"This property typifies what we are looking for in this market - a solid performer that outperforms the market," Eve M. Trkla, chief operating officer for Brookwood tells GlobeSt.com. "In addition, the quality of the rent roll and our belief in the improving market fundamentals in greater Boston were reasons for making the investment."
The three-building, two-story park, located on Route 1 just 14 miles southwest of Boston and 30 miles from Providence, RI. Baxter Healthcare Corp., Phoenix Technologies, the Premier Insurance Co. of Massachusetts and a subsidiary of the Pepsi Bottling Group, Inc all hold long-term leases at the site, many of which extend through 2011.
"The property has a best of class feel to me," Trkla says. "It's not extremely high profile but it's a bit of a niche play for us. We always want to buy something that has stability and real value and this is really a stability play for us."
The acquisition is the first Bay State acquisition for the private equity investment firm, which also holds 15 properties totaling more than 2.6 million sf of commercial space in its portfolio. Current holdings are concentrated in high growth areas in California, the Southwest, Northeast and Mid-Atlantic regions and in southern Florida. Brookwood was self-represented in the transaction. The seller, ND Norwood Park South LLC was represented by CB Richard Ellis.
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