For the first time since 2007, MassDevelopment is seeking an outside commercial real estate brokerage to market properties at its 4,400-acre Devens property.

The agency issued a request for proposals this week for a brokerage to serve as exclusive real estate agent. The firm will be responsible for gathering market information, marketing the complex and structuring sales and leases of land and buildings. The contract will run for two years with a pair of one-year options by MassDevelopment.

MassDevelopment’s real estate committee suggested using an outside broker again to give the agency additional expertise in the real estate market, spokeswoman Kelsey Abbruzzese said. The agency currently has two employees handling sales and leasing duties at Devens.

Devens currently has 14 properties for sale ranging from 2 to 35.5 acres.

Proposals will be evaluated based upon such factors as the competitiveness of the fee structure, firms’ experience, qualifications and key personnel, MassDevelopment said.

A site tour will be held March 23 and responses are due on April 4. A committee will review the responses with a recommendation to the board of directors expected to be made on April 14.

MassDevelopment acquired the former Army base 35 miles northwest of Boston in 1996. Devens now houses more than 90 businesses with a workforce topping 5,000. A $750 million Bristol-Myers Squibb pharmaceutical manufacturing plant built in 2009 is nearing completion of a $250 million expansion.

Devens To Hire A Private Real Estate Broker

by Banker & Tradesman time to read: 1 min
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