PLYMOUTH, MA-A Waltham developer has acquired four waterfront properties, including a landmark warehouse that once served as the headquarters for Ocean Spray's cranberry operation, for $6.4 million. Eastport Real Estate Services plans to upgrade the interior offices and lease up the buildings.
Michael Price, president of Eastport, tells GlobeSt.com that the firm acquired the properties in a behind-the-scenes deal with long-time owner Arnold B. Tofias, of Easton, after being introduced to him by Meredith & Grew broker, Jim Elcock, who handled the transaction for both parties. The company had been searching for investment opportunities in the Greater Boston area, Price says, but with real estate prices skyrocketing, the company decided to move out of its core area and look to Plymouth.
The transaction gave the firm 225 Water St., a 3.68-acre site containing the 80,000-sf Harborview office complex that was once a clam manufacturing facility before Ocean Spray took it over for its headquarters. In addition, Eastport also purchased 234 Water St., a commercial warehouse built in 1870 on one acre, a parking lot across from 243 Water St. and a wooden Cape-style home built around 1900 at 233 Water St.
Eastport plans to make some interior cosmetic improvements and begin a leasing program to increase the current occupancy of 80%. "We think we can get occupancy up to 85% or 90% pretty quickly," says Price. Eastport has a portfolio of 12 properties, most of which are a mix of multi-tenant, class B offices, including a 146,000-sf building in Framingham. The company also has developed and sold four child-care centers in Ashland, Hanover, Newburyport and Shrewsbury.
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