X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WAKEFIELD, MA-An affiliate of Ram Management Co. has purchased a 155,000-sf office and R&D property here. The Scarborough, ME company purchased the 107 Audubon Rd. property in Wakefield’s Edgewater Office Park through an affiliate entity, Audubon Commerce Center LLC, from New York-based JRT Realty Group for an undisclosed price.

Todd Goldenfarb, acquisition and development analyst with Ram, tells GlobeSt.com that the three-building property offered a well-located, value added addition to the firm’s portfolio. “We think it fits well with what the market wants right now. We think it’s just what tenants are looking for” Goldenfarb says. “For tenants who don’t want to be downtown, it’s a great alternative.”

The property is comprised of two single-story office and R&D buildings and a three-story office property, all located on 19 acres off of Route 95.Goldenfarb says Ram plans to make extensive interior and exterior renovations to the property. Among those planned improvements are upgraded signage and lighting, redesigned landscaping and common area improvements. Ram has selected Cushman & Wakefield to handle the leasing duties for the three buildings.

Ram’s latest acquisition fits in with its strategy of buying and improving properties throughout New England and South Florida, according to Brian Gagne, executive vice president of Acquisitions & Development for Ram. “Massachusetts continues to be a logical place for our expansion,” Gagne says. “Our recent acquisitions in Massachusetts, coupled with our existing portfolio in the Northeast region, puts us in a strong position to continue to gain market share.”

The newest acquisition is just one of several owned by Ram in New England. The firm also owns a fully leased, 174,950-sf industrial property on 17 acres at 445 Simarano Dr. in Marlborough, as well as River Place, an apartment complex in Portland, ME; Centervale, an office and retail property in Scarborough, ME and other assets in New Hampshire and Florida. Its most well-known New England holding, however, is the Maine Outlet in Kittery, ME; home to more than 30 outlet stores including Timberland, Mikasa and Tommy Hilfiger.

Jim Thomson, with Cushman & Wakefield’s Boston office handled the transaction for the buyer, Audubon Commerce Center LLC. Cushman & Wakefield also represented the seller.

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?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

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.