300 Riverpark
| Address | 300 Riverpark Drive North Reading, MA (Boston) |
| Property Type | 1 Office/R&D Building |
| Size | 208,921 Square Feet |
| Date Acquired | June 2013 |
| Primary Tenant | Amazon Robotics |
| Sold | October 4, 2017 |
| Equity Multiple | 1.74x |
| Internal Rate of Return | 17% |
Highlights & Amenities:
- 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
- Value add during hold with solar installation and 20k 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
