| Cathartes and Darin Buy $2.25m 90,000 SF
Midstate Office Park |
Auburn, MA (February 1995) The Cathartes Group, Ltd. has
negotiated the acquisition of Midstate Office Park. Midstate Office Park L.P.
has been formed, continuing an investment partner relationship between
Cathartes and Darin Associates, a real estate investment concern managed by
Darin Samaraweera.
The park was purchased from the FDIC through Recoll
Management, George Cole marketing manager. Jim Belli of Lynch Murphy Walsh
& Partners represented the seller. Tom Kelleher of Kelleher & Sadowsky
has been named leasing agent. The sales price, according to the registry of
deeds, was $2.25 million.
The property consists of 90,000 s/f of first
class office space in four separate two story buildings on some 10 acres. The
buildings were constructed between 1974 and 1984 on the accessible site off
exit 10 of the Mass. Pike, at the intersection of Rtes. I-90, I-395 and I-290.
Midstate provides tenants with Mass. Pike visibility and highway
access, 10 minutes from Rtes I-86 and I-495. "This central location is an
exciting leasing asset with Boston, Hartford, Providence, and Springfield all
within a 45 minutes radius," according to Tom Kelleher.
Current tenants
include ADP, Travelers, Prudential and National Mutual Insurance Cos. "In
addition to the prime location, this unique gradient site offers each tenant
ample parking with ground floor access to first and second floors," said Stu
Lubin, Cathartes partner. "We target specific properties on the strength of
current cash flow and premium market position," according to Jim Goldenberg,
partner with Cathartes. "Midstate Office Park will be a welcome addition to our
growing portfolio," he said.
The Cathartes Group, which acquired
commercial properties in Burlington, Cambridge and Taunton in recent months, is
a Boston RE investment firm working with regional, national and international
investment partners.
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