American Realty Advisors Sells Three-Building Office Complex in Prime Boston Submarket

  

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. 

The office complex is located at 10, 40, and 52 Second Avenue in Waltham, Massachusetts.  The property is accessible via exit 27 off Route 128, providing excellent visibility on Second Avenue and convenient access to Route 128, according to American.

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

LAstfalk@browermillercole.com

 www.americanreal.com.