Concord, MA – July 9, 2013 – Normandy Real Estate Partners, a leading real estate operator and fund manager, today announced the sale of Harvard Vanguard I Concord, the 49,250-square-foot state-of-the-art medical office building, to Cole Corporate Income Trust, Inc. (CCIT) for $24.37 million. Cushman & Wakefield’s Capital Markets Group represented Normandy in the transaction. Leased entirely by Harvard Vanguard Medical Associates, the property’s build-to-suit project was announced in April 2012 by Normandy and Harvard Vanguard in an effort to further enhance the area’s growing medical cluster.
“Harvard Vanguard I Concord exemplifies the value of Normandy’s vertically-integrated platform and build-to-suit development solutions, allowing us to break ground last spring and deliver the project to our tenant in just over 12 months,” said Justin Krebs, Principal of Normandy Real Estate Partners. “Normandy’s careful planning and execution in the development of the state-of-the-art clinical facility created substantial demand for the Class A asset, which generated significant value creation for our investors upon sale. This transaction follows on the significant leasing momentum at Concord Meadows Corporate Center, which also welcomed Welch’s corporate headquarters last spring.”
“This asset is a testament to Normandy’s long-term vision for the Concord Meadows Corporate Center, which has continued to see strong leasing activity. Harvard Vanguard I Concord is the new crown jewel of the Route 2 Medical Corridor and is one of Massachusetts’ most desirable medical office properties,” stated Robert E. Griffin Jr. of Cushman & Wakefield.
The two-story building located at 330 Baker Avenue at the Concord Meadows Corporate Center lies within a growing healthcare cluster anchored by Emerson Hospital. The asset, which is scheduled to open this month, serves as a model for the current tenant, Harvard Vanguard Medical Associates. Harvard Vanguard is a leading regional multi-specialty practice group in the Atrius Health network.
Robert Corry, Vice President for Office and Industrial Acquisitions at Cole Real Estate Investments, Inc., represented CCIT.
About Normandy Real Estate Partners
Normandy Real Estate Partners is a leading real estate operator and investment manager headquartered in Morristown, NJ with offices in Boston, New York City, Los Angeles and Washington, D.C. Normandy currently manages a series of discretionary real estate funds totaling approximately $1.5 billion of equity commitments. Normandy’s existing portfolio includes over 15 million square feet of commercial assets, four hotels and numerous land development sites. Normandy targets value added real estate investments in the gateway markets of Boston, Metro New York City, Los Angeles, San Francisco, and Washington, D.C. where opportunities exist to enhance value through creative repositioning, financial restructuring, intensive management, and capital improvements. For more information visit www.normandyrealty.com.
About Cushman & Wakefield
Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 243 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, fully-integrated on a global basis, including leasing, sales and acquisitions, debt and equity financing, investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4.0 billion in assets under management through its wholly-owned subsidiary Cushman & Wakefield Investors. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.