News: Front Section
Posted: May 31, 2019
CBRE Boston Capital Markets team broker $36.275m in two sales
Tewksbury, MA The CBRE Boston Capital Markets team completed the sale of One Radcliff Rd. in Tewksbury and 669 Forest St. in Marlborough for $30.9 million and $5.375 million, respectively. CBRE’s Boston Capital Markets team includes Scott Dragos, Doug Jacoby, Chris Skeffington, Roy Sandeman, Anthony Hayes, Timothy Mulhall and Daniel Hines. For the sale of One Radcliff Rd., CBRE’s team represented the seller, Curo Enterprises, and procured the buyer, Kawa Capital Partners. For the sale leaseback of 669 Forest St., CBRE’s team represented the seller, Adcole Corp., and procured the buyer, Azad Legacy Partners.
“Kawa is excited to announce the acquisition of the L3 property,” said Dan Amer, director of investments at Kawa Capital Management. “The investment was completed through a fund that targets NNN assets leased to investment grade caliber tenants with long-term leases. The investment is well-aligned to offer our clients long-term growth and capital preservation, with strong cash-on-cash yields.”
“One Radcliff Rd. represents a great opportunity for Kawa Capital Partners to expand their portfolio into the Greater Boston market,” said Skeffington. “It was a pleasure to represent Curo Enterprises in this transaction, and we are delighted to have assisted with the successful execution of their business plan through the disposition.”
“I’d like to congratulate both parties on what proved to be a perfect outcome,” said Sandeman in reference to the sale of 669 Forest St. “Through this sale process Azad Legacy Partners and Adcole Corp. have formed an excellent relationship that we expect to grow over the term of the lease.”
One Radcliff Rd. is a 140,000 s/f office building. Built in 1986 and completely renovated in 2018, the property is 100% leased to L3 Technologies. The property is located within the Suburban North technology corridor that is home to a number of major corporate tech neighbors.
669 Forest St. is a 43,190 s/f office/R&D building that is 100% leased to Adcole Corp. Centrally located within Boston’s MetroWest market, 669 Forest St. provides access to the region’s major highway systems including Rte. 20, I- 495, I-290, Rte. 9 and I-90.
Tags:
Front Section
MORE FROM Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
.png)
Columns and Thought Leadership
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
