Commercial real estate property sold for more than $63M

| Jan 14, 2017 | Commercial Real Estate

A real estate investment and management company recently completed a commercial property sale in Massachusetts. The commercial real estate property is an office building located in the city of Worcester. Another real estate investment partner acquired this property for a total of $63.5 million.

The office building spans more than 413,000 square feet. It underwent major renovations recently. Some of the renovations included building system-related upgrades and amenity upgrades. The building also features a common area and a lobby that is considered to be first class.

The amenities include a fitness center and a full-service cafeteria. There is also a conference center as well as volleyball and basketball courts. A capital markets company represented the seller, and a commercial real estate service firm arranged the buyer’s acquisition financing.

Commercial real estate matters in Massachusetts can be complex no matter how seemingly large or small a deal may be. If a potential buyer or seller does not approach a transaction in the proper way and cannot find common ground in the negotiating process, the deal can easily fall through. In addition, sometimes parties interested in buying commercial properties require advice regarding the specific performance of purchase agreements to ensure that the moves they make are ultimately in their best interests. In other cases, individuals may need assistance with resolving claims that are related to financing and construction performance. A Massachusetts business and commercial law attorney can help to structure commercial real estate transactions that minimize risk and maximize business opportunities in the long run.

Source: rebusinessonline.com, “Normandy Real Estate Partners Sells Office Building in Concord, Massachusetts, for $63.5M“, Amy Works, January 10, 2017