Jumbo Capital Pays $6.4M for 33,000-SF Asset

FRAMINGHAM — A surplus office building taken on by Colony Realty Partners in its 2008 portfolio purchase of several MetroWest assets has been traded to another homegrown investment group in a $6.43 million transaction negotiated by NAI/Hunneman Commercial Co. The purchase by Jumbo Capital Management was backed by a $4.1 million mortgage from Rockland Trust Co. NAI/Hunneman broker Douglas Jacoby says the 33,700- sf property known to locals as the Paychex Building due to that overt former tenant is 100 percent occupied by three groups. Two provide medical services and the third is a career training center. Besides a proven landlord in Colony Realty, Jacoby says the tenant base is attracted to 125 Newbury St. by a prime location and on-site parking sporting a ratio of five spaces per 1,000 sf leased. “That’s very important for those companies,” he says, noting the influx of patients and students. The NAI/Hunneman team overseeing the sale of 125 Newbury St. includes Jacoby, Scott Dragos, Mitchell Levy and Sean Ryan. Jacoby declined to speculate on any future plans for the building, referring inquiries to Jumbo Capital Management. Efforts to contact the buyer were unsuccessful due to press deadline. Founded by Jay Hirsh, the family owned group has been an active investor of commercial real estate regionally, including last year’s $7.9 million purchase of a building at the Assinippi Park in 125 Newbury St., Framingham MA Norwell.