MARLBOROUGH, MA - Colliers International410forest.colliers.com › pdf ›...
Transcript of MARLBOROUGH, MA - Colliers International410forest.colliers.com › pdf ›...
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EXECUTIVE SUMMARYAs exclusive real estate advisor, Colliers International is pleased to offer for sale 410 Forest Street in Marlborough, Massachusetts (“the Property”).
Consisting of 32,500 SF, the flex Property is 100% leased to Electronic Environments Co. LLC. (“EEC”), a majority-owned subsidiary of Nippon Telegraph and Telephone (OTCMKTS: NPPXF, $100 billion market cap) through December of 2025. Situated on 3.84 acres of land, the Property currently serves as EEC’s corporate headquarters.
The Property boasts a preeminent location among institutionally owned buildings within Marlborough’s office and industrial parks off I-495 and Route 20. The area is comprised of multiple contiguous campuses of investment-grade assets occupied by credit tenants such as TJX, GE Healthcare, Quest Diagnostics, and DuPont (now Dow Chemical Company), among others. With less than a 5-minute drive to I-495 and I-290, 410 Forest Street benefits from superior access throughout New England and Greater Boston. Additionally, the recently delivered Apex Center, a 43-acre, 496,000 SF entertainment, hospitality, retail, and office development, is situated less than a mile from the Property.
The Property has undergone capital upgrades and extensive interior infrastructure built out by the tenant that represents a compelling reason to remain in-place long term.
The Property is being listed for sale free and clear of existing debt and with no official asking price. Upon receipt of a signed confidentiality agreement, qualified investors will be provided with the offering memorandum (containing property data and financial information) and access to due diligence materials via the Real Capital Markets website. Real estate agents and brokers need to register their client’s name and company with Colliers prior to receiving the due diligence materials. Once investors have had an opportunity to review the offering materials and tour the property, Colliers will schedule a “Call for Offers." More information can be found on 410forest.colliers.com.
INVESTMENT HIGHLIGHTS
100% OCCUPIED NNN CASH-FLOWING ASSET
410 Forest Street is 100% NNN leased to EEC who is backed by Nippon Telegraph and Telephone (OTCMKTS: NPPXF, $100 billion market cap), one of the largest corporations in the world.
STRATEGIC POSITION IN A HIGHLY DESIRABLE LOCATION
410 Forest Street is surrounded by top-notch corporate neighbors. Market Leading investors such as Hines, Atlantic Management, KS Partners, and TA Realty have all taken notice and made significant investments in the immediate area. Additionally, major multifamily investors such as AvalonBay Communities and Fairfield Residential operate a combined 575 units, within a half mile of the Property, that have been delivered since 2015. With proximate mixed-use deliveries like Apex Center, the Property is in the heart of an area undergoing a fundamental transformation.
MISSION-CRITICAL LOCATION
This location has served as EEC’s headquarters since 2004. The tenant has heavily invested in their build out and infrastructure and the cost to relocate would be prohibitive. EEC has expressed their explicit desire to renew their lease upon roll.
EASY ACCESS TO MAJOR THOROUGHFARES & AMENITIES
410 Forest Street has sub-five-minute access to I-495, I-290, I-90, Route 20 and Route 9. The neighborhood has highly desirable amenities including grocery stores, entertainment, shopping & dining experiences, fitness centers, and over 1,700 hotel keys.
STRONG MARKET FUNDAMENTALS & MOMENTUM
The 495 West flex submarket has seen impressive growth during this cycle. Currently showing a 5.9% vacancy rate and rental rates over $12 PSF, the market has halved vacancy and nearly doubled rates in the last 5 years.
32,500 SF100% LEASED
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THE CAMPUS AT THE CAMPUS AT MARLBOROUGHMARLBOROUGH
495
Forest Street
Forest Street
MARLBOROUGH MARLBOROUGH TECH PARKTECH PARK
REGIONAL OFFICE
LOCATION OVERVIEW
Approximately 40 minutes from Boston, MA and 20 minutes from Worcester, MA
Convenient access to major routes, including I-495, Route 20, I-290, and the Mass Pike (I-90)
AREA DEMOGRAPHICS*
*within 3 mile radius
Average HH Income:
$97,292
Estimated Population:
39,771
Average Commute Time:
29.4 minutes
Total Employees:
23,878
5-min drive
2-min drive
2-min drive
7-min drive
Median Age:
39.5
495 9029020
SITE PLAN 495
20
McDonald’ s
FOREST STREET
12,500 SF OFFICE20,000 SF FLEX
RK CENTERS
APEX CENTER
DRIVE IN
LOADING DOCK
GENERATOR
PROPERTY OVERVIEWBUILDING 32,500 SF Single-Story Flex BuildingLAND AREA 3.84 AcresYEAR BUILT 1979ZONING Industrial - ICLEAR HEIGHT 14’ - 21’LOADING 1 loading dock, 1 drive-inHVAC Fully Air ConditionedPARKING 75 parking spaces (2.3 spaces per 1,000 SF)UTILITIES: Water/Sewer: Municipal
Electric: National Grid Gas: Eversource
GENERATOR On siteUPGRADES INCLUDE Firestone roof in 2004. Mechanical
systems replaced and maintained. Upgraded sewage system with forced pumping system. Parking lot re-done in 2013.
This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2020. All rights reserved.
Colliers International160 Federal StreetBoston, MA 02110colliers.com
CONTACT US
BROKERAGE
OVAR OSVOLD617 330 [email protected]
SEAN HANNIGAN617 330 [email protected]
INVESTMENT SALES
CALEB HUDAK617 330 [email protected]
FINANCING
STEPHEN HORAN617 330 [email protected]
PATRICK BOYLE617 330 [email protected]