BOSTON– Transwestern Consulting Group (TCG) brokered the $6.4 million sale of 130 Constitution Blvd. in Franklin, Ma, on behalf of Novaya Real Estate Ventures.
The 59,970-square-foot industrial building was purchased by Albert Milstein, Barry Kirschenbaum and Sanford Bokor. TCG Partners John Lashar and Chris Skeffington, along with Vice President Roy Sandeman, represented the seller and assisted in sourcing the buyer.
Novaya purchased the building in 2013 as part of a two-building portfolio in a transaction also brokered by TCG and has since launched a significant capital improvement campaign. Novaya completed a full “vacancy preparation” repositioning of the building, which included painting the warehouse, a floor strip and seal, installing new lighting, and upgrading the dock doors with new levelers. In addition, a new roof and upgraded HVAC units were installed as part of the overall improvement campaign.
“Novaya did an outstanding job repositioning 130 Constitution Blvd. into a first-class flex/manufacturing facility that really stands out in one of Greater Boston’s strongest submarkets,” said Skeffington. “The new ownership is purchasing a well-located asset that is 100 percent leased to a long-term, well-capitalized tenant.”
The repositioning effort resulted in a lease to defense contractor Qinetiq North America, which was signed in May. TCG’s Lashar also represented Novaya Real Estate Ventures in the transaction, while JLL represented Qinetiq.
Located in the master-planned Franklin Industrial Park, 130 Constitution Blvd. provides excellent access to Interstate 495. The freestanding, single-story structure is situated on 6.4 acres and features 22-foot clear heights, plentiful parking and seven loading docks. Corporate neighbors include Dell EMC, Imperial Bag & Paper, Cold Chain Technologies, Atlantic Power, Thermo Fisher Scientific and Owens & Minor.
To date, TCG’s capital markets team has completed ten sales and financings transactions in 2017, totaling more than 1.85 million square feet of space.
According to research from TCG, the Interstate 495 South submarket had 3.3 million square feet of flex space with 6.5 percent vacancy at the close of first quarter 2017.