Frank Petz, director in CB Richard Ellis/Melody's Boston office, tells GlobeSt.com that the total sales price of $95 million included $26 million from Mariner equity with the remainder from Centremark's equity and long-term debt. The property, built in 2001 and located at 174 & 176 Middlesex Turnpike, was an originally owned by Centremark. It is fully leased to RSA under a long term deal.
"This was a very attractive deal involving local area expertise combined with aggressive foreign capital in an off-market transaction,"says Petz, who put together the financing. "The combination of rent bumps during the tenant's term and an attractive debt package will deliver excellent risk-adjusted returns to the joint venture."
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