No matter how troubled the market may be, the end of lazy summer days and advent of September always brings renewed expectations for increased activity on the commercial real estate front. Two recent deals in suburban Boston may signal that the hoped-for surge in investor and tenant interest is arriving on schedule.

Trammell Crow’s Boston Investment Sales Group has arranged the sale of Mansfield Corporate Center in Mansfield for $22.75 million. The two-building, 190,000-square-foot suburban office campus was sold by a public pension fund advised by LaSalle Investment Management of Colorado to HRPT, a publicly traded real estate investment trust based in Newton.

The sale follows HRPT’s recent purchase of The Campus at Cabot Business Park, an adjacent 380,000-square-foot multi-building campus, a transaction also brokered by Trammell Crow’s Investment Sales Team.

“In spite of the obvious downturn in the suburban office market, there continues to be a strong demand for Class A suburban office properties with medium- and long-term leases,” said principal Jim McCaffrey, who along with Trammell Crow colleagues Peter Joseph and Chris Phaneuf represented the seller and procured the buyer in the transaction. “In terms of the overall [marketing] process we saw excellent interest; we had more than 10 credible offers.”

In another suburban deal, the Boston office of CRESA Partners recently represented Implant Sciences Corp. in a 47,000-square-foot lease renewal and expansion at 107 Audubon Road in Wakefield. The company had previously leased 42,722 square feet of space at the same address.

The site serves as headquarters for Implant Sciences, an ion implantation company.

Cliff Hurley and Rick Lowe of CRESA represented Implant Sciences in the transaction, while Patrick Cavanaugh of Insignia/ESG negotiated on behalf of the landlord, TIAA Realty.

September Brings Surge In Suburbs

by Banker & Tradesman time to read: 1 min
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