BILLERICA, MA-Brookwood Financial Partners, LLC is purchasingtwo suburban properties out of special servicing for a combinedprice fo $19.5 million. The seller, REMIC Trust worked out the dealthough LNR Partners LLC, the properties' special servicer. RichardsBarry Joyce & Partners brokered the deal as the exclusive salesagent on behalf of the seller.

|

The six-building Billerica Business Center sold for $15 million,sending the 448,616-square-foot office and flex to its new owner.The property is currently 49% leased. The property is on theBillerica and Tewksbury border at 101 Billerica Ave.

|

The warehouse/distributions facility in Chicopee, MA was soldfor $4.5 million and sits at 2189 westover Rd. The Springfield,MA-based tenant, Big Y Foods, is a supermarket chain which occupies100% of the W/D.

|

"Given our low basis in the Billerica Business Center, we willbe able to provide very attractive leasing rates and tenantimprovement dollars on some of the newest product in the area,"says Thomas N. Trkla, chairm and CEO for Brookwood, in a statement.The new owner is hoping these measures, as well as a few upgrades,will eventually assist in the lease-up of the property.

|

The two properties were put into foreclosure proceedings in Mayof 2010. LNR marketed the properties as the special servicer. FrankPetz and John Wilson from RBJ brokered the deal.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.