CHELMSFORD, MA-New Boston Fund has spent $13 million for two suburban buildings totaling 203,265 sf. Its portfolio in Massachusetts now measures 27.
"There were lots of bidders, lots of interest" in the 10 and 20 Industrial Ave. buildings, Scott Jamieson with Spaulding & Slye Colliers tells GlobeSt.com. The Boston-based investment firm's offers on the properties--an 84,400 sf R&D building at 10 Industrial Ave. and a 118,900 sf industrial asset just down the street--topped the bidding. The seller was Berkley Investments.
Jamieson says the buildings offer the new owner a value-added opportunity with a long-term, government lease at 10 Industrial Ave. The other property is about 50% leased to Bradco Supply, a building supply firm. Both the seller and buyer were assisted by Jamieson, along with Michael Smith, Cappy Daume, and Gail McDonough, all with Spaulding & Slye Colliers.
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