VinCo Properties, Inc., which specializes in value-added deals,took title to 78 Dragon Court from American Real Estate Holdings LPjust months after the New York seller decided to divest of its onlyBay State holding, Hunter Emerson, with CB Richards Ellis WhittierPartners' Boston office, tells GlobeSt.com.

Emerson says American Real Estate Holdings initially planned tolease the property but opted to sell rather than renovate thebuilding for tenant use. VinCo plans to invest more than $1 millionto renovate the structure's mechanical systems and common areasbefore putting it up for lease at per sf prices expected to rangein the mid-teens, substantially below the going rate of nearbyclass A office properties, he says.

"It's a value play for someone who wants good location andefficient space at a cost effective price," Emerson says. Heexpects the building will be fully leased within 12 to 18 months,once construction is complete. With four floors of office spaceranging from 15,000 sf to 20,000 sf and a high parking ratio, theproperty will lend itself well to a number of uses, includingmedical office or call center, he explains.