Jumbo Capital Management (JCM), a Hingham-based, privately held real estate investment firm, has acquired 1900 Crown Colony Dr. Its newest acquisition is a first-class South Shore building located in the city's Crown Colony Office Park. JCM has purchased the asset for $18.175 million.
JCM has experienced growth in the past couple of weeks, purchasing 100 Crosby Dr. in Bedford, and now 1900 Crown Colony, bringing its portfolio to over one million s/f of assets under management. These two first-class office buildings affirm the company's ability to source a variety of assets such as 100 Crosby Dr., which is 100% leased to Oracle, or an opportunistic asset such as 1900 Crown Colony.
Previous owner, The Arbella Insurance Group, headquartered at 1100 Crown Colony Dr., will continue to partially occupy space at 1900 Crown Colony Dr. JCM's newly acquired building is located with 135,800 s/f of office space at the intersection of Rte. 128/I-93 and Rte. 3, seven miles south of downtown Boston. In addition to an unparalleled location in terms of access and area amenities, on site the four-story building boasts a full-service cafeteria with outdoor seating, high-quality building finishes, and ample parking with 81 covered spaces.
JCM has retained Colliers International to continue marketing the building for lease. With plans in place to perform select cosmetic improvements, JCM anticipates a successful leasing campaign for the 40,000 s/f of immediate vacancy with suite sizes ranging from 1,500 up to 15,000 s/f.