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News: Front Section
Posted: September 18, 2015
American Realty Advisors completes sale of 294,663 s/f office complex
Waltham, MA American Realty Advisors completed the sale of an office complex comprising 294,663 s/f. The property, which was sold to a strategic buyer for an undisclosed amount, consists of three buildings that are situated in one of the Boston metro’s premier suburban markets, according to Scott Darling, president of American Realty Advisors.
10, 40, and 52 Second Avenue - Waltham, MA“There is currently tremendous investor interest in high-quality Boston area office assets and this is driving prices to a premium,” said Darling. “Investors are willing to stretch for well-located premium assets with long term income stability. With a favorable market climate and our strategic management of the asset, American was able to achieve a favorable disposition execution. This was clearly the ideal time to sell this property.”
Prior to the sale, American successfully extended the lease term with the existing anchor tenant. The asset was 94% occupied at time of sale. Major leases in the property include its primary tenant, Massachusetts General Physicians Organization, Inc. and National Grid, the office complex’s second largest tenant.
“We stabilized a steady stream of income and significantly enhanced the property’s value during our ownership,” said Darling. “This increased and stable NOI was a key factor in strengthening the value of the asset.”
The office complex is located at 10, 40, and 52 Second Ave. The property is accessible via exit 27 off Route 128, providing excellent visibility on Second Avenue and convenient access to Route 128, according to American.
With over $7 billion in assets under management, American Realty Advisors is an investment manager to institutional investors, and has provided real estate investment management services for over 27 years utilizing core and value-added commingled funds and separate accounts. American acquires assets directly or provides equity, preferred equity, mezzanine debt, debt, and hybrid debt to primary investors and developers operating throughout the United States for office, industrial, multi-family, and retail properties.
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