News: Front Section
Posted: March 18, 2016
Boston Realty Advisors completes sale of 6-building office portfolio at Southwest Park for $13.4 million
Southwest Park, Westwood, MAWestwood, MA Boston Realty Advisors (BRA) has completed the final sale of a six-building office portfolio at Southwest Park. The portfolio totaling 102,183 s/f was sold in six separate transactions and involved six different buyers, five of whom intend to occupy all or a portion of the office space. The average price per square foot for the portfolio was $131 per s/f with an aggregate sale price of $13.4 million. The seller, MARIC, Inc., was represented by Jeremy Freid, Adam Meixner, Jordan Sneider and Tyler Griffin of BRA’ suburban team for all of the transactions.
MARIC, a Needham-based owner, manager and developer, acquired the office building portfolio for $104 per s/f in 2007. When plans for a mixed-use redevelopment project didn’t materialize, MARIC engaged BRA to sell the assets.
“With varying lease expirations over the last 18 months, our approach for the disposition of the portfolio was to strategically target end-user buyers. Given the lack of quality owner-user inventory within the Central 128 market, Southwest Park was a tremendous opportunity for owner-occupants,” said Freid, managing director and senior partner who led the sales efforts.
BRA represented both the seller and the buyer on the final sale of an 18,000 s/f building at 21-25 SWP to Scott Ravelson for $1.935 million. Colliers International and New Dover Associates acted as the buyer’s broker for two of the transactions.
About Boston Realty Advisors Boston Realty Advisors is a Boston-based, privately held commercial real estate brokerage firm. Our full-service platform includes investment sales, tenant and landlord representation, property consulting as well as debt finance and equity placement activities. The Central 95/Mass Pike team specializes in commercial real estate in the western suburban market. Over the last decade, the Suburban Team has consistently ranked amongst the top performers in this sub-market for office lease and sales transactions. Our team is hyper-focused on a highly-targeted geographic submarket, asset class, and deal size which enables them to develop a much deeper knowledgebase and cultivate powerful relationships.
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