A 155,300 square foot Class B business park consisting of 3 office buildings located in Wakefield, Massachusetts, a north suburb of Boston. The properties were acquired in April 2005 for $11.25 million from TIAA Realty, Inc. for approximately $72 per square foot.
The investment strategy included leasing up the vacant space and upgrading the property. Prior to fully executing our strategy we received an attractive unsolicited offer. The asset was sold in December 2006 for $14.9 million; a 4.5% cap rate on in-place income.