Northwoods Business Park Sells for $14.7 Mil

DANVERS, MA-Everest Partners, LLC acquired the Northwoods Business Park here at 99 and 199 Rosewood Drive, near Routes 1 and 95, for $14.7 million. The two building, 171,922-sf complex was sold by Cornerstone Real Estate Advisors, the real estate arm of Massachusetts Mutual Insurance Company.

The owner and seller were represented by Robert E. Griffin, Jr., Richard F. Herlihy and Christopher T. Griffin, in their first transaction with Cushman & Wakefield’s financial services group. The three brokers were formerly with Trammell Crow and according to Herlihy, the deal started when they were still there but was completed after they moved to Cushman & Wakefield.

Hartford, Connecticut-based Cornerstone had acquired the buildings about ten years ago when they went into foreclosure. “They had fully stabilized the assets and put in a decent amount of capital improvements,” Herlihy tells GlobeSt.com. Both buildings are currently fully leased with tenants such as Liberty Mutual, Neon, a software firm owned by Oracle, and the law firm of Schreiber & Associates, P.C.

Everest, a New York-based private acquisition firm, plans to maintain and increase the operating income of the building as the leases expire and roll over. “They are long-term holders of real estate,” notes Herlihy.