Meritage Properties and Ivy Realty purchase 711 Atlantic Avenue for $26 million
May 31, 2012 - Front Section
"We are excited about this new addition to our Boston holdings. Like a number of our other portfolio assets, 711 Atlantic Ave. presents an excellent opportunity to enhance the value of a distinctive office property that already benefits from a core location in the heart of a strengthening market," said Andy Nathan, CEO of Meritage Props.
"Under our new ownership, we look forward to actively marketing and leasing the current office and retail vacancy and completing several significant capital and cosmetic improvements," said Anthony DiTommaso, co-CEO of Ivy Realty.
711 Atlantic marks Meritage Props. and Ivy Realty's third joint property acquisition, following their recent purchase of Shady Grove Plaza in Rockville, Md. Meritage and Ivy will co-asset manage the investment, and property management for 711 will be handled by Meritage in partnership with Lincoln Property Co. Leasing will be handled by CBRE.
711 Atlantic Ave. is one of Boston's ï¬nest renovated boutique office buildings. Constructed in the late 1800s, the property underwent a full renovation in 2003 that included the complete modernization of the property while carefully preserving its unique and desirable brick and beam character. More recent updates include replacement of most of the buildings windows, lobby upgrades and faÃ§ade repairs. The building's high-proï¬le storefront and wide sidewalks makes its street and lower levels particularly well-suited for restaurant use, a concept which would add substantial value given the building's unique location in a growing 24-hour neighborhood.
About Meritage Properties
Founded in 2003, Meritage Properties is a value-oriented owner operator of office properties, primarily focused on the Boston to Washington, D.C. corridor. Since inception, Meritage has acquiredinterests in approximately 3 million square feet of office space and 500 residential units valued at over $750 million. The company utilizes a combination of disciplined underwriting metrics, best in class operating principles, outstanding business reputation and ethics, and an unwavering commitment to excellence in creating value by repositioning underperformingassets into market sector leaders. For more information, visit www.meritageprop.com.
About Ivy Realty
Ivy Realty is a Greenwich, CT based real estate investment, development and management company with a portfolio exceeding 5.5 million square feet of office, industrial, multi-family and retail properties. Ivy invests on behalf of institutional, discretionary funds in value-added investments in the Northeast US and Southeast Florida. For more information, visit www.ivy-realty.com.