Ares supplied the financing to Redgate, Optimum Asset Administration and AEW Capital Administration.
An institutional three way partnership partnership between Redgate, Optimum Asset Administration and AEW Capital Administration has secured $82.2 million in acquisition and redevelopment financing.
The three way partnership partnership purchased 14 Oak Park Drive in Bedford, Mass., in late April, with plans to reposition the workplace constructing right into a life science lab.
The mortgage was supplied by Ares and organized by Cushman & Wakefield, which represented the brand new possession.
In response to CommercialEdge knowledge, the companions bought 14 Oak Park Drive for $27 million. The property was in-built 1984 and consists of a two-story constructing totaling 166,000 sq. ft. The lot measurement is 13.8 acres. One tenant at present takes up the whole property: Progress Software program.
The Class A asset options facilities which can be already in demand in life science labs, resembling versatile floorplates, heavy ground hundreds, excessive ceilings and a number of loading docks. For workers, the area contains a health heart, cafeteria and out of doors patio.
The property is in proximity to Burlington Mall, third Avenue and The District, whereas offering quick access to Route 3.
Different Joint Enterprise Investments
Redgate is creating one other life science undertaking within the Boston-area. The primary constructing that’s a part of the two.4 million-square-foot revitalization undertaking topped out in June.
AEW and Optimum have largely been increasing their portfolios abroad. AEW has entered the Japanese market with a multifamily acquisition, whereas Optimum has bought a group in Berlin, Germany.
