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Boston Business Journal
June 14, 2005
On behalf of BlackRock Realty Advisors Inc., Cushman & Wakefield of Massachusetts Inc. confirmed that the sale of a portion of Shawmut Park in Canton has closed, with Leggat McCall Properties LLC acquiring the property for $29 million.
Nine buildings in the 34-building park were originally put on the market last year for $32 million.
The 471,458-square-foot park is suitable for office/R&D and light assembly uses and is occupied by tenants such as Acambis, DuPont, DelMonte Foods and Thyssen Krupp. According to a statement from Cushman & Wakefield, which brokered the sale of the property, GE has recently committed to a 60,000 square foot presence in Shawmut Park under the terms of a long-term lease.
The vacancy rate for the entire 1.2 million-square-foot, 34-building park is close to 20 percent. Leggat McCall plans to convert 250,000 square feet of its nine-building portfolio into industrial condos.
Leggat's purchase makes it the largest landlord in the park.
The park is located in a growing community and is near major highways including Interstate 95 and Route 128. The nine assets included in the offering are: 5, 50, 60,65, 70, 75, 95, 105 and 110 Shawmut Park.