The deal is an important one for the Route 128/Northwest market where vacancy rates still hover around 25.5%, according to Grubb & Ellis's second quarter report. The report indicates that lease rates for this area are about $22.60 per sf.
The building is a 40,000 sf multi-tenanted medical building located near Emerson Hospital. Concord Hillside Medical Associates has occupied the building for the last eight years and has recently merged with Harvard Vanguard.
Riverside purchased the building as 12 medical condominiums five years ago, and subsequently did a reverse condo conversion, thereby making it a single owned medical facility. Mark Levy, Riverside's president, notes that the signing of this lease "completes the repositioning of this asset that we had envisioned at the purchase."
Wellesley, MA-based Riverside Properties specializes in add value opportunities of retail, medical office, industrial and multifamily properties.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.