The deal comes on the heels of HRPT's purchase of the Campus at Cabot Business Park, an adjacent 380,000 sf multi-building campus. The Newton, MA-based firm now owns 575,000 sf of existing buildings as well as 150,000 sf of developable property in the area. HRPT recently raised more than $100 million in a public offering and has been actively pursuing deals.

Jim McCaffrey, principal at Trammell Crow Co., along with the firm's investment sales team represented the seller and procured the buyer in this transaction. McCaffrey tells GlobeSt.com that the center is fully leased to Tyco Healthcare, which also leases a building in Cabot. He notes that the tenants in Mansfield have "some good term" left on their leases. He points out that the deal is a positive one for Tyco because it can help the company "with any expansions or other issues with occupancy."

"This sale represents another indication of the interest in well leased, institutional quality assets in the metro Boston market," says McCaffrey. "We had excellent activity during the 90-day sales process and were pleased to have generated the results for our client." McCaffrey points out that in the three months the property was on the market there were about 13 offers, an average amount for this type of transaction. Lease rates for similar space in the area are about $20 per sf.