(To read more on the industrial market, click here.)
CHELMSFORD, MA-NPV/Direct Invest, the Boston-based buyer which picked up more than one million sf in the metro area during the last 18 months, added another asset to its holdings. The company acquired two high visibility, fully leased Chelmsford buildings totaling more than 132,000 sf for $17.1 million.
Richard Putprush, with Cushman & Wakefield's Capital Markets team, tells GlobeSt.com that the buildings at 4 and 6 Omni Way brought out a crowd of investors, all eager to capture a well-leased, single-tenant asset in a solid submarket.
"It was the type of opportunity that everyone wants to buy--a quality asset in a good market with a single tenant of good credit," he says. The property is currently leased to software maker Kronos Inc. for the long term.
That was indeed the draw for NPV/Direct Invest, the buyer's acquisition representative, Ted Norberg, tells GlobeSt.com. "We were able to amass a portfolio of properties that put us in a good position, relative to replacement costs, and we felt pretty comfortable with Kronos being a long-term tenant there," he says.
Both built in 1985, the larger of the two buildings, 4 Omni Way, is a two-story, 81,780-sf office and R&D facility set on 7.8 acres. Its slightly smaller twin at 6 Omni Way, is a two-story 51,300-sf facility on 4.6 acres.
The transaction was the second this week for the building's seller, KBS Realty Advisors. The Newport Beach, CA realty firm earlier this week acquired a 149,528-sf, three-story office building at 80 Central St. in Boxborough for $17.7 million, GlobeSt.com reported.
In addition to Putprush, the seller was represented by Robert Griffin, Chris Griffin, Marci Griffith Loeber, all with Cushman & Wakefield's Capital Markets team. The C&W brokers also procured the buyer.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
