±94,268 SF Industrial/Flex Building in Watertown, MA
Boston – January 26, 2015 – CBRE/New England Capital Markets announced the sale of 20 Seyon Street in Watertown, Massachusetts, a fully occupied mixed-use facility totaling 94,268 square feet, for $11 million. Located on the border of Waltham and Watertown, 20 Seyon Street is occupied by the nationally recognized retailer Saks Fifth Avenue and Launch Trampoline Park, an entertainment venue founded by former Patriots player Ty Law. Hilco Real Estate acquired the vacant building in late 2013 and initiated a highly successful capital improvement and lease up campaign with the assistance of CBRE/New England's industrial leasing team members Bob Gibson and Rachel Marks. After securing two new 10-year commitments from Saks and Launch Trampoline, Calare Properties acquired the stabilized asset from Hilco Real Estate. CBRE/New England's Chris Angelone, Bill Moylan, John Meador and Bruce Lusa represented Hilco Real Estate and procured the buyer, Calare Properties, in the transaction.
“We are pleased to have assisted both parties in this transaction” said CBRE/New England's Bill Moylan. “Hilco improved the well-located asset in a short amount of time. The building offers exceptional long-term use and flexibility and we expect Calare Properties to benefit from the continued transformation of the surrounding Pleasant Street corridor.”
20 Seyon Street is located adjacent to Cambridge and just six miles northwest of Boston. Surrounded by tremendous residential and retail growth along Pleasant Street, the area provides excellent access to all major expressways in Eastern Massachusetts, including the Massachusetts Turnpike and Routes 128, 95, 93, 2, 16 and 20.
Supporting the live/work/play atmosphere are numerous amenities including an eclectic mix of restaurants, shopping centers and parks. Major surrounding retail centers include the Arsenal Project; a 400,000-square-foot enclosed shopping center anchored by Home Depot and Marshalls, and the Watertown Mall, a 260,000-square-foot community center anchored by Target.
About CBRE/New England CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at www.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (in terms of 2013 revenue). The company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.