X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.