| Cathartes Group acquires 40,000 SF 275 Turnpike
St., Canton for $1.9 Million |
Canton, MA (August 1997) The Cathartes Group has completed the
acquisition of 275 Turnpike St. The limited liability company managed by
Cathartes has acquired the 40,000 s/f office property from Sun Life of Canada.
Michael Smith of Spaulding & Slye represented the seller. Jeff Johnston,
acquisitions manager for The Cathartes Group, handled the negotiations for his
firm.
The three-story office building is located on over two acres, two
miles from Rte. I-95, off Rte. 138. According to the registry of deeds the
sales price was approximately $1.9 million.
The Cathartes Group's
value-added strategy included necessary improvements to the parking area which
included expanding the lot to add 30 spaces. "Cathartes' strategy has been to
actively participate in the leasing during due diligence. At 275 Turnpike we
were successful in negotiating three transactions, totaling 11,500 s/f, prior
to closing," said Johnston. The building is currently 85% occupied with tenants
which include Motorola, FirstPlus Financial, and Pastene Foods.
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