News: Front Section
Posted: February 3, 2017
Alvarado, Parsons and Santiago of SVN | Parsons Commercial Group broker $4.375 million building sale
Marci Alvarado, SVN | Parsons
Jake Parsons, SVN | Parsons
Littleton, MA SVN | Parsons Commercial Group | Boston completed the sale of 305 Foster St. Marci Alvarado, Jake Parsons and Marilyn Santiago, commercial real estate advisors at SVN | Parsons handled the transaction on behalf of the seller. The new owner, 2641-2651 Santa Anna Avenue LLC, purchased the investment property for $4.375 million.
305 Foster Street - Littleton, MA
The seller, Foster Street Acquisitions LLC, owned the building since 2010, at that time, the building was nearly vacant. Foster Street immediately set out a plan to reposition the asset. A capital improvement program was put in place upgrading the lobby, cafeteria and common areas. Smaller tenant spaces were created allowing starts ups, who saw tremendous value of being located in this sub-market, the opportunity to be in a quality asset. The result was that most, if not all who did occupy at the time expanded.
The 80,064 s/f building accommodates a variety of companies including high tech office and R&D users set on 10.32 acre campus setting. The property is located at the intersection of Rte. 495 and Rte. 2 and is two minutes from the Littleton MBTA Commuter Rail stop on Fitchburg/South Acton commuter line to downtown Boston. The buildings have access to the I-128 inner loop and the I-495 outer beltways plus the Mass. Pike and Rte. 3 into Boston.
At the time of sale the property was over 80% occupied with high tech, medical device and software tech companies including credit tenants and publicly traded companies.
“We are pleased to have had the opportunity to work with the ownership on this transaction, commented Marci Alvarado, who is a Senior Advisor with SVN | Parsons Commercial Group | BOSTON. The building is in great condition and the tenants have all been long term occupants at the property. It is a quality asset that offers future upside for the new ownership.”
SVN | Parsons Commercial Group | Boston is a commercial real estate firm based in Framingham, Massachusetts. The company is a leading provider of commercial real estate services including, leasing (tenant and landlord representation), investment sales, property management, development and construction management services.
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