450 & 500 Donald J. Lynch Boulevard
Why Is This a Fulcrum Property?
- Value Opportunity
- High Probability of Secured Cash Flow
- Future Potential to Increase Returns
- Strategic Location
- Strategic Joint Venture with ATLANTIC MANAGEMENT
450 & 500 Donald J. Lynch Boulevard, Marlborough, MA
- Below comparable purchase price for “Best-in-Class” property type in its market
High Probability of Secured Cash Flow
- 92% leased to five tenants, three of which identify this location as their corporate headquarters, with an average of almost 6 years of lease term remaining
Future Potential to Increase Returns
- Each tenant has already established a long history in this market and current leases have multiple options to extend
Strategic Location
- Near I-495, I-290, and I-90 (Mass Turnpike)
- Literally across the street from the 880,000 square foot Solomon Pond Mall
- Within ½ mile of two hotels
Strategic Joint Venture Partner
- ATLANTIC MANAGEMENT is a highly-regarded and established owner in Marlborough who immediately saw the value in the deal Fulcrum had secured and whose resources and reputation ensured competitive financing and an easy closing
- Among its many successful projects, ATLANTIC MANAGEMENT repositioned and revitalized the 109-acre former Hewlett Packard Marlborough campus into a cutting-edge, mixed-use, master-planned development known as Forest Park
As is our practice, Fulcrum Real Estate Partners regularly meet with our longstanding real estate relationships to source deals, raise equity, and to otherwise identify ways to work together. It was during a meeting with The Nordblom Company when it was revealed that their Solomon Pond Park portfolio was potentially being prepared to be marketed for sale. At our request, Fulcrum was given the opportunity – “off-market” – to review and submit an offer to purchase the two single-story “flex” buildings in the portfolio, 450 & 500 Donald J. Lynch Boulevard. Because of the high-tech, lab, and distribution nature of the tenancy in the single-story buildings, versus the strict office use in the multi-story buildings in the portfolio, both Nordblom and Fulcrum agreed there was a natural division in the property types that would likely appeal to different investors – the two flex buildings were a great fit for our platform.
The off-market nature of the situation allowed Fulcrum to negotiate and structure a deal without competition that met our preferred investment scenario, and, attracted the joint venture equity of a seasoned industry veteran, ATLANTIC MANAGEMENT. We are excited about this venture and we look forward to other opportunities to work with the team at Atlantic, as well as with our other relationships in the real estate industry. For more information please read the Investment Highlights above.
Site: 13.45 Acres
Square Feet: 121,891 SF (450 DLB–59,667 SF; 500 DLB–62,224 SF)
Year Built: 1986
Property Use: Office/Flex/R&D
Zoning: Limited Industrial
Tenancy: 92%, NNN Leased to five technology based businesses
Tenants: Three of the five tenants identify 450 or 500 DLB as their corporate headquarters
Water & Sewer – Town of Marlborough
Gas & Electric – Eversource & National Grid, respectively