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A suburban Boston office park has sold at a steep discount as the market continues to face high vacancy rates.
Lincoln Property Co. acquired the four-building, 270K SF Stony Brook Office Park at 130 Turner St. in Waltham for $25.5M, according to public records. That is less than one-third of the $80M Jumbo Capital and Sound Mark Partners paid for the building in 2018.
The sale also includes a 4K SF retail space at 5 Turner St. occupied by South Street Cafe.
Jumbo Capital and Lincoln Property didn't respond to Bisnow's request for comment.
The property reportedly hit the market last year after Jumbo's $54.6M loan was classified as nonperforming by lender Rockland Trust, Banker & Tradesman reported in October. The property was 65% occupied at the time.
In January 2023, Jumbo Capital secured four new leases on the campus totaling 49K SF. The tenants were Veeco, Alcresta Therapeutics, Cugene and Opinion Dynamics. All of the companies still list the Turner Street campus on their websites.
Other tenants include Boston Retirement Group, Brainshark and Allego.
The property is within walking distance of the Brandeis-Roberts MBTA commuter rail station and has highway access to Interstate 95 and the Massachusetts Turnpike. The property is also adjacent to Brandeis University.
Jumbo and Sound Mark Partners bought the 16-acre office park from Clarion Partners in 2018. Quincy-based Jumbo in February sold another office campus in Bedford anchored by iRobot for $96M, about 10% less than what it paid for it.
The suburban office market has seen a wave of property sales that have shown how far values have fallen in the postpandemic office market, according to an R.W. Holmes report. In March, City Realty acquired 313 Washington St. in Newton for $8M, down from the $12.6M that Grander Capital Partners paid in 2005.
The Route 128 West submarket, where the Waltham property is located, had a 19.9% vacancy rate as of the first quarter, according to CBRE.
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