Kintetsu Sale of 92,000-SF Property Tops $6M

STONEHAM, MA-Kintetsu World Express has sold 200 Fallon Rd. to Park Avenue LLC for $6.4 million. The transaction involved a partial leaseback component in which the Japan-based company is taking 30,000-sf of space in the 92,000-sf office/industrial asset for 10 years.

“It was a good time for them to sell,” Phillip Burgess, president of Malden, MA-based Burgess Properties Inc. tells GlobeSt.com. Burgess represented the seller and procured the buyer in the deal. He points out that there is heavy demand for these types of buildings lately, with a solid return and credit-worthy tenants. “The stock market is doing poorly,” he says. “Now everyone is chasing after the same type of properties.”

The building is fully leased with Airborne Express taking the other 60,000 sf. Airborne has eight years left on its lease. Burgess declined to reveal the lease rate in the building but the average rate in the area if $7 per sf. He says that there was a lot of interest in the property, which was on the market for about 90 days before it sold.