We’re just over 2 months into the new year, and CLG’s commercial real estate practice has already seen tremendous growth early in 2021. Regardless of COVID-19, the demand for industrial space in Massachusetts continues to increase.
Although there’s been conjecture concerning the decreasing need for traditional office space amidst the pandemic, the life sciences asset class has remained largely unaffected during COVID-19. Consequently, the virus may even be fueling the industry’s growth.
CLG has been noticing these trends first-hand and the effects on the commercial real estate landscape throughout Massachusetts and New Hampshire. Significantly, we’ve been representing clients in the acquisition, construction, financing, and recapitalization in connection with these kinds of commercial industrial properties — and our practice continues to expand by the day.
We recently represented a major Boston-based developer in a series of high-stakes commercial transactions involving industrial and R&D space, which allowed them to add several significant acquisitions to their portfolio. While CLG has been involved in several noteworthy commercial transactions with the developer over the last few weeks, here are some of the highlights:
$13.5M Acquisition of Two-Building Industrial Portfolio in Suburbs North of Boston
As 2020 came to a close, CLG served as legal counsel for the developer’s acquisition of two fully leased properties comprising a 180,000-square foot industrial portfolio in Lowell and Billerica, just north of Boston. The two buildings, located respectively at 263 Industrial Avenue and 27 Sterling Road, were acquired on an off-market basis for $13.5 million.
$9.87M Acquisition of Northern MA Office Complex
We represented the same developer in connection with the acquisition of 8 Federal Street, a Class-A office campus in northern Massachusetts. The property encompasses almost 40,000 square feet of space spanning across two floors and is leased by a global clinical research and biopharmaceutical firm. The complex was acquired by our client for $9.87 million.
$14.5M Acquisition of 100,000+ Square Feet of Industrial Space in Ipswich
CLG represented the client in another major transaction concerning the acquisition of 29 Old Right Road — a property located in Ipswich with almost 105,000 square feet of industrial space situated on 7.64 acres. The property sold for $14.5 million. The building is leased by a global manufacturer and services provider of engineering pumps and valves used in industrial applications.
$27.4M Acquisition of 3-Building Research and Development Portfolio in Andover, MA
CLG represented a client in a substantial and complex transaction involving the acquisition of three research and development buildings in Andover, Massachusetts. The buildings are leased by several strong anchor tenants.
Former Lakeville Hospital Redevelopment Project
We continue to represent the client in all phases of a development project concerning the former Lakeville Hospital, a 50+ acre site. Plans for the project are moving ahead, which are anticipated to include the construction of a new 402,500 square foot building that would be leased for warehouse and distribution center.
Continental Law Group provides reliable representation for landlords, tenants, developers, asset managers, commercial stakeholders, buyers, and sellers for commercial real estate transactions throughout Massachusetts and New Hampshire. CLG has offices located in Boston and Salem, MA, and Portsmouth, NH. Call (617) 616-8210 to learn more about CLG’s commercial real estate practice and other legal services.