The six-building, 448,707-square-foot of Brookwood Business Center was purchased by a joint venture partnership between Condyne Capital Partners and a fund managed by Westport Capital Partners LLC.

BOSTON—The Boston suburban commercial property sales market is heating up with three notable recent trades, each involving transactions totaling more than $40 million.

The deals involve office and industrial flex space in Westborough, the Tewksbury area and North Reading. The first recent trade is the Westborough Office Park, a more than 90% occupied 384,000-square-foot Class A office park in Westborough that was sold by Equus Capital Partners to Carruth Capital for $40.74 million.

The office park is comprised of four buildings (1700, 1800, 1900, and 2000 West Park Drive) and is situated on 46 acres of land at the intersection of Interstate 495 and Route 9. CBRE New England's Dave Pergola and Brian Doherty represented the seller and procured the buyer in the transaction.

Pergola and Doherty were also the brokers in the $45.1-million sale of the Amazon Robotics headquarters building at 300 Riverpark Drive in North Reading, MA. Tritower Financial Group sold the 228,921-square-foot building to a partnership of Lincoln Property Company, Ibdar Bank and Ritz Banc Group. CBRE's Pergola and Doherty represented Tritower in the deal and procured the buyer.

Tritower vastly improved the building that resulted in a 35% increase in net operating income. Tritower also added a 750-kilowatt solar array to the building's roof and expanded the leasable area by 20,000 square feet to accommodate Amazon Robotics' growth. The facility designs, assembles and tests all proprietary fulfillment robotics used by all Amazon distribution facilities.

“We are very pleased with the investment results of this asset. By taking a value-added approach to this single-tenant, net-leased asset, we were able to generate excellent returns for our investors while providing green energy and additional space for Amazon Robotics to continue its revolutionary advancement in warehouse robotics,” says Tod Brainard, partner and director of acquisitions at Tritower.

Holliday Fenoglio Fowler secured acquisition financing for the new ownership of 300 Riverpark Drive. The HFF team of senior managing director Riaz Cassum and senior directors Jennifer Keller and Claudio Sgobba worked with the buyer and advised on the purchase and secured financing through Blue Hills Bank. No financial terms of the acquisition financing were released.

“Syndicates such as Ibdar Bank are attracted to mission critical, high-yielding, credit-driven rent roll in top suburban submarkets.“ HFF's Sgobba says. “We are seeing a majority of GCC investment flows targeting office, data centers, tech-linked assets, logistics, industrial properties and student housing. Typically these investments generate a 7% to 11% cash-on-cash coupon and are underpinned by long-term tenant commitments.“

Nasr El Hage Jr., co-founder and managing director of Arlington, VA-based Ritz Banc Group says the purchase marks the firm's entrance into the Boston market. “We are true believers in the location of the asset and the solid fundamentals of the submarket,” he states.

The third recent commercial property deal of note is the sale of Brookwood Business Center at 101 Billerica Ave. in Tewksbury and Billerica by Brookwood Financial Partners, LLC.

The six-building, 448,707-square-foot park was purchased by a joint venture partnership between Condyne Capital Partners and a fund managed by Westport Capital Partners LLC. The Brookwood Business Center traded for approximately $40 million, according to public records.

Brookwood Financial acquired the former Billerica Business Center in 2010 for $15 million in foreclosure proceedings.

Brookwood Business Center consists of four single-story flex buildings and two, two-story office buildings situated in a 44-acre, master-planned park approximately 30 miles north of Boston alongside Interstate 495, less than three miles from its interchange with Route 3.

Transwestern Consulting Group's Chris Skeffington, Joe Olin and Roy Sandeman represented the seller and sourced the buyer, while the firm's James Lipscomb, Brian McKenzie and John Wilson have been retained by the new ownership to continue to provide leasing services. Working with the new ownership team, TCG's Andrew Stone helped arrange financing with HarborOne Bank and Brookline Bank for the acquisition.

After Brookwood Financial acquired the park out of foreclosure in 2010 at a price well below replacement cost, it rejuvenated the property with an infusion of capital and made various cosmetic upgrades. The attractive purchase price enabled Brookwood to offer generous tenant improvement and leasing packages, TCG officials note.

“We invested significant capital in landscaping, roofs, a new café, signage and the common areas,” says Kurt M. Zernich, Brookwood's director of acquisitions and general counsel. “These improvements greatly enhanced the image of the property and consequently resulted in us being able to secure long-term leases with quality tenants.”

“The new ownership team of Condyne and Westport successfully identified an asset that they believe has and will continue to outperform the market for years to come,” adds TCG's Skeffington. “The supply of flex space in the market has gone down dramatically in the past 10 years, making more recently constructed parks like Brookwood Business Center very attractive to tenants and investors.”

Russel Bernard, managing principal of Westport Capital adds that the property was attractive due to its low vacancy and increased demand for flex space in the New England region.

The park currently has 15,375 square feet of office space available. Notable tenants at the property include the Potpourri Group, MC Assembly and MRSI Systems.

