BILLERICA, MA-Brookwood Financial Partners, LLC is purchasing two suburban properties out of special servicing for a combined price fo $19.5 million. The seller, REMIC Trust worked out the deal though LNR Partners LLC, the properties' special servicer. Richards Barry Joyce & Partners brokered the deal as the exclusive sales agent on behalf of the seller.
The six-building Billerica Business Center sold for $15 million, sending the 448,616-square-foot office and flex to its new owner. The property is currently 49% leased. The property is on the Billerica and Tewksbury border at 101 Billerica Ave.
The warehouse/distributions facility in Chicopee, MA was sold for $4.5 million and sits at 2189 westover Rd. The Springfield, MA-based tenant, Big Y Foods, is a supermarket chain which occupies 100% of the W/D.
"Given our low basis in the Billerica Business Center, we will be able to provide very attractive leasing rates and tenant improvement dollars on some of the newest product in the area," says Thomas N. Trkla, chairm and CEO for Brookwood, in a statement. The new owner is hoping these measures, as well as a few upgrades, will eventually assist in the lease-up of the property.
The two properties were put into foreclosure proceedings in May of 2010. LNR marketed the properties as the special servicer. Frank Petz and John Wilson from RBJ brokered the deal.
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