WESTWOOD—Despite an amped up search using Oklahoma brokerage firm Stan Johnson Co. teamed with homegrown Boston Realty Advisors, a local investor has beat out heavy competition from a national stage to acquire Steward Healthcare System’s regional operations center at 30 Perwal St. The $13.0 million deal gives RJ Kelly Co. of Burlington a stabilized, net-leased building totaling 101,000 sf being peddled by Bulfinch Cos. less than three years after acquiring it from Campanelli for $9.5 million.
Parties involved in the transaction were unavailable to discuss the matter as of press deadline, but a market source tells Real Reporter the deal was consummated late last week. RJ Kelly is a family owned real estate company active in New England, with the firm earlier this year buying another Route 128 office building, that 100 Quannapowitt Pkwy. in Wakefield purchased for $31.0 million in a JLL-listed endeavor that closed in February.
The BRA contribution was overseen by Capital Markets leader Jason S. Weissman and Senior Partner Jeremy A. Freid, SIOR, along with Senior Partner Adam T. Meixner and Nicholas M. Herz, head of the debt and equity finance practice group. Stan Johnson Co. used Joseph P. Odom plus Senior Director Camille Renshaw, CCIM, Director Britton Burdette and Associate Director David Bailey.
Thirty Perwal St. has had an eventful decade after spending the previous 20 of its 45 years as a user-owned office and research building occupied by Analog Devices. Campanelli acquired it vacant from that technology firm in Sept. 2010 for just $3.8 million and did a speculative overhaul of the structure prior to signing Steward Healthcare to a longterm commitment. The asset was then traded to Bulfinch in Dec. 2012, with President Eric Schlager at the time praising the quality of the building, stable cash flow and location in an improving Route 128 South submarket.
Johnson Co., a specialist in single-tenant net leased real estate that has been expanding its role beyond the Midwest. “They have been cranking,” Freid says of the company while noting that BRA has a policy of welcoming co-brokerage arrangements if it provides greater exposure to an asset. “If the client says ‘I want to this to get exposure with every national player’, we are going to make sure that we (facilitate) their request,” he says. In February, for example, BRA’s multifamily practice joined forces with JLL’s team to co-broker a Wakefield apartment complex for the Richmond Cos., that a $25.3 million result for 114 apartments.Adam Meixner, Jason Weissman, Jeremy Freid, Nick Herz, Suburban Office