CANTON, MA-Less than 10 months after purchasing a nine-building portfolio in Shawmut Industrial Park for approximately $30 million, Leggat McCall Properties has sold off three of the properties for $13.5 million. Two other buildings are under agreement.
Two of the buildings, 5 and 105 Shawmut Rd., totaling 108,000 sf, were sold to Basad Realty for $10.25 million. The third property, a 38,000-sf building at 70 Shawmut Rd. was acquired by tenant Image Technology Specialists for $3.25 million. Two other properties at 60 and 75 Shawmut Rd. are under agreement and will close in the next few months, Addie Eagan development manager for the 471,000-sf park, tells GlobeSt.com. Both of those buildings are currently vacant but will be occupied by the new owners, she says.
"Demand has been brisk across a wide range of business sizes," notes Eagan, adding that all of the offers came in as unsolicited bids, primarily from individual users. Only the two-building sale to Basad was from an investor, she says. The company also is in negotiations with a number of condo buyers for delivery on units from 7,000 to 21,000 sf in early summer.
Eric Bacon, executive vice president of Leggat McCall Properties, said in a statement that the firm's business plan has always called for the property to be developed for user buyers. The Boston developer acquired all nine properties last June for approximately $30 million from New York City-based global investment group BlackRock Inc. with plans to turn between 150,000 sf and 200,000 sf, or three or four buildings, into industrial use condos. The firm is currently marketing individual buildings and business condos in the park, located off Route 128, for between $75 and $135 per sf.
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