Rick Putprush and Rob Kirschner, founding principals of the recently established Fulcrum Real Estate Partners, LLC, announce their first acquisition, 60 & 70 Centre of New England Boulevard, a 34,860 SF industrial facility and 3.79-acre development pad site located in the Centre of New England Business Park in Coventry, RI. 70 Centre of New England Boulevard is the former DHL/Airborne Express facility, a “state of the art” cross-docked distribution facility with 23 feet of clear height. The property is located approximately 1/2 mile from Route 95, providing excellent access along the entire eastern seaboard.
The property was purchased from a REIT, Scottsdale, AZ based Spirit Realty Capital, and was vacant at the time it was put under agreement. However, with the assistance of the listing broker, Jeff Finan at Hayes & Sherry/Cushman & Wakefield, Fulcrum was able to sign two national tenants, Ryan Herco Flow Solutions and SolarCity, during its due diligence creating a 100% leased property by the time it closed on June 16, 2015.
Ryan Herco Flow Solutions, a leading California-based national distributor for fluid filtration systems & fluid handling products, made the move from another location in Coventry and hopes to use its new home as a central base for its Northeast operations. Ryan Herco was represented by Tres Reid of CBRE out of their El Segundo, CA office.
SolarCity, the national leader in full-service solar power systems for homes, businesses and governments is a NASDAQ listed company financially backed by Elon Musk; 70 Centre of New England has been established as its first business operation in the state of Rhode Island. SolarCity is represented nationally by John Grady out of the Phoenix office of Cushman & Wakefield.
As previously mentioned, the acquisition also included an adjacent site that can accommodate an additional 35,000 SF; several conversations regarding build-to-suit or sale opportunities have already been engaged. According to Kirschner, “We believe this investment will outperform our original pro forma and provide our investors with healthy double digit returns during the term of our ownership and management”.
Fulcrum Real Estate Partners, LLC is a Needham, MA – based private equity commercial real estate investment firm focused on acquiring office and industrial assets in select areas of New England.