BOSTON-In one of the largest real estate deals ever in New England, San Francisco-based Rreef has closed on a $507-million acquisition of a 47-building commercial portfolio totaling more than four million sf. CrossHarbor Capital Partners was the seller.The buildings, located in Massachusetts, Connecticut, New Hampshire, and Maine, include office, R&D and warehouse properties. Most are located in Greater Boston. Included in the portfolio are the Andover Technology Center, Cedar Hill Business Park in Marlborough, Raynham Woods Corporate Center and Point West Place in Framingham.
Robert Griffin, president of Cushman & Wakefield of Massachusetts Inc., which represented CrossHarbor and brought the buyer to the table, tells GlobeSt.com that the transaction drew at least five other bidders ranging from 1031 investors to institutional buyers.
"They're (Rreef)a very strong player and are considered to be one of the best players in the market place," says Griffin. "The seller felt very comfortable with them."
David I. Begelfer, chief executive of the Massachusetts chapter of the National Association of Industrial and Office Properties, tells GlobeSt.com that the transaction reflects the strength of the Bay State's investment market. "We're really talking about a lot of buyers out there, and in some markets, a limited product. That is why Boston is so attractive." Neither CrossHarbor nor Rreef could be reached for comment by deadline.
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