LOWELL, MA–A joint venture between Novaya Real Estate Ventures, LLC and Hawk Properties has completed the sale of 55 Technology Drive in Lowell, MA to Legacy Real Estate Ventures.
The property consists of an 89,004 square foot, two story office and flex building. The property is 100% leased to Lowell General Hospital, Borrego Solar, the Commonwealth of Massachusetts, Contract Logix and Diagnosys. All of the tenant spaces have been renovated since Novaya first purchased the property in 2012.
Novaya Principal, Peter Carbone, commented, “We are very encouraged that real estate deals are getting done during what has quickly become a challenging economic environment. We would like to thank Michael and Jen Price, for their hard work and commitment to completing this purchase. This property has performed well for us for the past several years, and we expect similar results for Michael and his team.”
Michael Price added, “Peter and I made a commitment based on our longstanding relationship to make sure this deal closed, even given these exceptional times and challenges. 55 Tech Drive is a well-located property with a very stable mix of core tenants. Given the quality of tenancy and level of maintenance performed by Novaya over the years, we expect this to be a solid investment for years to come. ”
The deal was financed with debt provided to Legacy by Woodman’s of the World, through Northmarq Capital, and was brokered by Anthony Biette, of Peak Real Estate Partners. The property will be managed by Legacy affiliate Eastport Real Estate Services.
Novaya Real Estate Ventures was founded in 2011 by Jim Alden, Peter Carbone, Jeff Theobald and Scott Tully. Novaya has transacted on over 9 million square feet of industrial, flex, office, residential and urban retail product with gross asset value in excess of $1 billion. Novaya’s assets are primarily located in the New England and Philadelphia, PA markets.
Headquartered in Boston, MA, Hawk Properties invests in real estate opportunities around the Northeast region. Their efforts are focused across multiple residential and commercial property types where capital improvements or operational efficiencies can increase the value of the property.
Legacy Real Estate Ventures recently relocated to Boston with expanded management. Legacy owns 17 offices, medical and flex properties throughout Massachusetts and in the Providence and Philadelphia markets.
Peak Real Estate Partners (www.peakrepartners.com) was founded in 2017 by Anthony Biette. Peak is a boutique real estate brokerage firm with specializing in investment properties in the small and middle capital markets in the Greater Boston region. Our goal is to combine three decades of experience with an obsessive focus on communication and collaboration to drive positive outcomes for sellers and buyers of commercial real estate.