Davis Marcus Lands CrossPoint in $180M Buy

LOWELL, MA-Despite an increasingly cantankerous environment for commercial real estate transactions, at least one high-profile property is wending through the sales pipeline, with Davis Marcus Partners said to have been selected as the buyer for this city’s CrossPoint Towers. Sources estimate the three-building, 1.2-million-sf office park will trade for close to $180 million.

“They are the purchasers,” one industry source tells GlobeSt.com, echoing similar reports that the Boston-based firm has emerged victorious from a spirited bidding competition launched earlier this summer by the joint venture owners, DivcoWest Properties LLC and Yale Properties USA. Sources also claim DMP is using long-time funding source Prudential Real Estate Investors to finance the acquisition.

Presently, none of the parties involved appear willing to discuss the situation. A spokesman for DivcoWest declined comment, as did DMP CEO Jonathan Davis, while Yale Properties did not respond to a phone inquiry be press deadline. The park is being brokered by the Boston office of Eastdil Secured, but brokers there also did not return multiple phone calls. Nonetheless, sources insist the decision has been made, and claim the victorious team has begun its due diligence program with an eye toward closing by early autumn.