"It's a good sweet spot for a lot of investors," Richards BarryJoyce & Partners investment sales specialist Richard Herlihytells GlobeSt.com in acknowledging his firm has been retained topeddle the assets. The offering represents a good portion of thefive million sf that KS Partners founder Kambiz Shahbazi hasacquired in southern New Hampshire and Massachusetts during thepast decade. The Westborough holdings being harvested include 2200West Park Dr., a four-story, 75,000-sf first class property thatopened in 1999 and 115-117 Flanders Rd, a 21-year-old complextotaling 160,000 sf. KS is also selling 3 Riverside Dr. in Andover,165 Lexington Rd. in Billerica and 19 and 21 Alpha Rd. inChelmsford.

RBJ was initially hired last year to analyze the KS portfolio,and Herlihy explains there were congruities that led to the sevenbuildings being assembled for a joint sale, including having thesame debt source. "That was a key consideration," Herlihy says ofwhat he terms "favorable balanced sheet debt" that should comfortbuyers given the recent upheaval in the lending arena. It is also areason why the buildings will not be sold individually. Also, theproperties are at key junctures along I-495, notes Herlihy,something RBJ anticipates will attract investors seeking a criticalmass on the improving I-495 belt. The Andover building is near theI-93 interchange, while the Billerica and Chelmsford flexproperties are near the booming Route 3 corridor.

According to year-end figures by RBJ's research department,I-495 North posted 291,000 sf of positive net absorption in 2007,while I-495 West registered an impressive 504,000 sf. Rising rentsfrom Route 128 inward are fueling confidence that the I-495 beltwill continue to recover from the technology crash that began in2001. RBJ puts the I-495 vacancy rate at 20.8%, well below theregional peak. The KS Partners portfolio is about 75% leased,providing a blend of stability and upside for prospective buyers,according to RBJ. "It's a nice combination," says Herlihy, who ishandling the assignment with colleague Richard Bradbury.