1 Albion Highway. Picture courtesy of JLL Capital Markets
FoxRock Properties has obtained $17.3 million in refinancing for 1 Albion Highway, an workplace and industrial property totaling 282,924 sq. ft in Lincoln, R.I.
JLL Capital Markets labored on behalf of the borrower to safe the five-year, fixed-rate mortgage from Abington Financial institution. Senior Director Jonathan Schneider led the JLL Debt Advisory staff.
FoxRock Properties bought the power in 2018 for $16.3 million, financed with an acquisition mortgage of $14.2 million, supplied by Residents Financial institution Nationwide Affiliation, CommercialEdge knowledge reveals.
Initially accomplished in 1964, the property underwent renovations final 12 months, which together with a brand new health heart and modernized foyer. The power encompasses two interconnected, multi-story buildings. The workplace part encompasses 130,000 sq. ft. The property is 82 p.c leased to Granite Telecommunications, Vicor, UNFI and Zebra Applied sciences, amongst others.
The property is located near Interstate 295 and State Route 146, 10 miles from downtown Windfall and 50 miles from Boston. North Central State Airport is lower than 2 miles away. The world homes names resembling Goal, Reeb Milwork Corp. and different campuses, together with George Washington Freeway Workplace Heart.
The Rhode Island workplace market is presently stagnant when it comes to new speculative growth, as the main focus is on the adaptive reuse of older historic buildings, based on a 2022 fourth-quarter Cushman & Wakefield report. Buildings that have been not too long ago renovated and added new units of facilities are wanted.
