tevleH etxe 37 The Real Reporter ofni DI etaroproc retropeR laER ehT moPROPERTY c.retroperl& aeCAPITAL reht.www :etisbew A COMPENDIUM OF COMMERCIAL NEWS [email protected] :tcatnoc MARCH 17, 2015 THIS WEEK’S ISSUE etatsE laeR laicremmoC rof ecruoS sweN ehT :enil gaT Industrial Strength . . . . . . . . . . . . . . . 2 ..............4 retroCornering peR yCoolidge. lkeeW Letter of Interest . . . . . . . . . . . . . . . . 5 Being There. . . . . . . . . . . . . . . . . . . . 6 BY JOE CLEMENTS Design Build . . . . . . . . . . . . . . . . . . . 7 After Route 128 Office Acquisition, Ferris Wins DTZ Listing for $24M W THE REAL REPORT More in Storage BOSTON — After harvesting their own homespun self-storage project near Logan International Airport in September, the Grossman Cos. has jumped back into the arena here by acquiring a similar property in Boston’s Roslindale district, paying $8.8 million for the Roslindale Self Storage facility at 34-44 Lochdale Rd. and 48 and 99 Mahler Rd. off Washington Street David B. Grossman abutting the Arnold Arboretum. Backed by $6.4 million from Brookline Bank, Grossman Cos. purchased the 366unit asset for $8.8 million from James C. Dow and Christina M. Dow of Northeastern Realty Trust. “We have been looking to buy more self-storage over the past three years, but it has been very challenging to find a compelling property,” Co-President David B. Grossman explains to Real Report after closing this past week on the 1.3-acre parcel that had been in James Dow’s continued on page 8 ESTBOROUGH — One of the MetroWest’s most prolific real estate investors this decade is about to secure another substantial asset in 4 and 8 Technology Dr., a pair of resilient Class B office buildings being marketed through DTZ whose Capital Markets team wasted little time after an agreement with the first winning bidder continued on page 27 1432 Main St., Waltham MA Griffith Wins JLL Urban Warehouse Listing BY JOE CLEMENTS D EDHAM — Set amidst several residential neighborhoods, the enduring 480 Sprague St. can be a bit hard to find and is not especially remarkable save for the 55year-old warehouse’s location bordering Boston’s Readville section, but thanks to a sudden ardor for urban industrial and a 480 Sprague St., Dedham MA continued on page 26 Colliers Listing 1.2M SF of Industrial CRE BY JOE CLEMENTS C HARLESTOWN — Suddenly, 440460 Rutherford Ave. has never looked so attractive, with a dearth of urban industrial making the non-descript, 440-460 Rutherford Ave., Charlestown MA single-story building here near Sullivan Square an anticipated darling now that it is being made available through Colliers International. Its Boston Capital Markets continued on page 28 March 17, 2015 THE REAL REPORTER 27 DTZ Listing continued from page 1 faltered on the finish line a month ago, opening the opportunity for Ferris Development Group to step up on a pact some peg in the $24 million range. If accurate, that would surpass the $21.5 million FDG spent in November 2013 on another Westborough office property, the landmark One Research Dr. that had brought $55 million in a mid-2000’s purchase. The new hands-on owner 8 Tech Park Dr., Westborough MA of 1432 and 1440 Main St. in Waltham, led by namesake David Ferris, was brought to the opportunity by Tr a n s w e s t e r n David Ferris RBJ, which is advising the partnership of Charles River Realty Investors and Crosspoint Associates, as first detailed in mid-January by Real Reporter in an article that had experts accurately peg pricing at $22 million for properties dating to 4 Technology Park Dr., Westborough MA 1984 and 1981 that indicated strong rent that also has holdings in Littleton, treaded the difficult beginning to the decade. Besides tenants from income from being in the mid-90 percent Marlborough and Southborough. “It’s real close,” says one marRoute 128, proximity to Worcester range and assets poised to ride anticipated has enabled landlords to tap into market growth in the coming years from ket veteran of the latter discuscompanies there as well, notes a rates in the mid-$20’s sions on 4 and 8 Technology Dr. CRE veteran who insists the latest per sf that some claim who insists FDG is conducting due rebound is poised for continued the buildings have rents diligence on the buildings that were intriguing enough for the growth in occupancy and rents. averaging. That idea is backed by CBRE/NE The Transwestern brokerage contingent to draw “a survey showing the inventory of RBJ team is led by John ton of action” by one account from John Lashar 13.8 million sf had an impressive Lashar, with Paul Leone a veteran in the Interstate 495 positive net absorption last year of and Danielle Demarco. office market who has seen the David J. Pergola 394,650 sf, the most among 10 They delivered FDG the vast fluctuations during the past submarkets tracked in the review One Research Dr. asset 10 years from a period of bust to that puts vacancy now at 21.1 perand was then engaged boom and back to bust again in cent, down from 25.8 percent one to reposition that prop- 2008. The latter dip was so disrupyear prior. The submarket had erty towards cost-con- tive as to cast several buildings in recorded 309,000 sf of positive net scious tenants fleeing key locations into foreclosure absorption in 2013. rising rents closer into after vacancy rates spiked even in Paul Leone The larger and newer of the Boston, ala Genzyme the normally solid Westborough assets is 4 Technology Dr., a Corp., which a few cluster where I-495 and Route 9 Brian R. Doherty 117,625-sf building on 8.4 acres months later filled the converge a short distance from dating to 1992, whereas 8 final 115,000 sf in a departure from the Massachusetts Turnpike. That Technology Dr. total 104,000 sf Framingham. That deal was also previous- is right where 4 and 8 Technology and was constructed in 1987 on a ly unveiled by Real Reporter, and now mar- Dr. are situated in the 7.3-acre parcel. Their prior sale ket sources insist the investor has lined up Westborough Technology Park occurred in May 1998 when the a second Westborough prospect, a hefty and now appear poised to reward n morsel of 220,000 sf to absorb for the firm their current ownership who Danielle DeMarco assets fetched $50.7 million.
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