Norfolk Place - Dedham, MA

Dedham, MA Mike Marcone of Marcone Capital, Inc. has arranged the $5.495 million financing of Norfolk Place, a property consisting of a high quality, three story, 48,286 s/f NLA medical and general office building.

The borrower has acquired the property for $7.45 million. The property will be managed by KS Partners, LLC, which is owned by Kambiz Shahbazi. KS Partners is a holding company that owns and operates over 4 million s/f of commercial property located in the northeastern United States. The acquisition of Norfolk Place reflects the sponsorship’s continued commitment to acquire quality office buildings in the Greater Boston area.

The non-recourse financing was provided by Cambridge Savings Bank.

Mike Marcone, Marcone Capital

Marcone said, “The borrower was very happy to close another loan with Cambridge Savings Bank, one of their most valued lending relationships. They are a great lender to work with and also provided both competitive pricing as well as a flexible loan structure.”

The property is exceptionally well located, near the intersection of Route 1 and Route 128 and within a very short walk of the Dedham MBTA commuter rail station. The property is located almost immediately across the street from Legacy Place, a 675,000 s/f signature “lifestyle” center retail center. Legacy Place, Boston’s first lifestyle center within Route 128 is an open-air shopping, dining and entertainment destination that is home to a Whole Foods Market, L.L Bean, Kings, Cinema de Lux, P.F. Changs, Aquitaine, and Met Bar & Grill alongside a variety of specialty retailers.

The property has been institutionally owned for the past 10 years. Originally built in 1983, there have been many building system upgrades and improvements over the years, particularly in 2007 when all of the common areas were renovated.

The building’s facade consists of earth-tone brick and the interior is highlighted by a distinctive lobby with a 3-story atrium.

Norfolk Place is currently 96% leased to an excellent roster of tenants on mostly longer term leases. The two largest tenants are Brown & Brown Insurance and Tobii Assistive Technology, two international companies. Brown & Brown Insurance, with origins dating back to 1939, is the sixth largest independent insurance intermediary organization in the U.S. and seventh in the world. Tobii Assistive Technology is part of the Tobii Group, the leading provider of eye-tracking research solutions and services. They have over 2,000 commercial enterprises and 1,500 academic institutions among their clients, including Microsoft, Procter & Gamble, and 49 of the world’s 50 top-rated universities.

Marcone Capital, Inc. is a mortgage banking and real estate consulting firm based in Quincy, Massachusetts.