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BOSTON-Fresh from the sale of a portfolio of seven self-storage properties, New York City-based Bulgroup Properties LP has picked up a 400,000-sf office, warehouse and manufacturing facility for $22 million. The deal earned Boston-based seller Berkeley Investments more than $6 million.

The 175 McClellan Highway building, which was purchased for $14.8 million in December, 2003 by a joint venture between Berkeley and Starwood Capital Group, was on the market for only a short time when Bulgroup made its $22 million offer, Phil Burgess with Burgess Properties of Malden tells GlobeSt.com. “The demand for income-producing investment property appears to be insatiable at this point in time. Coupled with the fact that 175 McClellan presents an excellent long-term redevelopment opportunity, there was never any doubt in my mind that this asset would move quickly.”

Located on 13.65 acres on Route 1A just one-half mile from Logan Airport and minutes from Downtown Boston, the building is fully occupied by seven tenants, including Syratech Corp., which sold the property to Berkeley two years ago. Other tenants include Sterlingwear of Boston, S&A Distributing, World Gym, Postal Credit Union and Budget Rent-A-Car.

Steven Brooks, vice president of asset management with Berkeley, tells GlobeSt.com that investment group’s intentions when it purchased the property were to lease it up and re-sell. “We’re not in it for the long-term hold. We executed our strategy to lease up the building and had positioned it for disposition.”

The acquisition comes just three months after the Bulgroup sold off its portfolio of seven Colorado self-storage properties in a $19.5-million transaction with U-Store-It, a Cleveland-based REIT. Officials from Bulgroup could not be reached for comment. The McClellan Highway sale was brokered for Berkley by Burgess, who also represented the buyer. Brooks also handled the transaction for Berkeley.

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