JV Buys Distressed Office Property in MA
- Apr 12, 2019
A joint venture between National Development and Charles River Realty Investors has acquired 20 Cabot Road, a 116,490–square-foot office building in Medford, Mass. Citizens Bank sold the property through foreclosure, Yardi Matrix data reports.
Built in 1987, the four-story property features 368 parking spaces. The joint venture plans to undertake a major renovation of the building, which will result in improved lobby and common areas, a new fitness center, upgraded landscape and refurbished signage.
Following the deal, Citizens Bank remained the property’s anchor tenant and will continue to occupy 85,200 square feet for a 10-year period. Additionally, the new owner appointed Cushman & Wakefield to handle leasing efforts for the remaining space, which offers availabilities ranging from 6,000 to 32,000 square feet. National Development will handle property management services.
Located on 8.3 acres on the Malden River, 20 Cabot Road sits adjacent to Wellington Greenway, a two-mile running, biking and walking trail. Orange Line’s Wellington Station is located within walking distance. The suburban area has become a more affordable alternative for tech companies looking to establish their businesses in transit-orientated locations.