Intercontinental sells US office for $46.5m

The Boston-based firm originally bought the Centennial Corporate Center in Massachusetts for $42.3m in 2004, netting them a 9% profit. It sold the Class A office property to Children’s Extended Care Center.

Intercontinental Real Estate Corporation has sold the Massachusetts office complex, the Centennial Corporate Center, for $46.5 million – four years after originally buying the building for $42.3 million, a 9 percent profit.

The private equity real estate firm bought the property at 10 Centennial Drive, in Peabody, Massachusetts, through its $350 million Intercontinental Real Estate Investment Fund III in February 2004 from Principal Global Investors, according to sales data from Real Capital Analytics.

In a statement from Intercontinental, the firm said it had sold the property to Children’s Extended Care Center for an undisclosed sum. RCA reported the sales figure to be $46.5 million.

The two-story Class A office building comprises 330,753 square feet on 25 acres of land. Tenants include plastics manufacturer Synventive Molding Solutions, health care company Pain & Wellness Center and horse racing and breeding company Centennial Farms Management Company.

Thomas Taranto, Intercontinental acquisitions  director said Children’s Extended Care approached the real estate firm about selling the property after looking for a “new facility in the region”.