| Cathartes Group Handles Acquisition of
Burlington Center II |
Burlington, MA (June 1993) The Cathartes Group of Boston has
handled the acquisition of Burlington Business Center II. Listing broker,
Meredith & Grew represented the property's title holders in the
disposition. The sale price was $9.93 million according to the registry of
deeds.
"We consider Burlington to be one of the strongest suburban
office markets in eastern Massachusetts," said Jim Goldenberg of The Cathartes
Group. "Burlington Business Center II offered an opportunity to acquire an
institutional grade investment property with a strong cash flow at well below
replacement costs."
The property at 77 South Bedford Street contains
142,000 s/f of first class office space in five floors, situation on a 6.5 acre
site. The 17 acre, two building master-planned Burlington Business Center was
developed by Cabot, Cabot & Forbes with Building II completed in late 1985.
This location offers Rte. 128 frontage between the intersections of Rte 3 and
3A, less than 5 miles from I-93 and 12 miles from the 128, Mass. Pike
intersection.
Currently the property is at 90% occupancy.
"Few
investors can devote the time and resources required to sort through the
available opportunities, perform the necessary due diligence and financial
analysis needed to determine value as well as acquire the knowledge and skills
necessary to effectively negotiate a transaction within the institutional
structure of the current ownership. This is our role," said Stuart Lubin of
Cathartes, a Boston-based acquisition and asset management firm servicing
regional, national and international investment interests, focusing on the
acquisition of office, retail and industrial/R&D space within the I-495
belt.
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