Avison Young
News: Front Section
Posted: October 26, 2018
Dickason and Jamieson of Avison Young broker $18.1 million portfolio sale
Represented the seller, Calare Properties
Marlborough, MA Avison Young has negotiated the sale of a two-building, 134,404 s/f, flex portfolio in Greater Boston’s I-495 market for $18.1 million.
Brandon Dickason, senior vice-president and Scott Jamieson, a principal of Avison Young based in Boston, represented the seller, Calare Properties. The buyer was True Associates. In conjunction with the sale, Bill Sullivan and Jon Pezzoni, who serve as a senior vice-president and senior associate, respectively, provided leasing guidance.
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The 59,404 s/f building located at 261 Cedar Hill St. includes tenants Vention Medical Design & Development and Accredo Health Group. The 75,000 s/f building located at 753 Forest St. is anchored by Volkswagon Group of America and Richardson Electronics.
“Calare Properties has done a fantastic job managing the buildings and maintaining a high-quality roster of tenants,” said Dickason, “It came as no surprise when True Associates jumped at the opportunity to purchase this portfolio. In doing so, True signified a return to a market where it first cut its teeth. We could not be more pleased to assist Calare Properties in the seamless sale of these terrific assets.”
“Our team saw great value in these single story, highly functional, industrial flex assets due to the low vacancy rates in the market,” says Erin Gannon,vice president of property management at Calare.
“We executed our asset management plan as anticipated to extend tenants long-term and exit the buildings at 100% occupied providing a significant return to our investors.”
The two buildings are located near Rte. 20 and I-495 and I-90, and close the to retail, hospitality and entertainment plaza, Apex Center.
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