Approximately $1.5 million of the purchase price was allocated upfront for renovations, including a new facade and roof for the building. Currently, 15,000 sf is available for lease in the building.
Anchor tenant North Shore Hospital occupies approximately 82% of the building under several leases, many of which have been renewed recently. They will stay in place throughout the construction, a spokesperson tells GlobeSt.com.
Community Drive managing partner Mark Karasick arranged a majority of the financing from Carlton Advisory Services, which put up $7.6 million of acquisition and development funds for the transaction, with an additional $2 million of earn-out financing available. A Carlton representative tells GlobeSt.com that Karasick put up the remaining $2.9 million needed to close the deal.
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