X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LINCOLN, RI-A.T. Cross Co. has completed the $15.7-million sales-leaseback of its global headquarters and manufacturing facility. The agreement allows the designer and marketer of branded personal and business products to remain in 154,000 sf at its One Albion Rd. building until 2017.

Albion Crossing LLC, a joint venture between institutional developer Gray’s Point Investments LLC and commercial real estate development fund Perseus Realty Partners, of Washington, DC, were the buyers in the deal. The new owners plan to convert the building’s remaining space into class A offices. Terms of the sales-leaseback were not disclosed.

David Whalen, president and CEO of A.T. Cross, says in a statement that the sale further strengthens the company’s balance sheet and was an important final step in the company’s decision to move most of its manufacturing overseas. He noted that the 10-year lease commitment also signals the firm’s commitment to remain in Rhode Island. He could not be reached for further comment in time for GlobeSt.com’s deadline.

The company, which produces writing instruments, timepieces, sunglasses, leather goods, and other business accessories, was represented in the transaction by CB Richard Ellis/New England.

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

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.