| Cathartes Investments Acquires 1400 Providence
Highway, 155,399 SF Office/Flex Park |
Norwood, MA (December 1997) Cathartes Investments has acquired
1400 Providence Highway, a three building office/flex park located on Route
128. The property consists of 155,399 square feet of leasable space currently
at 100% occupancy. According to the registry of deeds the sales price was
approximately $9 million.
The limited liability company formed by
Cathartes and joint venture acquisition partner AEW Partners II, L.P. purchased
the property from John Hancock. Jeff Johnston, Acquisitions Manager for
Cathartes Investments, handled the negotiations for his firm.
Michael
Smith of Spaulding and Slye brokered the transaction for the seller. Current
tenants include Mitch Hall Associates, York International, and Uromed. J.P.
Plunkett of Cushman and Wakefield has been named to handle future leasing
activity for Cathartes.
"This property has great potential as a
particularly lucrative investment because of the buildings' below-market
valuation. The lease renewal opportunities will generate significant income
growth, and give us the opportunity to reposition the property at current
market rates," said Dave DePree, Director of Asset Management 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. Currently, Cathartes is placing the first of two $25 million
equity funds in leveraged real estate investments throughout New England in a
joint venture with AEW Partners II, L.P.
|
