MARIC Finalizes $13.4M Disposition of Six Office Buildings in Southwest Park, Boston Realty Advisors Brokers
Boston Realty Advisors (BRA) is pleased to announce that MARIC, Inc. has completed the final sale of a six-building office portfolio at Southwest Park in Westwood, MA. The portfolio totaling 102,183 SF was sold in six separate transactions and involved six different buyers, five of whom intend to occupy all or a portion of the office space. The average price per square foot for the portfolio was $131/SF with an aggregate sale price of $13.4 million.
Boston, MA, February 23, 2016 (Newswire.com) - Boston Realty Advisors (BRA) is pleased to announce that MARIC, Inc. has completed the final sale of a six-building office portfolio at Southwest Park in Westwood, MA. The portfolio totaling 102,183 SF was sold in six separate transactions and involved six different buyers, five of whom intend to occupy all or a portion of the office space. The average price per square foot for the portfolio was $131/SF with an aggregate sale price of $13.4 million. MARIC was represented by Jeremy Freid, Adam Meixner, Jordan Sneider and Tyler Griffin of Boston Realty Advisors’ Suburban Team for all of the transactions.
MARIC, Inc, a Needham-based owner, manager and developer, acquired the Westwood office building portfolio for $104/SF in 2007. When plans for a mixed-use redevelopment project didn’t materialize, MARIC engaged Boston Realty Advisors to sell the assets.
"With varying lease expirations over the last 18 months, our approach for the disposition of the portfolio was to strategically target end-user buyers. Given the lack of quality owner-user inventory within the Central 128 market, Southwest Park was a tremendous opportunity for owner-occupants," explained Jeremy Freid, Managing Director and Senior Partner who led the sales efforts.
Jeremy Freid, Managing Director and Senior Partner
“With varying lease expirations over the last 18 months, our approach for the disposition of the portfolio was to strategically target end-user buyers. Given the lack of quality owner-user inventory within the Central 128 market, Southwest Park was a tremendous opportunity for owner-occupants,” explained Jeremy Freid, Managing Director and Senior Partner who led the sales efforts.
Boston Realty Advisors represented both the seller and the buyer on the final sale of an 18,000 SF building at 21-25 SWP to Scott Ravelson for $1,935,000. Colliers International and New Dover Associates acted as the buyer’s broker for two of the transactions.
About Boston Realty Advisors
Boston Realty Advisors is a Boston-based, privately held commercial real estate brokerage firm. Our full-service platform includes investment sales, tenant and landlord representation, property consulting as well as debt finance and equity placement activities.
The Central 95/Mass Pike team specializes in commercial real estate in the western suburban market. Over the last decade, the Suburban Team has consistently ranked amongst the top performers in this sub-market for office lease and sales transactions. Our team is hyper-focused on a highly-targeted geographic submarket, asset class, and deal size which enables them to develop a much deeper knowledge base and cultivate powerful relationships.