300 Riverpark – Sold
|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||17%|
|Average Annual Return||18.6%|
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 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.