Brookwood buys two Mass. properties for $19.5m
The Billerica Business Center and the Big Y Distribution Center in Chicopee were purchased by affiliates of Brookwood Financial Partners LLC for $19.5 million in two separate sales, said a broker involved in the transactions.
The broker is RBJ | Capital Markets, a unit of the Boston real estate firm Richards Barry Joyce & Partners.
The Billerica Business Center and the Big Y Distribution Center were purchased by their lender in May in foreclosure proceedings. LNR Partners LLC marketed the properties for sale, acting as a special servicer to the lender, Richards Barry Joyce said.
The Billerica Business Center, which sold for $15 million, is a six-building park made up of 448,616 square feet of office and flex space, which is currently 49 percent leased, Richards Barry Joyce said; the Big Y Distribution Center, a 217,000 square foot high-bay warehouse/distribution facility, was purchased for $4.5 million. It is fully occupied by the supermarket chain Big Y Foods.
The acquisition of the projects increases Brookwood's New England portfolio to more than 2 million square feet, said Brookwood, a Beverly firm that acquires real estate and invests in private business.
Richards Barry Joyce's press release included a statement from executive vice president Frank Petz, who heads the firm’s RBJ | Capital Markets group.
“Marketing distressed assets in this type of economic environment presents a very interesting set of challenges,” Petz said.
Richards Barry Joyce added that it has been selected as the exclusive leasing agent for the Billerica Business Center.
The photo of the Billerica Business Center that appears with this post was provided by Richards Barry Joyce.