| Cathartes Acquires 700,000 SF Boott Mills For
$3.5 Million |
Lowell, MA (August 1997) Cathartes Investments has completed
the acquisition of the historic Boott Mills. The 19th century mill complex
consists of four buildings comprising 700,000 s/f. A multimillion dollar
rehabilitation of the property in 1990 included the renovation of 100,000 s/f
into first class office and R&D space and created a 100,000 s/f storage
facility. EVA Cogenics and Space Tech currently occupy a majority of the
renovated office space.
David Gillies of Cathartes Investments managed
the acquisition for his firm. Rick Gallitto of CB Commercial and Henry Reusch
of the Nils Company co-brokered the transaction. The seller was Historic Boott
Mills, LP. According to the registry of deeds the sales price was approximately
$3.5 million. Fowler, Goedecke, Ellis & O'Connor assisted in the
arrangement of acquisition financing.
Cathartes plans to complete the
restoration of the complex by renovating the remaining 500,000 s/f in two
phases. "Having the ability to deliver half a million s/f of high quality
office and R&D space in a corporate campus environment in this market is an
exciting prospect," said Gillies.
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 $75 million of client capital in commercial properties
with an aggregate total market value of more than $100 million.
Cathartes has also recently formed a joint venture with AEW Partners
II, L.P., and is currently placing two $25 million equity funds in leveraged
real estate investments throughout New England.
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