Colliers International Closes $12M Sale of Boston-Area Office Asset
- Sep 07, 2020
Colliers International has arranged the sale of a 42,548-square-foot office building in Framingham, Mass. Managing Director Frank Petz and Senior Advisor John Nasca represented the seller, Park Square Revival Corp. R.J. Kelly Co. acquired the Class A asset for $12.4 million. Executive Vice President Jeff Black and Assistant Vice President Bryan Koop arranged acquisition financing on behalf of the buyer. Last month, another Colliers team arranged the sale of a 24,000-square-foot self storage facility in Pflugerville, Texas.
Built in 2003, the Boston-area property is currently 100 percent leased. The tenant roster includes Fidelity Investments, Lander & Lander, Dental Specialty Partners of New England, Grossman Development Group, OnTo Mortgage, Strategic Retail Advisors and Liberty Mutual, among others.
Located at 405 Cochituate Road, the three-story asset covers 4 acres and provides 180 parking spaces. The building is situated 1 mile from Interstate 90 and 3 miles from downtown Framingham. The surrounding area features several retail and dining options, including Shoppers World, which is within walking distance of the property.