Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LYNN, MA-An investment group led by Asian investor Raymond C. Lee has developed a special-entity, Oasis Net Leased Holdings LLC, to purchase a 12-asset portfolio from the iSTAR Financial Group for $157 million. The portfolio consists of one developable land site and 11 office and R & D properties, the majority of which are net leased to a number of national, regional and local companies. Lee is president of both Oasis Development Enterprises and East-West Enterprises, which own a number of properties in the Greater Boston area.

“This portfolio represents a highly unique opportunity for Oasis Development to significantly enhance its holdings in the region, which is one of the nation’s most attractive and difficult to enter,” says Rob Griffin, president, New England Area, Cushman & Wakefield in a statement. “Oasis faced stiff competition from some of the most aggressive institutions out there for obvious reasons. Nowhere else can a portfolio of this size and quality be acquired where there is a significant up-front cash flow without any near-term downside.”

Ivan S. Chow, a representative for Oasis, concurs, “Great cash flow is the reason [that the portfolio was so attractive], our investors are buy-and-hold type of investors.” Griffin, Marci Griffith-Loeber and Christopher T Griffin of C & W’s Financial Services Group exclusively represented the seller and procured the buyer in the transaction.

The assets, which total more than 900,000 sf of space, include Concord Farms Business Park, a five-building complex with an undeveloped, 5.5-acre parcel of land, whose tenants include Sybase Inc. and Welch’s Foods; 355 Wood Rd. in Braintree, which houses Haemonetics Corp.; and 300 Friberg Parkway in Westborough, home to the Bay State Gas Co. Also included are 101 Philip Dr.; Norwell; 76 Pacella Dr., Randolph; the Blue Cross/Blue Shield building at 1022 Hingham St., Rockland; and 3300-3380 W. Sahara Ave., Las Vegas, which has Wells Fargo as its sole tenant.

Lee’s companies have made a number of acquisitions in the Greater Boston area in the past year. This summer they purchased the Boston Stock Exchange building at 100 Franklin St. and 10 Milk St. in Boston’s Financial District to go with the Tower at Northwoods in Danvers, purchased earlier this year. The 213,000-sf Las Vegas property would not seem to fit into the scheme of past investments, but Chow would not comment on whether they would hold it or sell it. Chow did say that the companies are looking for other properties in the immediate area.

“We are looking, but the prices are remaining quite high,” he tells GlobeSt.com. “We might have to wait until the rates go up a little bit, and the prices come down.”

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

*May exclude premium content
Already have an account?

Dig Deeper



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 © 2022 ALM Global, LLC. All Rights Reserved.