JOSS Realty Purchases 139,356 Square Foot Class A Office Property in Reading, MA
NEW YORK--(BUSINESS WIRE)--Jan 9, 2019--JOSS Realty, a boutique commercial real estate private equity investor focused on core plus to value-add office properties in Washington, DC, Philadelphia, Los Angeles, San Francisco, New York, and Boston, today announced the purchase of 55 Walkers Brook Drive (the “Property”), a fully-leased 139,356 square foot Class A office property located in the Route 128 North submarket of metropolitan Boston.
“We continue to see opportunity to invest in top submarkets that lie beyond, but are commutable to, central business districts,” said Larry Botel, founding partner of JOSS Realty. “Submarkets like Route 128 North allow tenants to set up shop at more favorable rental rates while pulling talent from the great cities of the United States, whose economic drivers are engaged in a cycle of growth with the urban and suburban commutable centers that surround them.”
The Property fits within the Boston metropolitan area’s focus on tech, health care and financial services, all of which are represented in the building’s diverse tenant mix. Located 15 minutes north of downtown Boston, the Property is a Class A office building that is situated directly off Interstate 95 (aka Route 128) and is within less than a mile of the MBTA commuter rail in downtown Reading.
“As we have expanded our investment focus, we have found that we can acquire high quality real estate with minimal risk profiles at 200-300 basis point higher cap rates than comparable CBD assets in the same Tier One major markets. And the fact that we are acquiring them at 50-70% of replacement costs make us feel even better about the longer term success of these investments,” Botel added.
JOSS purchased the property from Rubenstein Partners, L.P. and Nordblom Company. The transaction was arranged by the Boston Capital Markets team of Cushman & Wakefield.
About JOSS Realty Partners
JOSS Realty Partners is a real estate investment management firm focused on mid-sized, institutional quality, commercial office properties located in the major markets/submarkets on the East and West coasts of the U.S. JOSS is a vertically integrated investor with a property management company, BMS Realty Services, which adds critical operating leverage, monetary control, and market knowledge. JOSS has acquired 25 properties totaling $1.0 billion since its founding in 2005.
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KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: JOSS Realty Partners
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PUB: 01/09/2019 01:07 PM/DISC: 01/09/2019 01:07 PM