Scarborough real estate firm buys suburban Boston office complex
The RAM Cos., a real estate company founded by a pioneer in Old Port’s resurgence, paid $8.1 million for a suburban Boston commercial property anchored by a medical center.
The deal was for 261 and 267 Boston Road, a 97,403-square-foot property known as Corporate Place, not far from the Northwest Expressway corridor, in Billerica, Mass. The site houses a New England Rehabilitation outpatient clinic, a primary care facility of Lahey Hospital & Medical Center and S12 Technologies Inc. It is 85% occupied.
The acquisition bolsters RAM’s portfolio of high-quality, income-producing commercial and industrial properties along the Northwest Expressway corridor, which is about 35 minutes northwest of Boston.
“We have gained a strong foothold in and around the Merrimack Valley in greater Boston by sticking to a strategy of identifying and acquiring assets with healthy long-term investment potential,” said Brian A. Gagne, executive vice president of acquisitions and development at RAM. “With its solid tenants and ideal location, 261 and 267 Boston Road fit the bill. We couldn’t be more pleased to add such a strong property.”
Built in 1985 and 1986, the property is comprised of two Class B multi-tenant buildings — one at 61,795-square-feet and the other at 35,608-square-feet — on 13.2 acres.
RAM plans exterior upgrades, including improving the brickwork, new landscaping, repaving, installing energy efficient lighting and new signage.
RAM was founded by Howard A. Goldenfarb, who is credited with sparking the revival of Portland’s Old Port in the 1970s, buying and redeveloping more than 20 properties, including historic buildings.
Other projects include The Maine Outlet in Kittery, Citicorp Park in South Portland, Foreside Common in Falmouth and RiverPlace in South Portland.
It has property throughout New England and South Florida, as well as a Miami-based affiliate, Mile Marker Investments, a developer of luxury single family homes.
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