The six-building, 448,707-square-foot of Brookwood Business Center was purchased by a joint venture partnership between Condyne Capital Partners and a fund managed by Westport Capital Partners LLC.

BOSTON—The Boston suburban commercial property sales market is heating up with three notable recent trades, each involving transactions totaling more than $40 million.

The deals involve office and industrial flex space in Westborough, the Tewksbury area and North Reading. The first recent trade is the Westborough Office Park, a more than 90% occupied 384,000-square-foot Class A office park in Westborough that was sold by Equus Capital Partners to Carruth Capital for $40.74 million.

The office park is comprised of four buildings (1700, 1800, 1900, and 2000 West Park Drive) and is situated on 46 acres of land at the intersection of Interstate 495 and Route 9. CBRE New England's Dave Pergola and Brian Doherty represented the seller and procured the buyer in the transaction.

Pergola and Doherty were also the brokers in the $45.1-million sale of the Amazon Robotics headquarters building at 300 Riverpark Drive in North Reading, MA. Tritower Financial Group sold the 228,921-square-foot building to a partnership of Lincoln Property Company, Ibdar Bank and Ritz Banc Group. CBRE's Pergola and Doherty represented Tritower in the deal and procured the buyer.

Tritower vastly improved the building that resulted in a 35% increase in net operating income. Tritower also added a 750-kilowatt solar array to the building's roof and expanded the leasable area by 20,000 square feet to accommodate Amazon Robotics' growth. The facility designs, assembles and tests all proprietary fulfillment robotics used by all Amazon distribution facilities.

“We are very pleased with the investment results of this asset. By taking a value-added approach to this single-tenant, net-leased asset, we were able to generate excellent returns for our investors while providing green energy and additional space for Amazon Robotics to continue its revolutionary advancement in warehouse robotics,” says Tod Brainard, partner and director of acquisitions at Tritower.

Holliday Fenoglio Fowler secured acquisition financing for the new ownership of 300 Riverpark Drive. The HFF team of senior managing director Riaz Cassum and senior directors Jennifer Keller and Claudio Sgobba worked with the buyer and advised on the purchase and secured financing through Blue Hills Bank. No financial terms of the acquisition financing were released.

“Syndicates such as Ibdar Bank are attracted to mission critical, high-yielding, credit-driven rent roll in top suburban submarkets.“ HFF's Sgobba says. “We are seeing a majority of GCC investment flows targeting office, data centers, tech-linked assets, logistics, industrial properties and student housing. Typically these investments generate a 7% to 11% cash-on-cash coupon and are underpinned by long-term tenant commitments.“

Nasr El Hage Jr., co-founder and managing director of Arlington, VA-based Ritz Banc Group says the purchase marks the firm's entrance into the Boston market. “We are true believers in the location of the asset and the solid fundamentals of the submarket,” he states.

The third recent commercial property deal of note is the sale of Brookwood Business Center at 101 Billerica Ave. in Tewksbury and Billerica by Brookwood Financial Partners, LLC.

The six-building, 448,707-square-foot park was purchased by a joint venture partnership between Condyne Capital Partners and a fund managed by Westport Capital Partners LLC. The Brookwood Business Center traded for approximately $40 million, according to public records.

Brookwood Financial acquired the former Billerica Business Center in 2010 for $15 million in foreclosure proceedings.

Brookwood Business Center consists of four single-story flex buildings and two, two-story office buildings situated in a 44-acre, master-planned park approximately 30 miles north of Boston alongside Interstate 495, less than three miles from its interchange with Route 3.

Transwestern Consulting Group's Chris Skeffington, Joe Olin and Roy Sandeman represented the seller and sourced the buyer, while the firm's James Lipscomb, Brian McKenzie and John Wilson have been retained by the new ownership to continue to provide leasing services. Working with the new ownership team, TCG's Andrew Stone helped arrange financing with HarborOne Bank and Brookline Bank for the acquisition.

After Brookwood Financial acquired the park out of foreclosure in 2010 at a price well below replacement cost, it rejuvenated the property with an infusion of capital and made various cosmetic upgrades. The attractive purchase price enabled Brookwood to offer generous tenant improvement and leasing packages, TCG officials note.

“We invested significant capital in landscaping, roofs, a new café, signage and the common areas,” says Kurt M. Zernich, Brookwood's director of acquisitions and general counsel. “These improvements greatly enhanced the image of the property and consequently resulted in us being able to secure long-term leases with quality tenants.”

“The new ownership team of Condyne and Westport successfully identified an asset that they believe has and will continue to outperform the market for years to come,” adds TCG's Skeffington. “The supply of flex space in the market has gone down dramatically in the past 10 years, making more recently constructed parks like Brookwood Business Center very attractive to tenants and investors.”

Russel Bernard, managing principal of Westport Capital adds that the property was attractive due to its low vacancy and increased demand for flex space in the New England region.

The park currently has 15,375 square feet of office space available. Notable tenants at the property include the Potpourri Group, MC Assembly and MRSI Systems.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.