News: Front Section
Posted: July 15, 2010
Fairlane Properties purchases 80 Wilson Way for $12.335 million - 117,000 s/f bldg.
Fairlane Properties, Inc. recently purchased 80 Wilson Way, a 117,000 s/f building leased on a long-term basis to KLA-Tencor, for $12.335 million. Michael Grill, president of Fairlane Properties, Inc. will lead the newly-formed Fairlane Westwood, LLC.
80 Wilson Way, a one-story renovated office/flex building, is located off Rte. 1, one mile from Rte. 128/I-95. KLA-Tencorp, a $5 billion NASDAQ California-based semiconductor equipment maker, leases the entire property.
Grill said, "With our investors seeking properties with strong cash flow in this volatile time, 80 Wilson Way provides us with a great asset in the strong Rte. 1/Rte. 128 South submarket with years of cash flow from one of the world's largest semiconductor equipment makers. 80 Wilson Way is located at a terrific intersection in the midst of a cluster of semiconductor, instrumentation and biotech companies, including Analog Devices, Instron, LTX, Advanced Instruments and Immunogen."
Brookline Bank provided financing of $7.6 million for the purchase. Fairlane Properties, Inc. raised $5 million in a private equity placement with several local investors. Peter Joseph and Sarah Lagosh of Eastdil Secured represented the seller, a New Boston Fund nominee trust, in the transaction.
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