Colliers Secures $11M for Boston Flex Office Property

Colliers International secured $10.5 million for Bunker Hill Business Center, a 53,000-square-foot flex office property on Rutherford Avenue in Boston.

TD Street LLC, an affiliate of Center Court Partners LLC, New York, purchased the property for $14.7 million. Colliers secured the fixed-rate acquisition loan on behalf of TD Street through LStar Capital Finance, Dallas. The firm also marketed the property on behalf of seller Cambridge Hanover, New Canaan, Conn.

Colliers Senior Vice Presidents Scott Dragos and Doug Jacoby and Assistant Vice President Tony Hayes and Associate Tim Mulhall represented Cambridge Hanover. Colliers Co-Chairman Kevin Phelan and Vice President Jeff Black led the debt-placement team.

The single-story, fully leased property received a full renovation in 2010 and benefits from its location one mile from downtown Boston and Cambridge and three miles from Logan International Airport.

The Boston/Suffolk County submarket ended last year with just 3.6 percent vacancy. It accounted for 22 percent of the market’s total absorption in 2014, while totaling only five percent of the total flex supply in Greater Boston, Colliers said.