The Norwood Business Center in Norwood, Massachusetts has been sold for $14 million to Jumbo Capital Management. Totaling 155,975 square feet of office, flex and research and development space, the three-building portfolio is located at 1400 Providence Highway. The park is 95 percent occupied to a roster of more than 10 tenants across a variety of industries, including Advantage Waypoint, Tyco Integrated Security, and PPI Time Zero. Transwestern Consulting Group which represnted the seller, Calare Properties, and will be retained by the buyer to provide leasing services for the portfolio. The deal marks Jumbo Capital Management’s twelfth acquisition in the last year, totaling over $200 million in transactions.
“In just over two years of ownership, Calare has successfully executed on its business plan and has taken Norwood Business Center from 65 percent occupancy to what is now a stabilized and diversified portfolio at 95 percent leased,” said Vice President Roy Sandeman, TCG. “Jumbo Capital Management is well-positioned to benefit from Greater Boston’s thriving flex market, especially in the Route 128 South submarket, where the substantial positive absorption of the past three years is expected to continue to spur rental rate growth.”
