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NORWOOD, MA-A group of local investors has put down $6 million to buy a 97,000-sf office and R&D building here in a bid to cash in on improving market conditions. The group, known as 100 Morse Street LLC, acquired the 100 Morse St. building in an off-market deal with Frapag Realty Services Inc.

Gian Starita, with Lincoln Property Co.’s Boston office, tells GlobeSt.com that sale was one of several recently orchestrated by Frapag to divest of its New England holdings. The Jacksonville, FL-based real estate firm sold 156 Oak St. in Newton last year for about $22 million, according to records on file with the Middlesex County Registry of Deeds. It currently has another Newton property under agreement, Starita says. Frapag, which had its New England office at the 156 Oak St. property until relocating that office to Florida, could not be reached for comment by GlobeSt.com.

Starita says the buyers of the 100 Morse St. property saw the two story office and R&D building as a good opportunity to cash in on improving market conditions. “It’s a great looking building with good access to Route 1,” he says, noting that the property is almost fully leased with just 9,300 sf of office space still available for rent.

Two recent leases by In USA, a manufacturer of Ozone monitoring and control instrumentation system, and the consulting group Lonestar Consulting, filled 30,000 sf in the building with both firms taking about 15,000 sf. The 10-year lease by In USA, and the seven-year term for Lonestar doubled the size of both companies, Starita says. In USA, which moved from Needham, had previously been located in 8,000 sf. Lonestar was in about 7,000 sf before moving into the building, he notes.

The building sale was handled by Starita along with Austin Smith, also with Lincoln Property. The company represented the seller and procured the buyer. Both Smith and Starita also handled the leasing duties for the property.

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