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CANTON, MA-The plot is expanding on recent sales activity at the Canton Corporate Center where two buildings have now been secured by Rugby Realty Co., a New Rochelle, NY-based investor whose ownership is tied to local life sciences company Organogenesis Inc. Rugby has acquired both 85 and 275 Dan Rd., paying $5.1 million for each property.

“There are some good tenants in the park,” says DTZ FHO Partners principal Sean Teague, who represented Rugby Realty Co. in its purchase of 275 Dan Rd. from an affiliate of CWCapital Management. Teague handled the negotiations along with DTZ FHO principal Joseph Fallon and Associate Leeanne Rizzo. The building has 100,000 sf and is partly leased to Pollak Engineering. About 40,000 sf is available for lease in the single-story flex asset, which once served as home to Corporate Software. The seller was represented by Richards Barry Joyce & Partners and its investment sales team of Richard Bradbury and Richard Herlihy, along with principal Michael Frisoli.

Teague also assisted Rugby Realty in its purchase of 85 Dan Rd., a deal reported by GlobeSt.com in its March 7 edition. Teague stresses that the New York group is the real buyer of 85 Dan Rd., and not Organogenesis, which is headquartered at 150 Dan Rd. Even so, he concurs that the life sciences company is likely to occupy the 80,000-sf flex/R&D building under a lease agreement with the buying entity, 85 Dan Rd. Associates LLC. Besides Organogenesis president Geoff MacKay, other officers of that LLC who are active in Rugby Realty include co-founder Alan Ades and Albert Erani.

Although the South flex market ended 2007 on a down note, Teague says he is encouraged by the pace of demand to date in 2008, with tenants being driven down Route 128 from the core Waltham stretch by a lack of supply and rising rental rates. “It has become a pretty good option for manufacturing and back office use,” says Teague. Several recent buys indicate real estate investors are equally optimistic about the South submarket. “It has come a long ways,” says Teague, with the area struggling in the mid-1980s along with other suburban Boston communities before mounting a comeback.

Rugby Realty Co. has a diverse investment portfolio ranging from flex and office space to industrial and multifamily assets. The company is in multiple markets nationally, including Connecticut, New York and Florida, and has a particular focus on Pittsburgh fueled by co-founder Aaron Stauber. As in the case of 85 Dan Rd., Northeast Community Bank of White Plains financed the purchase of 275 Dan Rd., providing a $3.9-million loan.

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