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Boston Business Journal
April 5, 2006
Leggat McCall Properties LLC sold three buildings in the Shawmut Industrial Park totaling 146,000 square feet for $13.4 million. At the same time, the firm announced there are two other buildings in the park under agreement.
All three buildings are in the Shawmut Industrial Park in Canton, Mass. Two of the buildings -- at 5 and 105 Shawmut Road, totaling 108,000 square feet -- were sold to New Jersey-based Basad Realty Co. for $10.2 million. The third building, totaling 38,000 square feet, is located at 70 Shawmut Road and was sold to Image Technology Specialists Inc. for $3.2 million.
Boston-based Leggat McCall did not disclose details about the two other buildings that are under agreement, but said the sale is scheduled to close in the next several months. The buildings total 87,000 square feet and are within the 12-building industrial, office and R&D park.
Leggat bought nine buildings in the park, totaling 471,000 square feet, last June. Since then it has been marketing a portion of the property for sale as industrial condominiums, selling units to users and buyers for $75 to $135 per square foot.
Boston-based Leggat McCall Properties currently has more than $600 million of assets under development, including One First Street, an eight-building condominium development in Cambridge, Mass., the largest residential development in that city in five years. Since 1978, Leggat McCall Properties has developed or acquired more than seven million square feet of assets.