Parsons Commercial Group, Inc. expands portfolio with $27.5 million acquisition of 330,000 s/f Chiswick Park

Sudbury, MA Parsons Commercial Group, Inc. (PCG) has purchased Chiswick Park, a 330,000 s/f five-building office and industrial park, located at 490 Boston Post Rd. for $27.5 million from Paris Trust. 

PCG’s acquisition of the nearly 100% occupied complex was funded in part through a $20.8 million loan originated by Berkadia Commercial Mortgage and secured through Brookline Bank for PCG’s purchase of Chiswick Park, LLC. The office park consists of industrial, distribution, office, medical and recreational tenants. Tenants include Staples, Emerson Hospital, Adtech, and Pure Encapsulate.

The Chiswick Park property comprises 460 and 490 Boston Post Rd. and 31 Union Ave., 33 Union Ave., and 39 Union Ave. 

Ryan Nelson, Anthony Golobiewski, and Todd Rixon of Berkadia’s Boston office arranged the loan. 

“John Parsons brings an intimate knowledge of the property and this submarket,” said Nelson. “We were pleased to arrange a competitive long-term loan for this acquisition.”

SVN | Parsons Commercial Group Boston will continue as the exclusive leasing firm representing Chiswick Park, as it has for the last 20 years.

“This was a unique opportunity to purchase a vibrant property in Sudbury and a property which our firm has had the privilege of leasing for many years,” said Parsons. “We are thrilled we can continue to work with the quality tenants at Chiswick Park.”

Parsons Commercial Group owns a commercial real estate portfolio of over 40 properties totaling over 2.5 million s/f in suburban Boston. In addition, John Parsons is the principal of SVN | Parsons Commercial Group Boston, a leading brokerage and property management firm, is consistently ranked as a top-performing firm in commercial leasing, sales, and property management. 

Earlier in 2018, Parsons purchased Two, Four and Six Omni Way in Chelmsford. The Omni Way property, formerly Kronos headquarters, comprises three office and R&D buildings which had been substantially vacant. Within 10 months, the property is now 92% occupied, as SVN | Parsons has leased the 80,000 s/f Two Omni Way building to tenants, Autoguide (18,000 s/f), First Light Bio (22,000 s/f), and the Commonwealth of Massachusetts (40,000 s/f). Four Omni Way, a 80,000 s/f R&D property has been leased to Lifelinks, Inc. (60,000 s/f). Six Omni Way, a 64,000 s/f office/R&D property, has been leased to primary tenants, WNA, Comcast, and Parisi Corp.

In mid-2017, PCG also purchased 35 Parkwood Dr. in Hopkinton, partnering with AIS Development. The property, formerly an EMC building had been vacant for over ten years. Within 14 months of purchase, the property now has full occupancy, as SVN |Parsons has signed leases at the property with nine tenants, including: Illinois Tool Works – 40,000 s/f; Spring Bank Pharmaceuticals – 31,315 s/f; Prism – 28,996 s/f; Triplus Services – 10,122 s/f; RDK Group – 8,850 s/f; Keen Group Solutions – 9,877 s/f; Worldwide Express – 6,144 s/f; and Aires Systems – 4,025 s/f.

Parsons Commercial Group partnered with Andrew Sacher and Victor Galvani in these acquisitions.