Overview:
- Purchase of five properties totaling 197,116 SF; Three buildings totaling 178,321 SF located in Shawmut Park, Canton; Two buildings totaling 122,356 square feet located on Allied Drive, Dedham
- Portfolio 77% occupied at closing
Opportunity:
- Acquire portfolio at bulk discount purchase price and at a substantial discount to replacement cost
- Renewed and extend existing tenancy- 97% of leases expire within five years
- 47% leased to State- Trial Court and District Attorney
- Create additional value through lease up of vacant space
Investment Outline:
- Acquired portfolio in January 2011
- Sold partially vacant flex building “as is” to user in May 2011 at significant increase over acquisition price
- Signed new lease at closing for 9,621 SF at average rent of $19 PSF over seven year term
- Current occupancy for remaining portfolio (141,151 SF) was at 92%
