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3 Speen Street

Ernie Herrman Of TJX Companies Acquires Office Properties In Framingham For $24.26M
SOLDOffice

Ernie Herrman Of TJX Companies Acquires Office Properties In Framingham For $24.26M

3 Speen Street & 5 Speen Street

$24,256,000

$80/SF

Building Size

300,000 SF

Asset Type

Office

Closing

Jan 27, 2025

AI

Ernie Herrman purchased the office properties located at 3 & 5 Speen Street in Framingham, MA for a total of $24,256,000. This acquisition includes two office buildings from the 1980s, offering a combined square footage of over 150,000 and situated on nearly 15 acres of land.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $24,256,000
  • Square Footage: 150,000
  • Price Per Square Foot: $162
  • Buyer: Ernie Herrman - TJX Companies
  • Address: 3 & 5 Speen Street
  • Market: Framingham, MA

TJX Companies was represented in this transaction by Ernie Herrman, who is the buyer in this deal. The transaction reflects the strategic acquisition of properties intended for office use, enhancing the company's portfolio in the Framingham area.

Players

Framingham 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

0.65%

Cash-on-Cash

-0.19%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93