiated the sale on behalf of 2000 Mass Ave. Assoc., with principal Gary Lemire joined by Warrick Olney on that assignment. Lemire concurs that the complex enjoys a prized location, one so close to the highway that the marketing effort was interrupted when highway officials proposed taking a portion of the site to reconfigure the I-93/95 interchange. That concept has since been altered, says Morse, adding he believes the new design suggestions would only help to enhance the property should they ever be implemented.
Regardless of how the roadway scenario plays out, Lemire says he anticipates the property will perform well under the new ownership. “They are very experienced,” Lemire says of Morris & Morse. The investment sales specialist has now completed two recent acquisitions with the firm, having also brokered the sale of 10 Cabot Rd. in Medford earlier this month. That 105,000-sf building was also purchased on behalf of Quincy Mutual Fire Insurance Co., a Quincy-based company for whom Morris & Morse has acquired several Massachusetts assets this decade. In that instance, Lemire and colleagues William Moylan and Matt Pullen acted on behalf of Capital Properties. That $16.9 million sale was first reported by GlobeSt.com in its October 11th edition.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
