21 Oct NEW BOSTON FUND SELLS MIDDLEBOROUGH OFFICE BUILDING FOR $6.1M
Gravitas Partners Capital has paid $6.1 million for a 58,510-square-foot office building in Middleborough, MA.
The single-story property, at 151 Campanelli Drive, was sold by The New Boston Fund, which purchased it in 2007 for 9.5 million. It is assessed at 5.9 million.
Originally home to Plymouth Savings Bank, 151 Campanelli is fully leased to Eastern Bank through 2019.
The I-495 South office/R&D submarket had a 13.8 percent availability rate in the third quarter, down from 20.9 percent for the same period last year. Meanwhile, office rents have been flat at around $22 per square foot, according to Cassidy Turley.
Colliers International represented New Boston Fund in the transaction.