300 Riverpark

Address 300 Riverpark Drive
North Reading, MA (Boston)
Property Type One Office/R&D Building
Size 208,921 Square Feet
Date Acquired June 2013
Primary Tenant Amazon Robotics
Sold October 4, 2017
Internal Rate of Return 16.3%
Average Annual Return 18.6%
Equity Multiple 1.74x
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