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Case Studies

Milford, MA

Fortune Blvd & Quarry Drive

Investment Summary

Property

Four building office/R&D portfolio totaling 230,000 SF located directly off I-495 in Milford, MA

Pricing

Acquisition Cost – $13,950,000

Strategy

- The ownership sought a value add opportunity through leasing the vacancies and completing a number of deferred capital improvements
- The asset poses an opportunity to create value by purchasing the building at a low basis and quickly executing a cost-effective modernization plan with the goal of providing tenants a lower priced alternative in the market

Opportunity/Highlights

  • 100% Leased within 1 year of ownership through growing tenant relationships and strategic negotiations
  • Value add leasing opportunity as majority of leases were 20-30% below market during time of acquisition
  • Portfolio is strategically located directly off I-495 and just one exit south of the Massachusetts Turnpike. In addition to direct highway access, the portfolio benefits from its proximity to the Mass Pike Route 85, Route 16
  • Sold one of the four buildings off-market and kept the remaining three buildings which total 128,000 SF ($152PSF). The sale resulted in a 3.92 multiple in an 18 month period

Other Case Studies

Hopkinton, MA

35 Parkwood Drive

BUILDING SIZE

160,000 SF

ASSET TYPE

Office/Flex

Charlotte, NC

Forest at Chasewood

BUILDING SIZE

220 units

ASSET TYPE

Multifamily

Franklin, MA

440 East Central Street

BUILDING SIZE

16,200 SF

ASSET TYPE

Medical Office

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