Transwestern Consulting Group Arranges Financing for Acquisition and Leasing Costs
(DEC. 6, 2017 – Boston) – Transwestern Consulting Group (TCG) today announces it arranged two loans for NorthBridge Partners totaling $22 million. The loans will finance the acquisition and future leasing costs of 100 Adams Road in Clinton, Massachusetts, and 23 Sycamore Ave. in Medford. TCG Partner Chris Skeffington and Vice President Andrew Stone arranged the loans.
“The Greater Boston industrial market continues to draw significant investor interest, driven by e-commerce and ‘last-mile’ logistics trends, as well as the strong regional economy,” said Stone. “NorthBridge recognizes this market dynamic and capitalized on the opportunity with the acquisition of two institutional-quality assets.”
The financing for 100 Adams Road consisted of a long-term, non-recourse loan of $13.9 million through Middlesex Savings Bank. The building is fully occupied by five tenants and consists of 345,000 square feet of Class A, high-bay warehouse space. Completed in 2000 and situated on 20 acres, it features modern construction, 30-foot clear height, 53 loading docks and one drive-in door. According to Transwestern research, the Interstate 495 West submarket consists of 1.8 million square feet of high-bay warehouse space with 9.1 percent vacancy at the close of third quarter 2017.
TCG also arranged a long-term, non-recourse loan of $8.9 million for 23 Sycamore Ave. through HarborOne Bank. The property is a Class A, high-bay urban warehouse totaling 91,000 square feet, located less than 4 miles from downtown Boston. The property represents one of the area’s top “last-mile” facilities and a rare opportunity to lease an urban industrial warehouse/cold-storage building in a thriving Boston industrial market. According to Transwestern research, the Inner Urban submarket consists of 625,000 square feet of warehouse space with no vacancy at the close of third quarter 2017.
About NorthBridge Partners
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 throughout the Northeast of the US. Since formation in the fall of 2014 the firm has completed 11 investments totaling approximately $150 million in value and over 1.8 million square feet and has sold four investments generating over $25 million in realizations. For more information, please visit www.northbridgecre.com.
About Transwestern Consulting Group
Transwestern Consulting Group works with owners and occupiers of real estate to design and execute customized, labor-centric strategies that consider corporate objectives, economic drivers and industry trends to solve complex business challenges. Using a data-driven approach, our dedicated team of multimarket specialists integrates transactional expertise with the appropriate mix of site selection and demographic analyses; financial modeling; supply chain management; incentives negotiation; portfolio optimization; workplace strategy; and branding solutions for the achievement of each client’s goals.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Boston office, follow @TranswesternBOS.