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Lincoln Property Company & Stars Real Estate Investments Acquire Office Building In Wellesley For $36.55M

Property Image
SOLD
$36,550,000
Michael (Mike) Greeley
Robert (Rob) Griffin
Frank Nelson

Massachusetts

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Office129,872 SF
Sold 01/27/2022
the dealplayerscompscontact
Property Image
SOLD

Lincoln Property Company & Stars Real Estate Investments Acquire Office Building In Wellesley For $36.55M

70 Walnut Street, Wellesley, Massachusetts 02481, United States

See Similar Deals
Office129,872 SF
Sold 01/27/2022
Michael (Mike) Greeley
Robert (Rob) Griffin
Frank Nelson
the dealplayerscompscontact
Contact now

Summary

MASSACHUSETTS
Asset Type:Office
Price Per Square Foot:$281
Total Square Footage:129,872 SF
Transaction Type:Sale

The office property located at 70 Walnut St in Wellesley, MA has been sold. The transaction took place on January 27, 2022. The property, which spans 129,872 square feet, was purchased by Lincoln Property Company and Stars Real Estate Investments from The Nelson Companies for a sale price of $36,550,000. The price per square foot for this office asset is $281.

Summary of transation details

  • Property Type: Office
  • Transaction Amount: $36,550,000
  • Address: 70 Walnut St, Wellesley, MA
  • Market: Wellesley, MA
  • Buyer: Lincoln Property Company & Stars Real Estate Investments
  • Seller: The Nelson Companies
  • Broker: Robert Griffin, Frank Nelson & Michael Greeley - Newmark
  • Square Footage: 129,872
  • Price Per Square Foot: $281

The deal was facilitated by brokers Robert Griffin, Frank Nelson, and Michael Greeley from Newmark.

Players

Frank Nelson
Newmark
Frank Nelson
9 deals$442.5M volume
BROKER
Robert (Rob) Griffin
Newmark
Robert Griffin
72 deals$7.3B volume(617) 863-8611
BROKER
Michael (Mike) Greeley
Newmark
Michael Greeley
19 deals$833M volume
BROKER
Lincoln Property Company
Lincoln Property Company
BROKERAGE
Lincoln Property Company
Lincoln Property Company
BUYER
TC
The Nelson Companies
SELLER

Details

SOLD
IMAGE: Robert Griffin, Frank Nelson & Michael Greeley DATE: 01/27/2022 ADDRESS: 70 Walnut St MARKET: Wellesley, MA ASSET TYPE: Office BUYER: Lincoln Property Company & Stars Real Estate Investments SELLER: The Nelson Companies BROKER: Robert Griffin, Frank Nelson & Michael Greeley - Newmark SALE PRICE: $36,550,000 SF: 129,872 ~ PPSF: $281

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

$1,949,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$129,854.44
Cash-on-Cash Return-1.27%
Monthly Debt Service$173,265.65
Annual Debt Service$2,079,187.76