| Cathartes Investments Expands Boston-Area
Portfolio by $6.375 Million |
Boston, MA (August, 1998) Cathartes Investments has acquired
three properties in the Boston area. The separate deals total $6.375 million,
and expand Cathartes' existing portfolio by 156,000 square feet. The limited
liability companies formed by Cathartes and joint venture acquisition partner
AEW Partners II, L.P. purchased One Fortune Boulevard in Billerica, 540 Myles
Standish Boulevard in Taunton, and 21 Pacella Park Drive in Randolph.
William Bailey and Curtis Oberg of Spaulding and Slye brokered the sale
of One Fortune Drive on behalf of the seller, CIGNA. The property is 62,000
square feet and is located on 5.74 acres just off the Middlesex Turnpike in
Billerica, Massachusetts. It was built in 1980 and redeveloped in 1997. Plans
for the property include a full leasing program, as well as minor capital
improvements such as adding skylights and a second loading dock. "The property
is well located and in excellent condition," said Jeff Johnston, Director of
Acquisitions at Cathartes. "We're confident that we can stabilize it quickly."
Future leasing will be handled by Curtis Oberg of Spaulding and Slye.
Steve Clancy of Lynch Murphy Walsh & Partners brokered the sale of
540 Myles Standish Boulevard in Taunton on behalf of the seller, 540 Myles
Standish Trust. This office/R&D propertyconsists of 23,000 square feet. "We
signed a lease for the entire building during our due diligence period," said
David DePree, Director of Asset Management at Cathartes. "Flex buildings like
this one -- essentially solid properties located in rising sub-markets -- are
in high demand and are a specialty of Cathartes." Future leasing will be
handled by Steve Clancy of Lynch Murphy Walsh & Partners.
Jim
Nicoletti and Steve Clancy of Lynch Murphy Walsh & Partners brokered the
sale of 21 Pacella Park Drive on behalf of the seller, William Haas of 21
Pacella Corporation. The two-story property consists of 71,000 square feet and
is situated on four acres, approximately two miles from Route 128/Route 95 in
Randolph, Massachusetts. It is currently vacant. Plans for the property include
a full leasing program and minor capital improvements. "The ability to acquire
a warehouse property at 60% of replacement cost in an extremely tight market
along Route 128 attracted us to this deal," said Jeff Johnston. Future leasing
will be handled by Jim Nicoletti and Steve Clancy of Lynch Murphy Walsh &
Partners.
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 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.
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