Despite much of the real estate industry turning on its head due to COVID-19, R.W. Holmes is demonstrating there is still an appetite for acquisitions in the metro Boston market. One of R.W. Holmes’ most recent deals is the August sale of 10 State Street, Woburn for $7,400,000 ($150/SF).
Ten State Street LLC, an affiliate of Worcester-based K & L Realty LLC, sold the 50,000 SF, 2-story office property to State St. Realty LLC, a family-owned real estate enterprise. The transaction ends K & L’s 14-year ownership, which saw significant capital upgrades to the building interior, exterior, and mechanical systems. The property was further stabilized in recent months by a long-term, 19,000 SFlease with RISO, Inc. The property is ideally located in proximity to several exciting amenity projects, including Woburn Village and Woburn Landing, and is a short distance from both 128 and I-93.
“The buyer is getting a strong asset in a growing area and should be positioned to do very well”, said George K. Tonna, President of K & L Realty. “It was a pleasure working with the Donahue Family and R.W. Holmes on the transaction.” Mike Ogasapian of R.W. Holmes also commented, “What attracted the buyer to the building was the current tenant roster and income paired with a strong value option for office space in the Woburn market. With rents in the building below market for office space, 10 State was an attractive investment not only for current rental income, but for re-leasing potential to backfill in the future if needed.”
The deal began in March just prior to the Governor’s order to shut down non-essential offices and went through due diligence during the heaviest wave of the COVID pandemic here in Massachusetts.
Even as businesses navigate these unusual times, the interest from local and institutional owners remains strong in the core suburban markets. ‘’We have been speaking with an increased number of owners considering selling their assets and owner occupants reassessing their portfolios,” noted Garry Holmes, President of R.W. Holmes Realty. Whether office or industrial assets, suburban properties with strong tenant rosters or attractive vacancy for an owner-occupant have been of interest to a wide pool of prospects. “We have several other properties under agreement now and a few owners preparing to come to market.”
R.W. Holmes congratulates both the Donahue Family and George K. Tonna of K & L Realty on the 10 State Street deal, and expects continued sales activity for the remainder of the year.
About R.W. Holmes Realty
Since 1976, R.W. Holmes Realty has assisted corporations and investor/developers with their local, national and international real estate needs. R.W. Holmes specializes in property leasing, investment sales, tenant representation, consulting, and asset management. www.rwholmes.com