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North Colony Asset Management Acquires Properties From Campanelli For $28.35 Million In Quincy

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SOLD
$28,350,000

Massachusetts

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Office160,912 SF
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SOLD

North Colony Asset Management Acquires Properties From Campanelli For $28.35 Million In Quincy

108 Myrtle St, Quincy, MA, 02171

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Office160,912 SF
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Summary

MASSACHUSETTS
Asset Type:Office
Price Per Square Foot:$176
Total Square Footage:160,912 SF
Transaction Type:Sale

The property involved in this transaction is located at 108 Myrtle St, Quincy, MA, 02171. The sale was for a total price of $28,350,000.00 and encompasses a total square footage of 160,912. The property is situated in the Quincy market.

Summary of transaction details:

  • Property Type: Class A office building
  • Transaction Amount: $28,350,000.00
  • Address: 108 Myrtle St, Quincy, MA, 02171
  • Market: Quincy
  • Seller: Campanelli
  • Buyer: North Colony Asset Management
  • Seller's Representative: Matthew (Matt) Pullen - Newmark
  • Broker: Edward Maher - Newmark
  • Square Footage: 160,912

The transaction was overseen by a team from Newmark, including U.S. head of capital markets Robert Griffin, vice chairman Edward Maher, executive managing director Matthew Pullen, director James Tribble, and associate director Samantha Hallowell. The sale was executed on behalf of Campanelli, a firm with extensive development experience in Quincy, with support from other NKF personnel such as Michael Frisoli and Tyler McGrail.

Players

Matthew (Matt) Pullen
57 deals$6.2B volume
BROKER

Edward Maher
Newmark
57 deals$6.7B volume
BROKER

BUYER

Details

SOLD
IMAGE: 108 Myrtle St, Quincy, MA, 02171 MARKET: Quincy SELLER'S REP: Matthew (Matt) Pullen -Newmark BROKERS: Edward Maher -Newmark BUYER: North Colony Asset Management SELLER: Campanelli PRICE: $28,350,000.00 SF: 160912

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,512,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$100,721.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$134,393.46
Annual Debt Service$1,612,721.56