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News: Front Section
Posted: November 6, 2015
RJ Kelly Co. purchases 168,000 s/f 100 Quannapowitt Parkway for $31.1m
100 Quannapowitt Parkway - Wakefield, MAWakefield, MA On behalf of Digital Realty Trust, JLL’s Capital Markets experts negotiated the $31.1 million sale of 100 Quannapowitt Parkway, a Class A office building. RJ Kelley Company purchased the 168,000 s/f asset. The sale generated net proceeds of $29 million, and Digital Realty recognized a gain on the sale of approximately $10 million in the first quarter of 2015.
Managing directors Frank Petz and Jessica Hughes, and vice president Robert Borden led the JLL team on the transaction along with analyst Charles Luce.
According to Petz, “This offering gave investors the unique opportunity to purchase a strategically located asset in the strong North market with 100% occupancy, stable contractual cash flows, and below market rents in-place providing upside potential.”
Located 13 miles north of Boston, 100 Quannapowitt Parkway is one-half mile from Rte. 128, two miles from the I-93 interchange, and adjacent to Lake Quannapowitt.
The building is part of 100 & 200 Quannapowitt Parkway, a 387,000 s/f Class A office and technology center that combines modern, efficient office and flex space. The two buildings offer views of the lake, jogging trails, a cafeteria, fitness center, locker rooms, and a basketball court for employees.
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