"There were multiple parties and multiple offers," Jonathan Aron with NAI Hunneman's Boston office tells GlobeSt.com, referring to the surge of interest in the fully leased property. He adds interest in the property, part of the Campanelli Industrial Park, was intense because of both its creditworthy, long-term tenant and its prime location just off Route 24 within 15 minutes of Boston.
"It's a strong identifiable location and it has a good tenant who has a fairly long history in the property and just renewed for an additional five year term," he says, noting that tenant Office Max, which occupies all of the building, operates its warehouse and distribution facility from the site.
AMB declined to discuss details of the sale. Margan Mitchell, vice president of corporate communications for the company, says in a statement that it is AMB's policy not to comment on rumored or pending acquisitions. "We comment on completed transactions in our quarterly earning announcement and supplemental materials," she says. Information on that transaction is expected to be released on Oct. 11 following the close of business, she adds.
Aron says the building fit in well with the company's existing portfolio since the firm currently owns several other properties in the same industrial park. AMB also owns property in Braintree, Boston, Stoughton, Mansfield, Foxborough and Somerville.
"From an investment viewpoint, this property provides a solid rate of return with good intermediate to long-term potential," he notes. Aron, along with Bob Tito, also with NAI Hunneman, handled the transaction for the seller, Capstone 75 Campanelli Parkway, LLC, and procured the buyer.
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