Boston– Colliers International’s Boston-based Capital Markets group recently announced that it has secured $9.62 million of financing to recapitalize Berkeley Partners’ $14.8 million all cash purchase of 25 Commerce Way in North Andover, MA.
The Colliers team of Adam Coppola, Thomas Welch, John Poole and Tonia Jenkins arranged the financing with AEGON USA Realty Advisors, LLC which Colliers represents as a correspondent.
25 Commerce Way is a 169,000 SF single-story industrial asset, situated on 18.55 acres of land, that was 99% leased to 7 diverse tenants at the time of sale. Completely renovated in 2001, 25 Commerce offers a mix of space including: warehouse areas with approximately 25’ clear heights, good column spacing and ample loading docks; high quality finished office space; and air-conditioned R&D and lab space. Located just off Route 125, the asset benefits from its immediate access to I-495 and its proximity to Boston, only 35 minutes north of the city.
“We are thrilled to establish a strategic relationship between AEGON and California-based Berkeley as Berkeley looks to grow its Boston-area portfolio,” said Adam Coppola. Thomas Welch added, “AEGON was able to distinguish itself by tailoring a structure to the investment vehicle’s business plan while locking in an exceptionally attractive rate for the duration of the planned investment horizon.”