News: Front Section
Posted: September 18, 2020
R.J. Kelly Co., Inc. purchases 405 Cochituate for $12.4 million - sale handled by Colliers International
Framingham, MA Despite incredibly light capital market activity in the office sector the last several months, Colliers International Group Inc. completed the $12.4 million sale of class A office asset at 405 Cochituate Rd.
Led by Colliers’ managing director of investment sales Frank Petz and senior advisor John Nasca, the 42,548 s/f office building is currently 100% leased to nine quality tenants, including Fidelity Investments and Liberty Mutual.
Colliers represented seller, Park Square Revival Corp., in the sale to Burlington-based investor/developer, R.J. Kelly Co., Inc.
“It’s great to close on an office transaction that was marketed pre-COVID-19 and diligenced during the pandemic,” said Petz. “Recognizing the resiliency of suburban office, R.J. Kelly held to their original pricing and lived up to their reputation as a solid buyer.”
“We are delighted to have purchased 405 Cochituate Rd. in Framingham,” said R.J. Kelly vice president of finance Benjamin May. “The acquisition fits perfectly into R.J. Kelly Co.’s already extensive portfolio of exceptionally well-located suburban office assets in the metro Boston market. It was attractive due to its unmatched visibility and its stable and diverse roster of both national and long-standing local tenants.”
In addition to Petz and Nasca negotiating the sale, Colliers capital markets teammates, executive vice president Jeff Black and assistant vice president Bryan Koop, arranged acquisition financing on behalf of R.J. Kelly Co.
Tags:
Front Section
MORE FROM Front Section
Front Section
McEvoy of The Conrad Group brokers $2.9 million sale of industrial building
Hingham, MA The Conrad Group has brokered the sale of 55 Research Rd., South Shore Park. The property consists of a 20,340 s/f single story manufacturing building on two acres of land.
Columns and Thought Leadership
5 Questions to ask when choosing a real estate broker - by Elizabeth Perez Barlett
>They say, “April showers bring May flowers,” but this season may bring more movement in the housing market as springtime is one of the most popular times for home buying and selling. Although spring is one of the strongest seasons for the residential market, it may not be all rosebuds and butterflies if you don’t have the right advisors.
The doctor is in: How medical leases differ from retail and office spaces - by Brian Cafferty
As healthcare facilities, often referred to as “Doc in a Box” clinics, increasingly move into traditional retail spaces, landlords are more frequently leasing to medical tenants. Unlike standard retail or office leases, medical facilities come with a unique set of considerations that must be carefully addressed to ensure a successful tenancy.
Investing in a falling rate environment - by Harrison Klein
Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
It’s time to get creative with closed college campuses - by Christian Koulichkov
Facing higher costs, shrinking enrollments, reduced state funding and severe demographic headwinds, many colleges and universities in New England and the Northeast are fighting for survival. The latest to lose the battle is the 150 + year old University of the Arts in
