News: Front Section
Posted: December 2, 2016
NorthBridge acquires 347,500 s/f building from Prescott for $29.25 million
192 Mansfield Avenue - Norton, MA
Norton, MA NorthBridge Partners LLC has acquired 192 Mansfield Ave., a 347,500 s/f class A, high-bay warehouse for $29.25 million. The property was built in 1999 and is 100% leased to Autopart International, a wholly owned subsidiary of Advance Auto Parts, Inc.
CBRE New England capital markets team of Dave Pergola and Brian Doherty marketed the property on behalf of the seller, The Prescott Group. CBRE/NE’s finance team of Kyle Juszczyszyn and Chris Coutts assisted NorthBridge in sourcing the acquisition financing KeyBank Real Estate Capital.
Dave Pergola, CBRE New England
Brian Doherty, CBRE New England
Kyle Juszczyszyn, CBRE New England
Chris Coutts, CBRE New England
In addition, NorthBridge closed on the sale of 30 Mall Rd. in Burlington, Mass. for $5.2 million. 30 Mall Rd. was the company’s first acquisition in March of 2015 and the sale price represents a 25% premium to NorthBridge’s acquisition price 19 months ago. The property is currently 100% leased to KinderCare Education under a long-term lease and benefits from a highly desirable location along Burlington Mall Rd.
Northbridge also named two key hires to its team - Charles Levine and Ashley Kilmartin.
Levine joins NorthBridge as vice president and will assist the firm on asset management, financings and acquisitions. Levine has over 11 years of real estate experience primarily in real estate debt capital markets with a focus on CMBS, MBS and Agency debt (Fannie Mae, Freddie Mac and Ginnie Mae). Most recently, Levine worked at Colliers Boston where he was senior financial analyst for the firm. Levine earned an MBA from Fordham University and a BA from Boston University.
Kilmartin joins NorthBridge as director of investor relations where she will assist in the marketing and investor relations functions for NorthBridge’s real estate private partnerships. In addition, Kilmartin will coordinate firm level and partnership level accounting activities with third party accounting and property management firms. Kilmartin has over eight years of real estate advisory and accounting experience working at Ernst & Young, Deloitte & Touche and DiCicco Gulman & Co. Kilmartin earned an MBA/MS in Accounting from Northeastern University and a B.S. from Wofford College.
NorthBridge Partners is a Boston based commercial real estate investment firm co-founded by managing partners Greg Lauze and Dean Atkins. The firm focuses on principal real estate investing in the Greater Boston/New England area. Since the company’s formation in the fall of 2014 the firm has completed 5 acquisitions totaling over $85 million in real estate throughout the Greater Boston region. Lauze has a background in real estate acquisitions, asset management and capital fundraising previously with private equity real estate firms, Colony Capital in Boston and The Blackstone Group in New York. Atkins has a background in corporate real estate law, commercial real estate brokerage, and real estate consulting.
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