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The Providence
Highway
1400 Providence Highway is a three-building office/flex park
in Norwood, MA, that consists of 155,399 SF of rentable space. Located off
Route 128, it's situated in Boston's largest suburban industrial market, the
South Industrial Market. Cathartes created tremendous value with this
investment by taking advantage of the under-market leases. We negotiated
renewals and generated significant growth for the property. |
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| 1400 Providence Highway, Norwood, MA |
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Pacella Park Drive
21
Pacella Park Drive is a 71,067 square foot office/warehouse building providing
convenient access to Route 128/I 95, I 93, and State Routes 24 and 28. Public
transportation is available via Commuter Rail service to Back Bay Station and
South Station. Renovations to the building include a fully replaced roof in
1997. During our ownership, we leased this property in its entirety to a since
tenant for its office, warehouse and distribution needs. In addition, we
performed minor capital improvements to enhance the curb appeal of the
property. We sold this building in July, 1999. |
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| 21 Pacella Park Drive, Randolph, MA |
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Turnpike Street
275
Turnpike Street was constructed in 1987 and consists of 39,252 square feet of
rentable office space and approximately 12,000 square feet of rentable basement
storage space. The attractive brick and glass facade and efficient floor plates
provide office space in the size range of 2,000 to 10,000 square feet. It is
the premier office building on the Route 138 corridor and is within close
proximity to a number of restaurants, hotels and service industries. This
property was well-located and maintained, but held a major obstacle for
potential tenants: lack of parking. It was under-parked at 2.6 spaces per 1,000
SF, as opposed to the Boston metropolitan average of five spaces per 1,000 SF.
This situation posed an impediment to leasing up the building beyond its 67%
occupancy rate at the time we entered into a purchase and sale agreement. We
took advantage of a utility easement on the property and were able to increase
the parking. We sold the property in January, 1998. |
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| 275 Turnpike Street, Canton, MA |
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Myles Standish
Boulevard
540 Myles Standish Boulevard is a Class B office building
located within the Myles Standish Industrial Park in Taunton, MA. The Park is
serviced by a four-lane road connecting the Park with the Bay Road exit off
Route I-495 and is located approximately 35 miles south of Boston. We leased
this property in its entirety to a single tenant. We also received approvals
for and expanded the property by 24,000 SF to meet the tenant's space
requirements. This added a tremendous amount of value to the property, and we
sold it in July, 1999. |
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| 540 Miles Standish Boulevard, Taunton,
MA |
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Fortune Drive
One Fortune
Drive is a two-story office/flex building conveniently located directly off of
the Middlesex Turnpike, within ten minutes of both Routes 3/I-495 and 3/128.
The property consists of 62,196 square feet and is located within the Manning
Industrial Park. Neighboring tenants include Welch's Foods, Nextel, Bay
Networks Microsystems. Built in 1980, the property was redeveloped in 1997 with
capital improvements totaling $1.5 million. We instituted a full leasing
program for the property and made many capital improvements such as adding
skylights and a second loading dock. We then sold it as a fully stabilized
project in March, 2000. |
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| 1 Fortune Drive, Billerica, MA |
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| Copyright 2006 Cathartes Private Investments. All rights reserved |
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