Updated Apr 3, 2025
Joe Albanese Of Commodore Builders And Bill Cress Of Prospectus LLC Acquire Office In Newton For $23.8M
1210 1230 Washington Street
$23,800,000
$247/SF
Building Size
96,000 SF
Asset Type
Office
Closing
Apr 2, 2025
About this deal
AI
The asset involved in this transaction is an office building located at 1210-1230 Washington Street in Newton, MA. The property was sold for $23,800,000 and encompasses a total of 96,000 square feet, resulting in a price per square foot of $248.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $23,800,000
- Buyer: Joe Albanese - Commodore Builders
- Buyer: Bill Cress - Prospectus LLC
- Seller: Jon Davis - The Davis Cos.
- Seller: Paul Marcus - Marcus Partners
- Market: Newton, MA
- Square Feet: 96,000
- Price per Square Foot: $248
Commodore Builders, under the leadership of CEO Joe Albanese, and Prospectus LLC's Bill Cress executed the acquisition of the property, which will now serve as the new headquarters for Commodore Builders following this successful purchase.
On the Map
$23,800,000
$247/SF
Office
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Players
West Newton Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.67%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93