Colliers International, Boston today announced that it has successfully completed the $9.061 million sale of a two-building office and flex portfolio on behalf of Schernecker Property Services. The sale was completed by Colliers’ investment sales team, consisting of Doug Jacoby, Scott Dragos, Tony Hayes, Tim Mulhall and Dan Hines.
The portfolio was acquired by btcRE, a boutique Boston-based commercial real estate investment and consulting firm. It offered an appealing opportunity to acquire two first-class assets in Boston’s premiere suburban market. The portfolio includes 179 Bear Hill Road and 283 Second Ave. 179 Bear Hill Road is a 40,000 square-foot office and warehouse building that directly abuts Route 128. 283 Second Ave is an 18,000-square-foot flex building that is fully leased to MSPCA, a local non-profit that protects animals, relieves their suffering, advances their health and welfare, and prevents cruelty.
Assistant Vice President Tim Mulhall notes that “The acquisition was a success for both Schernecker Property Services and btcRE by providing a great value to the seller, but also allowing btcRE the flexibility to reposition 179 Bear Hill Road into creative office space, taking advantage of Greater Boston’s most dynamic suburban submarket.”
Colliers International’s, Capital Markets group, led by Tom Welch, Adam Coppola, and John Poole arranged a $9 million acquisition/bridge financing with a Massachusetts based loan fund on behalf of btcRE.
“This Waltham acquisition presents a great opportunity to apply its hands-on, institutional caliber expertise to a value-add investment and once again extract excellent risk adjusted returns for its investors.” said Senior Vice President,Tom Welch.
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Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIGI is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
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