Phoenix Commercial Completes $4Million Sale in Framingham

FRAMINGHAM—Phoenix Commercial Real Estate has negotiated the $4 million sale of 354 Waverly St. to the Edward M. Kennedy Community Health Center, formerly known as the Great Brook Valley Community Health Center. The 27,000-sf office building will be employed to consolidate two existing Framingham facilities into a state-of-the-art downtown operation offering plentiful parking and easily accessible by public transportation.

Constructed in 1967, 354 Waverly St. was divested by Chestnut Properties Inc. after 10 years in its control. Phoenix principal David R. Tognacci advised the seller in the deal, while colleague Mark H. Rosen acted on behalf of the health center, which secured a $3.25 million mortgage from TD Bank.

“It was ideal for the buyer,” Tognacci says this week in explaining the off-market transaction was fomented by a potential lease of the asset. Fitting all of the prospect’s long-range needs,354 Waverly St. instead enabled the health center to rekindle a plan to own its space, having previously mulled new construction as one path that was never pursued. Securing the three-story Framingham building will prove more cost-effective and quicker to achieve.

Architects Steffian Bradley Ltd. has been engaged to reposition 354 Waverly St. for the health center, a plan that includes an expansion of the structure. The 1.9-acre parcel will still be large enough to accommodate a generous parking ratio of five per 1,000-sf available.
Based in Framingham, Phoenix Commercial Real Estate is celebrating its 20th year servicing the MetroWest marketplace. Transactions range from leasing industrial, office and retail properties to handling multi-million dollar sales such as 354 Waverly St. Managed by Robert K. Lee, Chestnut Properties Inc. had owned the building since acquiring it in Oct. 2000 for $2.5 million.