| Cathartes Investments Sells Canton and Mansfield
Properties to Peconic Partners |
Boston, MA (January 1998) Cathartes Investments has completed
the sale of 275 Turnpike Street in Canton and the Great Woods Office Park in
Mansfield, Massachusetts. David DePree of Cathartes represented his firm in the
sale, along with exclusive listing agent Mike McGonigle of Grubb & Ellis.
The buyers were Peconic Partners, LLC, a subsidiary of the Geometry Group of
New York. The sales price for the two properties was $5.575 million, according
to the registry of deeds.
Cathartes acquired the 40,000 square foot
office property in Canton from Sun Life of Canada last year. Strategic
improvements to the property, performed by Cathartes during due diligence,
stimulated leasing activity immediately. The three-story office building is
located on over two acres, two miles from Route I-95, just off Route 138.
Cathartes acquired the two first class office buildings at Great Woods Office
Park from Baybank, N.A. in 1996. This property consists of54,000 SF of first
class office space, prominently located across from the entrance to Great Woods
Performing Arts Center.
"These sales represent our ability to
successfully apply our value-added strategy and execute to a trading mentality.
We were able to acquire these properties at below market and recover the value
quickly through aggressive leasing and strategic property improvements," said
Ruben Moreno, Managing Director at Cathartes.
Cathartes Investments is
a real estate investment firm specializing in acquiring undervalued commercial,
industrial and residential properties in major North American markets.
Cathartes has invested $150 million of client capital in commercial properties
with an aggregate total market value of more than $200 million.
Cathartes has also recently formed a joint venture with AEW partners
II, L.P., and is currently placing the first of two $25 million equity funds in
leveraged real estate investments throughout New England.
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