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WALTHAM, MA-A joint venture partnership between Boston Properties and Dallas-based Criterion Development Partners has taken ownership of a 32,530-sf flex building on 2.3 acres in Waltham’s Prospect Hill. The JV acquired the property from Eastport Real Estate Services and plans to turn the vacant one-story property into a mixed-use project.

Jack Englert, executive vice president with Criterion, tells GlobeSt.com that the 99 Third Ave. building, acquired under the entity BP 99 Third Avenue LLC, has good frontage and visibility along Route 128 and has the potential to be redeveloped for mixed use in one of the hottest locations along that highway.

“It is one of the premier locations in the Northeast and in the heart of the high tech corridor,” Englert says.

Boston Properties, which declined comment, has quietly been gathering buildings in Waltham’s Prospect Hill, including the 293,000-sf Prospect Place office building acquired in 2005 for $63 million, amid reports that the REIT plans to build a 600,000-sf urban campus on the site. The company owns six buildings in Waltham and according to an area broker is looking at other properties in the area.

The sale price was not disclosed. The 99 Third Ave building was marketed by James Elcock, Lisa Campoli, Pat Paladino and Elias Demakes, all with Meredith & Grew. They also procured the buyer.

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