GLOUCESTER, MA-A Los Angeles based investment fund has inked an $8-million sale-leaseback agreement with the New York City-based investment advisor Angelo Gordon & Co. The subsidiary will take a 20-year lease on the 67,903-sf industrial building.
Dave Karson, vice president at the New York City-based real estate investment banking firm Sonnenblick Goldman, which represented the seller and tenant, tells GlobeSt.com that more than a dozen offers came in on the 21-29 Great Republic Dr. property. Angelo Gordon won the title to the property because the seller felt that the investment advisor would be the best landlord for its subsidiary business, he adds. That business Good Harbor Fillet Co., a seafood processing company, will remain as a tenant in the property under a 20-year lease.
"In addition to securing a great price, we were able to structure a lease and choose a landlord that we believe will be very beneficial to the client and the long-term health of the business," Karson says. The seller, a buyer of distressed companies, will use proceeds from the sale to capitalize the acquisition of the seafood company, he notes. The two-story office, production and warehouse facility, which is fully occupied by Good Harbor, is situated on 9.6 acres in the Blackburn Industrial Park.
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