R.J. Kelly Co. has bought 101 Station Touchdown, a 160,482-square-foot workplace property in Medford, Mass., for $11.8 million. The property traded from James Campbell Co., with the client securing acquisition financing from Cambridge Financial savings Financial institution.
The sale worth marks a notable low cost from the earlier time the asset modified possession, again in 2014, when James Campbell Co. paid $30.3 million for it, CommercialEdge reveals.
The five-story constructing at 101 Touchdown Station is on an roughly 2-acre lot, inside a 16-acre master-planned and transit-oriented growth. Near Wellington Station and to Interstate 93, the workplace constructing permits easy accessibility within the Higher Boston space. Downtown Boston in addition to Boston Logan Worldwide Airport are each 5 miles away.
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The workplace mid-rise consists of 4 passenger elevators, 32,397-square-foot ground plates and 511 parking spots, whereas facilities comprise a health heart and on-site café. The client plans to reposition the property, with plans calling for an enhanced tenant expertise, upgraded interiors, frequent areas and on-site facilities.
Newmark’s Co-Head of U.S. Capital Markets Robert Griffin, Government Vice Chairman Edward Mahler, Vice Chairman Matthew Pullen, Affiliate Director William Sleeper, along with Affiliate Administrators Joseph Alvarado and Casey Valente labored on behalf of the vendor and procured the client.
Moreover, the corporate’s Boston Debt & Structured Finance group of David Douvadjian, Sr., Government Managing Director Tomothy O’Donnell, Senior Managing Director David Douvadjian Jr. and Affiliate Director Conor Reenstierna represented RJK in securing the acquisition financing.
Low cost offers hit Boston, costs nonetheless up
Based on a current CommercialEdge report, Boston’s workplace transactions generated $543 million as of April. The quantity is greater than doubling the metro’s quantity from April final 12 months, whereas additionally posting a number of the highest sale costs, of $255 per sq. foot, rating eights amongst high U.S. markets.
Regardless of the nice greenback quantity generated thus far, there are some current offers in Boston during which properties bought at a major low cost. One such transaction is Northeastern College’s acquisition of Burlington BioCenter, a Class A life science property totaling 109,000 sq. toes. The corporate paid $33 million for it, with $70 million lower than its earlier sale in 2022.
In one other current deal, Synergy picked up 99 Excessive St., a 32-story workplace tower within the metropolis’s Monetary District for $227 million. The 730,208-square-foot asset traded with roughly $100 million much less it’s analysis. Nuveen was the vendor, that owned the constructing for twenty years.
