Norwood – Jumbo Capital announced the sale of 575 University Ave. in Norwood to King Street Properties Acquisitions, LLC for $16.6 million. Jumbo purchased the single story, R&D Flex building for $13.5 million in 2016.
Comprising approximately 87,177sf and set on 5.8 acres, the property has maintained 100% occupancy under Jumbo’s management. With long term leases in place with CVS affiliate, Coram Healthcare; newly-secured tenant, Window Nation; BL MakePeace; Diologic; and Smart Source; Jumbo demonstrated a disciplined leasing strategy that increased the building’s value by $35/sf throughout its four year hold.
Jumbo, which owns 4.5 million sq. ft. of highly diverse commercial, industrial and residential property in Greater Boston, will maintain ownership of three other flex/R&D buildings in the same area as the one sold to King Street.
All are in close proximity to the new Amtrak/MBTA Route 128 station and the newly-developed University Ave. station and amenities.