Boston, MA Legacy Real Estate Ventures recently completed the acquisition of 44-46 Plympton and 61-63 Wareham Sts., located in the city’s South End. The 30,000 s/f office property was purchased for $6.5 million.
Located on the edge of the South End, the property is uniquely situated among many major area developments including the flower exchange site, Leggett McCall’s 700 proposed residential units, 600 Harrison (under construction), 46 Wareham (under renovation) and of course The Ink Block. The building is fully occupied by tenants including Sara Campbell, Relevant 24, Norbella, D.W. Arthur and The Massage School.
This off-market transaction took place without a broker involved. Ed Riekstins of NorthMarq Capital played a critical role in the process. Financing was provided by TD Bank.
The building is primarily brick and beam, built in the 1870s, and originally utilized for carpentry and lumber storage.
When Legacy principal Michael Price was asked about his future plans for the property he said, “We intend to continue to operate the property as an office building and to monitor development in the area over the next five years. At that point we might consider a residential conversion, or continue to upgrade the office use. Currently we have no firm plans and are excited about owning in this vibrant neighborhood.”
The property will be managed by Eastport Real Estate Services.
Based in Waltham, Legacy Real Estate owns property in Mass., R.I., Vermont, Penn. and N.J.
