BRAINTREE, MA-The Hill may be staying in the Flatley Co.’s hometown real estate portfolio, but just about every other office property it has in this South Shore community is changing hands, according to sources. KS Partners LLC has reportedly tied up nearly a dozen buildings surrounding Flatley’s headquarters at the Braintree Hills Office Park, which reported last week was abruptly removed from the sales block after being offered for $120 million.

Founder and Boston real estate icon Thomas Flatley did not return phone calls on the matter, while a spokeswoman for KS Partners president Kambiz Shahbazi says the company would not comment on “rumors.” Shahbazi is a New York City-based investor with a knack for successfully repositioning commercial properties. A one-time retail specialist now focused on office/flex assets, Shahbazi has been active in New England for nearly a decade, purchasing nearly 70 properties and 4.6 million sf in that time. The roster includes 2007 acquisitions in Boston, Dedham and Wilmington that alone total more than $65 million.

The spokeswoman could not say whether Shahbazi has any other holdings near Braintree, but sources insist KS Partners will have a substantial foothold in the community should the deal with Flatley be finalized. The closing is slated to happen later this month or in early June, according to sources, who claim the assets include the Mark 128 Office Park, a two-building enclave at 140 and 150 Wood Rd.; the Blue Hills Commerce Center on Brooks Drive; and the Forbes Business Center on Forbes Road. A price estimate on the sale was not available, but one source says rents in the buildings tend to be in the $17-per-sf to $18-per-sf range on a gross basis. The portfolio is said to cover 11 buildings and about 420,000 sf of space.

One South Shore broker describes most of the inventory as “no-nonsense office space that works well for the local user.” A solid location and the seller’s reputation for maintaining its buildings should make for a prudent investment depending on the price, opines the source, who lists easy access to major roadways and the recovering office market as other likely reasons the buildings garnered the attention of KS Partners. Most observers describe the sales process as being an off-market deal, meaning that a limited number of prospects were approached. Flatley had openly offered the flagship Braintree Hills Office Park through a broker earlier this year before pulling it off shortly thereafter without any explanation.

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