Boston Developer Broder Buys $47M Lab Campus in Watertown
Colliers has arranged the $46.5-million sale of a lab campus marketed as Pleasant Street Science Park in Watertown, MA. The Colliers team — led by Frank Petz, Matt Sherry, Jeanne Pinado, John Nasca and Brooke Howard — exclusively marketed the property and completed the sale transaction to Broder, a Boston-based developer.
The three-building lab campus offered an in-place cash flow with a roster of six tenants, according to Colliers. The campus also provides opportunity to develop up to 180,000 square feet new life science product.
“We have found continued success in life science sale transactions with buyers who are able to be flexible in executing transactions without full entitlements in-place,” said Petz, managing director, Colliers.
“Watertown is emerging as an important community tied to the life science industry. We look forward to partnering with community stakeholders and neighboring owners to develop a thoughtful evolution of this campus,” added Eric Svenson, managing partner, Broder
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as he makes the transition from an utterly failed racehorse to a lovely show hunter.