HFF announces acquisition financing for Boston-area office and industrial property

Riaz Cassum

BOSTON, MA – Holliday Fenoglio Fowler, L.P. (HFF) announced the acquisition financing for a fully occupied, 228,921-square-foot office and industrial property located at 300 Riverpark Drive in North Reading, Massachusetts.

The HFF team worked with the group collaborating on the acquisition, namely Ibdar Bank, Ritz Banc Group and Lincoln Property Company, to advise on the purchase, and secured the financing through Blue Hills Bank.

300 Riverpark Drive is 100 percent occupied and serves as the corporate headquarters for Amazon Robotics. The building features state-of-the-art technology and green energy features such as solar panels on the roof.  Located on 20.8 acres adjacent to Interstate 93, the property is 12 miles north of Boston and approximately 18 miles from Boston Logan International Airport. The property’s location is in the second largest robotics cluster in the country behind California.

The HFF team included senior managing director Riaz Cassum and senior directors Jennifer Keller and Claudio Sgobba.

“HFF is delighted to have supported this Shari’a-compliant transaction,” Keller said.

Riaz Cassum

“Syndicates such as Ibdar Bank are attracted to mission critical, high-yielding, credit-driven rent roll in top suburban submarkets.“ Sgobba continued. “We are seeing a majority of GCC investment flows targeting office, data centers, tech-linked assets, logistics, industrial properties and student housing. Typically these investments generate a seven to eleven percent cash-on-cash coupon and are underpinned by long-term tenant commitments.“

“We are excited about this acquisition and planting our first flag in the Boston market,” said Nasr El Hage Jr., co-founder and managing director of Ritz Banc Group. “We are true believers in the location of the asset and the solid fundamentals of the submarket.”

“We were very pleased to support the specialized structure required by the investors to aid them in securing this highly desirable property,” commented Kevin Malone, Executive Vice President- Commercial Banking. “At Blue Hills Bank, we pride ourselves in being innovative and responsive to the needs of our clients.”

Ritz Banc Group is a private equity and alternative asset management firm headquartered in Washington, D.C. aimed at advising investors on deploying capital in U.S. real estate. By successfully investing in the United States since 2012, Ritz Banc Group has a nationwide platform of seasoned operators. The firm reinforces its business model by being a vertically integrated investment and property management platform creating an “operator” vs “capital” allocator. The firm is committed to creating value, diversification and capital preservation for its LPs through rigorous underwriting practices and deep market knowledge.

Lincoln Property Company, founded in 1965, is a Dallas, Texas-based global real estate company with offices in more than 200 cities in the United States and 10 countries throughout Europe.  As a privately held real estate firm, it provides real estate investment, property management, development and leasing services worldwide.  Lincoln Property Company currently has $30 billion in total assets under management and has developed 138 million square feet of office, residential and industrial space.  Lincoln Property Company is one of the largest privately held commercial real estate companies in the United States.

Blue Hills Bank is a full-service community bank headquartered in Hyde Park, Massachusetts. With assets of more than $2.5 billion, the bank serves businesses and consumers in Eastern Massachusetts and Nantucket online and through its 18 branches and loan offices. The Bank offers commercial financing, cash management and deposit accounts to businesses with an emphasis on building long-term relationships with its clients. Founded in 1871 as Hyde Park Savings Bank, the Bank is celebrating its 146th year in business.