Ed Maher, executive director at Cushman & Wakefield's Boston office, tells GlobeSt.com that the property drew about a dozen offers when it was put on the market by seller Invesco Real Estate and Advance Realty Group about a month ago. Maher says interest in the property, which is on 15 acres, was exceptionally high because of its 90% occupancy rates and its Route 9 location not far from Route 495.
"This property has a lot going for it. The deal size was nice, the quality was nice and it was very well leased." Maher says KBS emerged as the best buyer because of both the firm's deal-closing track record and its recent $55-miillion acquisition of One Research Dr., also in Westboro.
The company also owns the Nagog Park, a nine-building complex in Acton, along with three office buildings in Chelmsford and one in Cambridge, John Kolb, assistant vice president of KBS' Boston office, tells GlobeSt.com. Kolb says the firm selected Westboro Executive Park because the property serves to complement its other Westboro holding, which serves larger tenants. The firm's latest acquisition is geared to small to mid-size users.
"We really like the fundamentals of the Westboro-Southboro market," Kolb says. "We feel it is posed for market rent recovery in the near future." Maher along with Cushman & Wakefield's Capital Markets Group of Robert E. Griffin, Jr., Marci Griffith Loeber and Christopher T. Griffin handled the deal for the seller and also procured the buyer.
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