JV Nabs Suburban Boston Office/Flex Campus
- Oct 26, 2017
Brookwood Financial Partners has sold Brookwood Business Center, a 448,707-square-foot office/flex park located in Tewksbury and Billerica, Mass. The buyer was a joint venture between Condyne Capital Partners and a fund managed by Westport Capital Partners LLC. An acquisition loan financed by HarborOne Bank and Brookline Bank funded the sale.
The six-building campus is located at 101 Billerica Ave. and has undergone a series of renovations. including reimagined landscaping, roof improvement, a new café, new building signage and refurbished common areas. Brookwood Business Center sits on 44 acres and comprises four single-story flex buildings and two two-story office buildings.
Situated 30 miles north of Boston, it is close to major roads, such as Interstate 495 and routes 3 and 128. Additionally, it has 15,375 square feet of vacant office space, as the rest is occupied by tenants such as Potpourri Group, MC Assembly and MRSI Systems.
Transwestern Consulting Group’s Chris Skeffington, Joe Olin and Roy Sandeman brokered the deal, representing the seller and procuring the buyer. The new owners have selected the firm’s James Lipscomb, Brian McKenzie and John Wilson to handle the leasing services for the property. Transwestern Vice President Andrew Stone, who handled the financing of the Celtics’ new practice site in Boston, arranged financing for this acquisition.
The property previously changed hands in 2010, when Brookwood acquired it through foreclosure for $15 million, public records show.
“The new ownership team of Condyne and Westport successfully identified an asset that they believe has and will continue to outperform the market for years to come,” Skeffington said in a prepared statement. “The supply of flex space in the market has gone down dramatically in the past 10 years, making more recently constructed parks like Brookwood Business Center very attractive to tenants and investors.”
Image courtesy of Transwestern