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WEYMOUTH, MA-Bates Investment Trust sold the Weymouth Office Park at 541–555 Columbian St. in South Weymouth for $1.6 million. F. P. Giglio Enterprises, a real estate investment company, acquired the three-building office complex.

Aidan Murray of the Grossman Cos. Inc. represented both parties in the transaction. The office park consists of 31,000 sf in three buildings situated on 3.65 acres with parking. According to Murray, the property offers “an excellent opportunity to create additional value” due to its proximity to Routes 18 and 3, South Shore Hospital, numerous professional, medical and retail establishments and Weymouth Fitness & Tennis Club.

Murray tells GlobeSt.com that the complex is 95% leased to a variety of smaller, professional tenants. Murray declined to reveal lease rates at the park, but notes that the new owners will be leasing the space at market rate. The average asking rent for office space in the area according to Grubb & Ellis’s most recent statistics is about $23 per sf.

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