FoxRock Properties has purchased 700 Longwater Dr., for $10 million. The acquisition of this 80,000 s/f building strengthens their presence in the area, marking their fourth building owned within Assinippi Corporate Park. Bob Conrad, president and founder of Conrad Group, represented FoxRock in the deal.
"As we continue to expand our portfolio, we are excited to announce our acquisition of 700 Longwater Dr. as it presented an opportunity to acquire a well-known building adjacent to other FoxRock properties," said Jason Ward, manager of FoxRock. "Our capital improvement program is currently underway, which will result in a more attractive property and user-friendly experience for current and future tenants."
Working collaboratively with architects Helicon Design Group and general contractors Barletta Associates, Inc., FoxRock is currently implementing a $3.5 million capital improvement program at the property including complete HVAC replacement, roof replacement, common area and restroom renovations, landscape enhancements, and parking lot rehabilitation. Do in part to FoxRock's acquisition and ongoing improvement plan, lead tenant EOS CCA has recently signed a long-term lease extension, solidifying their presence in the building.
700 Longwater Dr. is situated within the 180-acre Assinippi Corporate Park. Strategically positioned near the junction of Rtes. 228 and 3, at Exit 14, the building offers easy access to points north and south, as well as Rtes. 128/95 and I-93. Tenants of the property enjoy 24/7 building access and a beautiful lobby atrium featuring a café kiosk. Renovation plans are set to be completed in early December.
"As an older building, 700 Longwater Dr. was in need of upgrades and renovations - things that went unaddressed by previous ownership," said John Burns, vice president at EOS CCA. "Under FoxRock's direction, we are already seeing major improvements. Both management and employees are excited to continue our tenancy in the building, and we are very pleased with the experience thus far."
FoxRock Properties acquires, develops and manages commercial property in Mass., specializing in professional and medical office properties. Their principals began developing and managing commercial properties in 1982 and the company's portfolio currently includes over one million s/f of office, retail, industrial and commercial medical property on the South Shore of Mass. FoxRock's ability to deliver results through CSR-driven principles has been recognized by local governments, the commonwealth of Mass., clients and tenants.