A Maryland real estate fund has completed its $250 million acquisition of nine buildings totaling 650,000 square feet in Boston’s Fort Point and South End neighborhoods.
Multi-Employer Property Trust (MEPT) on Wednesday acquired three office buildings in Fort Point from DivcoWest. The San Francisco-based developer unloaded 300 A St. and 313 Congress St., for $54.6 million and $33.55 million respectively, according to Suffolk County Registry of Deeds records. It also sold 330 Congress St. for $17.5 million.
Also as part of a portfolio brokered by Bentall Kennedy, MEPT acquired six properties at 660 and 720 Harrison Ave., 575 Albany St., 100 East Canton St. and 123 East Dedham St. near Boston Medical Center in the South End. The portfolio includes two fully-leased medical office buildings, three properties that MEPT plans to redevelop and a two-acre parcel that is eyed for an apartment development, Bentall Kennedy said in a press release. The South End portfolio is a joint venture with Boston-based Leggat McCall Properties.
"We have been actively pursuing investments in the Boston area for some time. Boston has very compelling market fundamentals as a result of its diverse workforce and strong economic growth, driven by the city’s education, health care and technology sectors," said David Antonelli, Executive Vice President and MEPT Portfolio Manager at Bentall Kennedy, in a statement.
In a transaction that closed last week, MEPT acquired the Necco Street garage in Fort Point from DivcoWest for $56 million. DivcoWest had acquired the 657-space garage at 10 Necco St. in May 2013 for $34 million. MEPT said it plans to continue the garage operation to serve office tenants and tourists.



