BOSTON – On behalf of The Grossman Companies, JLL’s Capital Markets experts today announced the $8.5 million sale of 1099 Hingham Street, a Class A office building in Rockland, MA. Jumbo Capital purchased the 58,962-square-foot asset.
Managing Directors Frank Petz and Jessica Hughes, Vice President Robert Borden, and Associate George Gregory led the JLL team on the transaction, while Senior Vice President Jon Schneider secured financing on behalf of Jumbo Capital.
According to Petz, “Ten99 Hingham Street presented a rare investment opportunity with tightening market fundamentals, a strong in-place yield, stable contractual cash flows, a diversified tenant roster, and direct highway access.”
Conveniently located along Route 3 at the intersection of Route 228 and just 10 minutes from I-93, Ten99 Hingham provides easy accessibility to daily commuters and residents of Boston’s South Shore. Tenants enjoy several local conveniences within half a mile, including multiple hotels and dining options, and are also just a short drive from the upscale Derby Street Shoppes.
Over the last several years, Ten99 Hingham has undergone a number of improvements including bathroom and common area renovations, upgrades to infrastructure and a full roof replacement. The property is currently 94% leased to a strong roster of investment grade tenants including UBS, Konica Minolta, Great American Insurance Co., and NTT Data.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.