January 16, 2017 – SVN® | Parsons Commercial Group | Boston announced the completion of the sale of 305 Foster Street in Littleton, Massachusetts. Marci Alvarado, Jake Parsons, Jason Blackburn & Marilyn Santiago handled the transaction on behalf of the seller. The new owner, 2641-2651 Santa Anna Avenue LLC, out of Leominster, MA purchased the investment property for $4,375,000.
When the seller, Foster Street Acquisitions LLC, purchased the 80,000 square foot high-tech office and R&D building in 2010, the building was nearly 100% vacant, and they immediately set out a plan to re-position the asset. A capital improvement program was put in place- upgrading the lobby, cafeteria and common areas. Smaller tenant spaces were created allowing starts-ups the option to be located in a quality asset with the opportunity to expand within the building.
At the time of sale, the property was over 83% occupied with high-tech, medical device and software companies including quality credit tenants and publicly-traded companies. “We are pleased to have had the opportunity to work with the ownership on this transaction. The building is in great condition, and the tenants have all been long term occupants at the property. It is a quality asset that offers future upside for the new ownership,” commented Marci Alvarado, who is a Senior Advisor with SVN® | Parsons Commercial Group | BOSTON.