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 , including new roof, HVAC in high bay, mezzanine, and cafeteria.

Property Details

Address

300 Riverpark Drive North Reading, MA

MSA

Boston/NE

Property Type

One Office/R&D Building

Strategy

Core-Plus

Size

208,921 Square Feet

Primary Tenant

Amazon Robotics

Acquired

June 28, 2013

Syndicated

September 3, 2013

Sold

October 4, 2017

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 Net Operating Income (“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 during hold period.

Location

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