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BOSTON, March 12, 2018 – JLL's Capital Markets experts recently announced the sale of 10 Cabot Road in Medford, MA, on behalf of Greater Boston-based Morris & Morse Company, Inc. KS Partners purchased the 107,026-square-foot office building for $25 million. Managing Director Frank Petz, Senior Vice President Matthew Sherry, and Associate Scott Carpenter led the JLL team on the sale.
Petz commented, "The sale of 10 Cabot Road attracted a wide variety of investors who grasped the continued growth of Cambridge and Somerville along the Orange Line, and valued the repositioning of the asset by the ownership team at Morris & Morse."
Morris & Morse partner, Jody Morse, added, "We were very pleased with the interest level the offering received and the efficient process managed by JLL. KS Partners was a very professional and experienced buyer."
At the time of sale, 10 Cabot Road was 79% leased to nine tenants, anchored by Bond Brothers, Inc. The building is located just 4 miles north of Downtown Boston with immediate access to the MBTA Orange Line and Route I-93, giving tenants direct access in and out of the city. Boston's overall Inner North office market has become incredibly tight and competitive, as evidenced by its sub 7.0% vacancy rate and asking rent growth above of 10.0% year-over-year. Commercial development in the Medford area – inclusive of office, residential, and retail projects – has spurred the influx of tenant demand. Morris & Morse had acquired the property in 2007 on behalf of its client, Quincy Mutual Insurance.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, JLL Capital Markets completed $136 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion and fee revenue of $6.7 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
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