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Essex River Ventures Closes on $8M Buy

BOSTON-Essex River Ventures acquires a two-building, 63,154-sf property in the city's Leather District from Zoom Electronics.

By Beverly Ford | Updated on December 26, 2006

BOSTON-Essex River Ventures wrapped up its third Bay State buy this year with the $8-million acquisition of two connected buildings totaling 63,154 sf in the city’s Leather District. The 201-207 South St. property was sold by Zoom Electronics under a leaseback agreement that allows the seller to remain as a tenant in 25,200 sf of office space for the next two years. New York-based private equity firm Cronus Capital LP was Essex’s equity partner in the deal.

“Our company is pretty focused on acquiring value added opportunities that are under the radar screen of some of the larger institutional investors and this fit the bill nicely,” Essex River Ventures president John Fenton tells GlobeSt.com, adding that the property’s price point, location, flexible floor plates and window line contributed to the locally based firm’s purchasing decision.

The building, which is about 50% leased, will undergo extensive renovation work that includes entry and lobby enhancements along with exterior renovations under the new ownership, Fenton says. Floor plates will also be reworked to accommodate multi-tenant users, he adds.

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