440 Rutherford Avenue - Charlestown, MACharlestown, MA Colliers International (Colliers) has closed the sale of and secured financing for Bunker Hill Business Center, a 52,944 s/f flex office property located at 440 Rutherford Ave.
Colliers marketed the property on behalf of New Canaan, CT-based Cambridge Hanover, Inc. TD Street LLC, which is an affiliate of Center Court Partners LLC, purchased the property for $14.725 million.
In addition, Colliers secured a $10.5 million fixed-rate acquisition loan on behalf of the buyer through LStar Capital Finance, Inc., the credit affiliate of Lone Star Funds. Terms of the transaction were not disclosed.
The Colliers team representing the seller was led by senior vice presidents Scott Dragos and Doug Jacoby along with assistant vice president Tony Hayes and associate Tim Mulhall.
The Colliers debt placement team was led by co-chairman Kevin Phelan and vice president Jeff Black.
This 52,944 s/f strategically located flex/R&D asset benefits as one of the few options for location-sensitive tenants requiring proximity to downtown Boston (1 mile), Cambridge (1 mile), and Logan International Airport (3 miles). This single-story, 100% leased property was fully renovated in 2010, and is only a short walk to the MBTA’s Sullivan Station, and Community College Station, which is one stop away from North Station, one of the major transit hubs in Boston.
Bunker Hill Business Center presented an extremely rare opportunity to purchase a Class A quality flex/R&D asset that is truly irreplaceable and competes with only a select few buildings in Greater Boston. The lack of competitive assets and the tenant demand for this quality of product is evident as the Boston/Suffolk County submarket had a mere 3.6% vacancy rate, as of the end of 2014. The tenant activity and velocity is strong in this submarket, as it accounted for 22% of the total absorption in 2014, while totaling only 5% of the total flex supply in Greater Boston.
Located just two subway stops away from Downtown Boston on the MBTA Orange line, Bunker Hill Business Center is located in an area that is undergoing a complete transformation, all within a one-mile radius. Developments include NorthPoint, a $2 billion mini-city with 2,900 residences and 2 million s/f of laboratory and office buildings, the Hood Business Park, a 1.2 million s/f urban campus, and Assembly Square, a $1.6 billion residential and retail development that had a showcase opening in the spring of 2014. Additionally, Kendall Sq., arguably the world’s most dynamic and active cluster of biotech and pharmaceutical companies, is less than two miles away.
Colliers International Group Inc. is a global leader in commercial real estate services with more than 16,300 professionals operating from 502 offices in 67 countries. With an enterprising culture and significant insider ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 10 consecutive years, more than any other real estate services firm.