Slater Family Holdings’ affiliate has recently acquired an eight-story office building on Summer Street in Boston for $15 million, according to a report by the Boston Business Journal. The purchase was made after the previous owner transferred ownership of the property to its lender, M&T Bank, through a deed in lieu of foreclosure.
The 76,400-square-foot building at 268 Summer St. was purchased from Aegean Capital’s affiliate with an outstanding mortgage balance of $28.4 million. Currently only about 35% to 40% of the property is leased and it is largely unoccupied. However, buyer Sam Slater sees potential for improvement and plans to offer more competitive rental rates due to acquiring it at a discounted price.
The article “Fort Point Offices Sell for $15M After Loan Trouble” originally appeared on Connect CRE.
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