ASSIGNMENT: MARIC, Inc., a Needham-based owner, manager and developer acquired a six building portfolio at Southwest Park in Westwood, MA in 2007 for $104/SF. MARIC, Inc. planned to turn it into a mixed-use redevelopment project. When that did not materialize, however, MARIC, Inc. engaged Boston Realty Advisors to sell the assets.
APPROACH: Boston Realty Advisors’ unique approach was to strategically target end-user buyers. The Boston Realty Advisors team noticed a lack of quality owner-user inventory in the Central 128 Market, which meant a great opportunity for owner-occupants at Southwest Park. The Southwest Park buildings were ideal for buyers seeking limited acquisition and operational costs and enhanced identity. Varying lease expirations over 18 months factored in to make targeting end-user buyers for each building a great option.
RESULT: Boston Realty Advisor’s Suburban team, including Jeremy Freid, Adam Meixner, Jordan Sneider and Tyler Griffin brokered all six building sales. Boston Realty Advisors represented both the buyer and seller in four of the six transactions. The transaction totaled 102,183 SF in six separate transactions with six different buyers. Five of the buyers intend to occupy all or a portion of the office space. The average price per square foot for the portfolio was $131/SF with an aggregate sale price of $13.4 million.
Tags: Suburban Office, Westwood MA