X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ANDOVER, MA-A New Jersey-based real estate firm company that recently received an infusion of funding acquired its first asset in this area with its purchase of the Shattuck Office Center here on 138 River Road for $9.2 million.

Advance Realty Group, which currently owns and operates 4.5 million sf of office and industrial properties, recently received a $300 million investment from Rothschild Realty Inc., a member of the Rothschild Group, which made the investment through its Five Arrows Realty Securities III LLC investment fund. The investment will allow the company to compete for larger properties over its five year span. In that time, the company reportedly plans to invest the money in properties in the Boston and Washington D.C. markets. A third of the investment will be put into local properties.

Advance Realty was not available by presstime but Greg Senkevitch, the company’s chief operating officer, is quoted as saying, “…we’re going to be looking very aggressively in the Boston market.”

This purchase of Shattuck Office Park from WP Commercial LLP was being planned before the Rothschild investment. WP Commercial bought the 62,700-sf, three-story, Class A office building for seven million dolllars nearly three years ago.

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

Once you are an ALM digital member, you’ll receive:

  • 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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.