WALTHAM, MA—Ferris Development has acquired two class B office properties, 1432 and 1440 Main St. in Waltham, for $22.3 million.
A partnership of Charles River Realty Investors LLC and Crosspoint Associates Inc. was represented by Transwestern-RBJ in the disposition of the assets.
Transwestern-RBJ senior vice president Chris Skeffington, partners John Lashar and Ron Friedman, and vice president Roy Sandeman represented the seller and procured the buyer.
“Waltham's class A office market is becoming increasingly tight, putting high-end class B buildings like 1432 and 1440 Main St. in high demand,” said Skeffington. “These buildings are well-positioned to benefit from the rising tide within the class B office market.”
Transwestern-RBJ has been retained as the exclusive leasing agent and property manager for the buildings. Ferris Development plans to invest in upgrades to the base infrastructure of the buildings and make cosmetic improvements to the lobbies, common areas and restrooms.
The two-building portfolio totals 134,839 square feet of office space and is approximately 90% occupied. The buildings are located in a very active area of Waltham in the Route 128 West submarket that is currently experiencing new build-to-suit developments by major office tenants, as well as new restaurant and retail amenities, including Ruth's Chris Steak House, Marshalls and Market Basket.
The Route 128 West submarket consisted of 22.3 million square feet of office space with 10.5% vacancy at the close of fourth-quarter 2014, according to research by Transwestern-RBJ.
Formed in 2006, Charles River Realty Investors is a private equity real estate investment firm that employs the extensive operating and investment experience of its team to make value-added real estate investments on behalf of its institutional clients through a series of discretionary closed-end funds. The firm invested its Charles River Realty Fund I, L.P., into $1.1 billion of value-added real estate investments in the Northeast and is currently deploying its $255 million Fund II.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
