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| 10, 40, and 52 Second Avenue Office Complex, Waltham, MA |
WALTHAM, MA – American
Realty Advisors announced the sale of an office complex comprising 294,663
square feet located in Waltham, Massachusetts.
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| Scott Darling |
The property, which was
sold to a strategic buyer for an undisclosed amount, consists of three
buildings that are situated in one of the Boston metro’s premier suburban
markets, according to Scott Darling,
President of American Realty Advisors.
“There is currently
tremendous investor interest in high-quality Boston area office assets and this
is driving prices to a premium,” said Darling. “Investors are willing to
stretch for well-located premium assets with long term income stability.
“With a favorable market
climate and our strategic management of the asset, American was able to achieve
a favorable disposition execution. This
was clearly the ideal time to sell this property.”
Prior to the sale,
American successfully extended the lease term with the existing anchor
tenant. The asset was 94% occupied at
time of sale.
Major leases in the property include its primary tenant,
Massachusetts General Physicians Organization, Inc. and National Grid, the
office complex’s second largest tenant.
“We stabilized a steady
stream of income and significantly enhanced the property’s value during our
ownership,” continued Darling. “This increased and stable NOI was a key factor
in strengthening the value of the asset.”
For a
complete copy of the company’s news release, please contact:
Lexi Astfalk / Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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