300 Riverpark – Sold

Properties

300 Riverpark – Sold

Uniquely positioned in the marketplace, with only 7-10 similar assets in metro Boston. Asset with significant tenant upgrades (~$50 PSF), including new roof, HVAC in high bay, mezzanine, and cafeteria.

Property Details

Address

300 Riverpark Drive North Reading, MA (Boston)

Property Type

One Office/R&D Building

Size

208,921 Square Feet

Primary Tenant

Amazon Robotics

Acquired

June 28, 2013

Sold

October 4, 2017

Syndicated

September 3, 2013

Internal Rate of Return

15.8%

Average Annual Return

18.0%

Equity Multiple

1.74x

Photo of Tritower Financial 300 Riverpark property
Photo of Tritower Financial 300 Riverpark property
Photo of Tritower Financial 300 Riverpark property

Highlights & Amenities

Value add during hold with solar installation and 20k square foot expansion. Increased contractual NOI by 42% during 3-year hold period.

Solar installation: 784 kilowatt system, $2.2 mm total project, 16% unlevered return before use of 30% federal tax credit.

20k square foot expansion: 2nd floor mechanical room, $1.6 mm project cost and $2.0 mm invested by Amazon, $24 NNN rent.

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