| Cathartes Group Manages Acquisition of American
Twine |
Cambridge, MA (June 1994) The Cathartes Group, Ltd. has
successfully negotiated the acquisition of the American Twine Office Park.
American Twine L.P. was formed between Cathartes and a real estate trust headed
by Tony Goschalk.
The building was purchased from the Travelers Realty
Investment Corp. portfolio. Michael Grill of Fallon Hines & O'Connor
represented the seller in this transaction. The sales price, according to the
registry of deeds, was $5 million.
The 1870 mill structure, located at
222 Third Street, was renovated into 116,000 s/f of first class office space by
General Investment and Development Corp. in 1984. The building was redesigned
with dramatic architectural features, and is well suited for emerging small to
mid-sized firms. Proximity to MIT, Harvard, and downtown Boston make this a
desirable location for the area's knowledge-based companies.
This
property is located in the East Cambridge sub-market which boasts one of the
lowest office vacancy rates in the country at only 8.5%. Hammond/IRB Commercial
Real Estate has been named leasing agent. "The property has historically
maintained an occupancy of well over 90%," said Stu Lubin, a principal with
Cathartes. "Our ability to acquire the property for well below replacement
cost, along with its strong cash flow, make this a very attractive long-term
investment."
"There are still excellent opportunities in this market,
though few investors can decvote the time and resources necessary to determine
current values," said Jim Goldenberg, Cathartes principal. "We provide the
market knowledge, financial analysis, and the due diligence necessary to target
those properties with long term investment potential, as well as provide our
partners with the experience and skill needed to effectively negotiate a
transaction within the institutional structure of current ownership."
The Cathartes Group, Ltd. is a Boston-based investment firm working
with regional, national and international investment partners in the
acquisition of commercial real estate.
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