UrbanAmerica Sheds Distressed Suburban Boston Office Asset

The 104,527-square-foot office building in Concord, Mass., changed hands through an $11 million trustee sale. The New England District of the Army Corps of Engineers has been occupying it since 1997.
696 Virginia Road, Concord, Mass.

Azad Legacy Partners has acquired a 104,527-square-foot office building in Concord, Mass. The company purchased the asset, previously owned by UrbanAmerica, through a trustee sale for $11 million. Additionally, East Boston Savings Bank provided a five-year, fixed-rate $7.2 million acquisition loan.

Although completed in 1962 and expanded in 1977, the property was rebuilt entirely in 1997 in order to accommodate the current tenant’s needs, as New England District of the Army Corps of Engineers has been occupying it for more than two decades. The facility comprises two interconnected buildings with plenty of parking.

Transit-oriented bedroom community

The asset spreads across 28 acres at 696 Virginia Road and sits close to major roads such as Interstate 95 and Route 128, while Boston is under 20 miles away. The area is populated by government agencies and communities, and the 10,000-member Hanscom Air Force Base is within walking distance.

HFF’s team of Coleman Benedict, Christopher Phaneuf and Ben Sayles represented the seller in the transaction, while Martha Nay arranged the financing.

The opportunity to acquire 696 Virginia Road was hotly contested and is emblematic of a trend we are seeing in the market today—well-located assets with durable income and upside potential continue to be highly sought after by investors,” Sayles said in a prepared statement.

According to Yardi Matrix, the building previously traded in 2008, when UrbanAmerica acquired it from Rubicon Asset Management for no less than $30 million.

Image courtesy of Yardi Matrix