Redgate & AEW Capital Management Acquire Office Building In Bedford, MA For $47.5M
SOLD
$47,500,000
Massachusetts
See Similar DealsOffice287,890 SF
Sold 03/23/2021
SOLD
Redgate & AEW Capital Management Acquire Office Building In Bedford, MA For $47.5M
100 Crosby Drive, Bedford, Massachusetts, USA
See Similar DealsOffice287,890 SF
Sold 03/23/2021
Summary
MASSACHUSETTS
Asset Type:Office
Price Per Square Foot:$165
Total Square Footage:287,890 SF
Transaction Type:Sale
The office property located at 100 Crosby Drive in Bedford, MA has been sold in a transaction. The sale took place on 03/23/2021. The asset consists of a total area of 287,890 square feet and is classified as an office space. The property was acquired by Redgate and AEW Capital Management. The sellers of the property were Sound Mark Partners and Jumbo Capital Partners. The sale price for the transaction amounted to $47,500,000, resulting in a price per square foot of $165.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $47,500,000
- Date: 03/23/2021
- Address: 100 Crosby Drive, Bedford, MA
- Buyer: Redgate & AEW Capital Management
- Seller: Sound Mark Partners & Jumbo Capital Partners
The deal was facilitated by brokers Matthew Sherry and Kerry Hawkins from JLL Boston.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,533,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$168,757.48
Cash-on-Cash Return-1.27%
Monthly Debt Service$225,174.23
Annual Debt Service$2,702,090.80
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