The acquisition, Bayview's first in the Bay State, gives the Coral Gables, FL real estate investment and mortgage finance company an 11-story building that is about 50% occupied. "It's a very strong location being in the center of the financial district and it lays out well for smaller tenants," Elizabeth Carrillo Thomas, senior vice president with CB Richard Ellis/Melody Capital Markets, tells GlobeSt.com.
"We marketed the property to hotel and residential developers, as well as to office investors and received interest from buyers in all three asset classes," says Carrillo Thomas. "Investors and developers liked the property's location, which is at the center of the Financial District, and recognized the upside potential of the property given the proper reinvestment." She adds that least five hotel groups were eying the property for possible conversion into a boutique hotel.
The new owner plans to retain the property for office use, she notes. Carrillo Thomas and Dave McElroy, first vice president of CBRE|Melody Capital Markets, represented the seller and procured the buyer.
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