MARLBOROUGH — An interesting union of two local investment groups has taken on a pair of flex office buildings catering to technology tenants in the heart of the improving MetroWest market. Atlantic Management Corp. and Fulcrum Real Estate Partners spent $11.5 million on 450 and 500 Donald J. Lynch Blvd., buildings totaling 121,000 sf that have just 9,525 sf available following a spirited leasing campaign by Nordblom Co., another savvy local firm which bought the buildings in a $34 million portfolio purchase two years ago this coming December.
Atlantic-Fulcrum Realty LLC secured $8.6 million in financing from HarborOne Bank to fund their purchase of two properties dating to 1986 located on 13.3 acres. “We are pleased to be conveying these assets to this exceptional buyer,” Nordblom Executive VP Og Hunnewell said regarding the trade. Hunnewell, whose firm bought six buildings in the Solomon Pond Business Park, cites a combination of Nordblom’s “major capital improvements campaign” and a stronger regional economy for helping turn things around.
“The success of these building is indicative of the vibrancy of this Marlborough submarket,” he says, with Nordlbom bringing 500 Donald J. Lynch to 100 percent occupancy with a 30,000-sf lease by New England Cryogenics Center while SENKO Advanced Components and WaterSep BioSeparations Corp. filled almost 35,000 sf between them to put 450 Donald J. Lynch Blvd. at 84 percent filled. A location in the 50-acre Solomon Pond Park is another draw, according to the sellers who call the amenities there “unmatched” with miles of landscaped walking trails, modern fitness center and collaborative outdoor space part of the campus.
In a release issued this week, Atlantic/Fulcrum principals say they were drawn to an average lease term exceeing six years for the tenant roster and the opportunity to acquire the buildings in an off-market transaction was even more advantageous, delivering “a preferred investment scenario” for both investors. Atlantic, as the release notes, is able to add to its Marlborough holdings
anchored by a 109-acre campus on Forest Street undergoing transformative changes from an aging office complex to mixed-use featuring a hotel, multifamily and retail.
Based in Framingham, Atlantic Management Corp. has a lengthy history buying in Greater Boston dating to the early 1970s, with its principals including founder Anthony G. Capobianco, Chief Operating Officer David Capobianco, President/ CEO Joseph Zink and CFO Irene T. Gruber aiming to provide investors long-term capital growth through conservatively structured ventures. Today, Atlantic manages and owns over five million sf regionally.
Robert Kirschner and Richard Putprush launched Fulcrum in 2014 and had made two significant purchases in suburban Boston and Rhode Island by mid-year 2015. Both bring institutional-grade experience to markets such capital seldom delves into, part of the strategy by the Needham-based company as their put 50 years of experience together in search of office and industrial opportunities throughout New England.
Robert Kirschner
Rick Putprush
Joseph Zink