QUINCY MA–Privately held commercial real estate investment firm Jumbo Capital has purchased two properties at 10 Lyberty Way and 3-5 Carlisle Road in Westford, MA for a combined value of $42,950,000.
Both newly acquired properties are in the Suburban North Technology Corridor among such prominent neighbors as IBM, Abbott Laboratories, Nokia, Tyco, and Red Hat.
10 Lyberty Way was purchased for $12.7m from Puma North America, who occupied the entire 129,000 SQ FT building prior to relocating its headquarters to Assembly Row in Somerville. The building was originally constructed in 1984 for Towtron and served as a R&D facility for Lucent Technologies for many years prior to Puma’s occupancy. Upon acquisition in 2008, Puma completed substantial capital improvements such as adding a second story and glass façade to the front of the building, solar array, and mechanical upgrades throughout. The Class A Flex R&D space includes 4 loading docks nearly 20-foot clear heights, abundant electrical service, flexible floor plan and its own 200KW solar plant. Jumbo intends to complete a speculative demo plan in its pursuit to lease the facility to a new Flex / R&D user.
The second acquisition included 167,881 SQ FT of Office/R&D facilities located at 3 and 5 Carlisle Road, just a half mile from 10 Lyberty Way. The two buildings are fully leased to medical imaging company Cynosure along with environmental engineering firm, Ramboll. Cynosure is headquartered at 3-5 Carlisle Road and uses the building for both corporate operations and research and development functions. The buildings recently saw major capital improvements to the structural and mechanical elements as well as to the landscape and hardscape around the property.
Jumbo’s Tom Powers oversaw the acquisition team and expressed his firm’s enthusiasm about adding these technology focused properties to Jumbo’s portfolio of nearly 4.5 million square feet of property in Greater Boston.
“We are excited to have acquired these outstanding properties well located in the burgeoning Suburban North Technology Corridor. These facilities with on-site green energy, sophisticated base-building infrastructure and a host of modern amenities should continue to prove very attractive to existing long-term tenants and those looking to expand their footprint in the Northwest market.” Powers said.
Jumbo closed on the Lyberty Way property on 7/15/2021 and the Carlisle Road on 8/3/2021.
Jumbo Capital is a privately held, value focused, fully integrated commercial real estate investment firm located in Quincy, MA. The firm was founded in 2009 to pursue investment opportunities exclusively in Massachusetts, in all asset classes. Currently, the firm manages a portfolio of 4.3 million square feet of commercial real estate, in the Greater Boston area.