Transwestern today announces it completed a recapitalization of a four-building industrial portfolio, totaling approximately 900,000 square feet, on behalf of Novaya Real Estate Ventures. Transwestern Partner Chris Skeffington and Vice Presidents Roy Sandeman and Joe Olin arranged the equity placement with Investcorp, an alternative investment manager based out of New York.
Consisting of 1 First Ave. in Peabody, 57 Littlefield St. in Avon, 176 Grove St. in Franklin, and 326 Ballardvale St. in Wilmington, the portfolio is approximately 95 percent leased to a diverse roster of tenants providing strong in-place cash flow and future upside potential.
“The portfolio represents an excellent opportunity for Investcorp to acquire a critical mass of highly functional industrial product, within the increasingly supply-constrained Greater Boston industrial market,” said Skeffington. “Through its hands-on ownership approach, Novaya has done a tremendous job stabilizing these assets since acquisition and will continue to serve as the local operator within the new joint venture structure.”
"Novaya would like to thank its private client investors for their trust and support in aggregating a diversified, strategic portfolio for institutional exit,” said Scott Tully, principal at Novaya Real Estate Ventures. “We are thrilled to have Investcorp as another pre-eminent institutional partner to our business going forward."
ABOUT NOVAYA REAL ESTATE VENTURES
Novaya is an established owner/operator of investment real estate in the New England region. Having worked together as a team for over 20 years, executing hundreds of successful transactions through multiple real estate market cycles, Novaya’s principals bring a unique set of skills, experience and local market insight to its investors. For more information, please visit http://www.novayaventures.com/.
ABOUT INVESTCORP
Investcorp is a leading provider and manager of alternative investment products and is publicly traded on the Bahrain Bourse (INVCORP). The Investcorp Group has offices in London, Bahrain, New York, Saudi Arabia, Abu Dhabi and Doha. Investcorp has three business areas: corporate investment, real estate investment and alternative investment solutions (formerly known as hedge funds). As at June 30, 2016, the Investcorp Group had $10.8 billion in total assets under management (‘AUM’), including assets managed by third party managers and assets subject to a non-discretionary advisory mandate where Investcorp receives fees calculated on the basis of AUM. Further information, including our most recent periodic financial statements, which details our assets under management, is available at www.investcorp.com.
ABOUT TRANSWESTERN
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Boston office, follow @TranswesternBOS.
