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Cabot Puts I-290 Park Under Agreement

NORTHBOROUGH, MA-RREEF Funds has owned the six-building, 577,000-sf complex since paying $31 million for it in 2001.

By Joe Clements | Updated on May 23, 2008

NORTHBOROUGH, MA-The sprawling I-290 Industrial Park is being acquired by Boston-based Cabot Properties, industry sources are telling GlobeSt.com. The six-building, 577,000-sf business park has been owned by RREEF Funds since 2001.

“It is under agreement,” concurs one source close to the deal, although that industry professional and others stress that a closing remains in the distance, likely at least a month away, as Cabot performs due diligence on the property. The sale, being orchestrated by Jones Lang LaSalle’s capital markets team, is occurring in one of the shakiest capital climates seen this decade, a tempest that has led to several prominent transactions cratering in the final stages. “There is still a lot of work to do,” accedes the source of the negotiations.

At this juncture, none of the parties involved are discussing the situation, with Cabot and JLL both declining comment, citing confidentiality agreements. Cabot certainly would seem to have the financial wherewithal to complete the purchase. The firm’s website details a $1.3 billion fund targeting industrial product type that has a focus on major North American markets.

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