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BURLINGTON, MA-A joint venture of the Davis Cos. and Principal Real Estate Investors has acquired Burlington Centre, a 47-acre master-planned office campus here, from Multi-Employer Properties Trust. The four-building campus, which also includes a site for future development, traded for $109 million, somewhat exceeding the estimates of brokerage experts when MEPT put the property on the block this past spring.

TDC and Principal plan an extensive capital improvement and repositioning program on the 486,719-square-foot park, which is currently 77% leased. That compares to an average vacancy rate of 10% for the Burlington market. “Burlington is hot, it’s the darling of Boston’s suburbs,” Frank Petz, a managing director at Jones Lang LaSalle not involved with the sale, told the Boston Business Journal when MEPT put Burlington Centre up for sale in May after acquiring it in 1991 for $21.3 million.

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