QUINCY, Mass., Sept. 6, 2016 /PRNewswire/ -- The Vazza Real Estate Group, a commercial and residential real estate development, investment and advisory firm headquartered in Boston, Massachusetts, has signed a 15 year lease with West Suburban Eye Surgery Center, LLC at its 321 Billerica Road Chelmsford, MA property. Vazza recently acquired the 72,056 square foot building for $6.2 million and looks to stabilize the asset by taking a more proactive leasing approach and making capital improvements to the lobby and exterior of the building. The building is multi-tenanted and includes such tenants as AMD Global and Biscom.
The 72,056 sf office building is located south of the diamond interchange of 495 and Route 3 and is a short drive to the Burlington Mall.
"This is a great value add opportunity," said Derek Holt, Managing Director of Business Development for The Vazza Real Estate Group. "We acquired the property from an out of state Real Estate Investment Trust and leasing activity had been dormant for they didn't want to come out of pocket for future Tenant Improvements."
"This investment aligns with The Vazza Real Estate Group's strategy of acquiring well located assets that are in need of repositioning," said Stephen Vazza, President of the Vazza Real Estate Group. "Since acquiring the asset we have signed this 7,816 square foot long term lease with West Suburban Eye Surgery Center, we have extended a 13,500 square foot lease with an existing tenant and have signed Letter of Intent for another 10,500 square feet. The improvements that we made to the lobby and exterior and working closely with the marketing team at Colliers has paid immediate dividends," Vazza went on to say.
The Vazza Real Estate Group aims to leverage its operating platform and geographic presence by acquiring additional assets and creating value. The Vazza Real Estate Group is based in Quincy, Massachusetts and has acquired 15 commercial assets within the last 12 months.
About The Vazza Real Estate Group
The Vazza Real Estate Group is a full service commercial real estate company. The Vazza Real Estate Group has developed in excess of 3500 residential units and over 5 million square feet of commercial, self-storage, industrial, residential and retail in Boston, Maine, Ohio, New Hampshire, Arizona and Florida. For more information, visit www.vazzareg.com.
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SOURCE The Vazza Real Estate Group