| Cathartes Investments Sells The Boott Mills
Lowell, MA |
(August 1998) Cathartes Investments has completed the sale of
The Boott Mills in Lowell, Massachusetts. Cathartes was represented by Mike
Smith and Scott Jamieson of Spaulding and Slye. The buyer was Fort Point
Properties. According to the Registry of Deeds, the sale price was $6 million.
Cathartes acquired the four-building, 700,000 square foot partially
renovated mill complex in downtown Lowell from The Historic Boott Mills in
August, 1997. "This project was perfect for Cathartes," said David Gillies,
Acquisitions Manager at Cathartes. "The cornerstone of our strategy is to buy
undervalued and underperforming properties and reposition them for sale in
recovering markets. Lowell is a market on the rise and the Boott Mills was a
complicated deal with high potential. We facilitated courtyard, parking and
riverwalk improvements, organized the property's development schemes and worked
effectively with the competing interests of the historic commission, city
officials, lenders, investors and tenants to create a pre-packaged, turnkey
development project. This laid the groundwork for a competent developer such as
Ed Barry of Fort Point Properties to acquire the property and fulfill his
original vision." Ed Barry is the principal of Fort Point Properties and
original developer of this project.
Cathartes Investments is a real
estate investment firm specializing in acquiring and developing undervalued
commercial, industrial and residential properties in major North American
markets. Cathartes has recently formed a joint venture with AEW Partners II,
L.P., and is currently wrapping up the placement of the first of two $25
million equity funds in leveraged real estate investments throughout New
England. 5 million equity funds in leveraged investments.
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