$5M Buys Carruth Capital 49,900-SF Office

WOBURN, MA-Carruth Capital LLC has put down $5.4 million to take ownership of Baldwin Park I. The deal bought the real estate investment firm a sister property to Baldwin Park II, which it acquired 10 years ago.

David L. Pergola, with Meredith & Grew’s Boston office, tells GlobeSt.com that the 49,900-sf building drew six offers when it was put on the market several months ago. The building’s location in one of Boston’s prime suburban office markets along with its strong leasing activity generated the strong interest in the property, he says. “It’s an excellent building.” The three-story, brick faced, multi-tenant office building at 12 Alfred St. is 86% leased.

Situated on three acres of land, Baldwin Park I is located off Interstate 93 and Route 3 and adjacent to the 62,267-sf Baldwin Park II. The firm’s latest asset was acquired from Winstanley Enterprises Inc., a Concord-real estate development and investment firm which purchased the property in 1993 from New York Life Insurance Co. for $2.1 million, according to records on file with the Middlesex Registrar of Deeds.

Built in 1984, the class A property, which counts among its tenants Winchester Hospital, Vital Data Management Inc. and Sylvan Learning Centers, features an on-site gym, kitchen and conference area and leases for around $20 per sf. Baldwin Park I is among more than 50 properties owned by Carruth in Massachusetts.

The transaction was handled for Winstanley Enterprises by David L. Pergola along with Sarah B. Lagosh and David J. Pergola, all with Meredith & Grew’s Investment Sales group. The Meredith & Grew team also procured the buyer.