398 Cedar Hill Street, Marlborough, MA
Product Type
Light Distribution
Strategy
Mark-to-Market
Date Purchased
Jan 2019
Square Feet
51,200
Acquisition / Sale Price
$6,500,000 / $10,020,000
Investor IRR
21.7%
Equity Multiple
2.5x
Hold Period
5 Years
Investment Overview
Acquired through off-market relationship for $6.5mm
High functionality, multi-tenant property undermanaged by long-term, local owners
WALT of ~4years with rents 20% below market
Dynamic location with excellent highway access in supply constrained market
Value Creation
Leased small, structurally vacant office space to major soccer club
Leased-end cap space to credit tenant BJs for 10 years
Renewed existing tenants at market rates avoiding downtime