Bedford, MA – Cummings Properties announced it recently submitted the winning bid of $5.6 million, over several other significant bidders, for a long-vacant office and research center in Bedford. The two buildings, located at 174 and 176 Middlesex Turnpike, last sold for more than $93 million, in 2012, to Texas-based Orion Reit, LP.
Developed in 2001, the 56-acre campus comprises two interconnected three- and four-story buildings totaling approximately 330,000sf of modern office and research space. About 16 acres of the site are fully developed and usable, while more than 35 additional acres consist largely of protected wetlands and recorded conservation easements approved during and since the original development.
“Cummings has a long track record of buying underappreciated properties and making them successful. Because we purchased the property at the right price, we can be highly competitive with our initial rates to attract ideal leasing clients,” said Eric Anderson, president of Cummings. “We’ve already conducted tours with several potential full-floor users, plus one firm that is considering the entire two-building complex.”
Anderson says he believes the Bedford campus — known as Bedford Woods — could be well suited for medical and professional uses. The location also offers MBTA bus service directly within the site and access to regional amenities, including Burlington Mall, located two miles away.
