Novaya Real Estate Ventures Acquires 700,000 Sf Flex/industrial Portfolio
Novaya Real Estate Ventures has acquired nine flex/industrial buildings from Wakefield Investments consisting of 700,000 SF in Wilmington, MA, Billerica, MA, and Londonderry, NH.
Novaya closed on the first phase of the transaction in December 2018, which included five buildings located in Billerica, MA and Londonderry, NH. Novaya closed on the remaining Wilmington properties in June 2019, completing the second phase of the transaction. “My family and I very much enjoyed working with the Novaya team on this complex transaction. Peter and his team worked closely with us to structure a highly efficient deal to help accommodate our unique tax situation. My family developed and owned these properties for the past several decades, and we wish Novaya continued success with the project over the coming years.” – David Schelzi, Wakefield Investments.
“This deal required extensive collaboration with the Schelzi family to create a structure that benefitted all parties. I’d like to thank David and his entire family and team for their months of hard work on this transaction.” – Peter Carbone, Partner at Novaya Real Estate Ventures.
The Properties feature 18-20 foot clear heights and can accommodate warehouse, research & development, manufacturing, and service uses. “The opportunity resides in a growing scarcity of good quality, well located industrial space in the Greater Boston and New Hampshire markets. We continue to be impressed by the depth of flex demand. Since closing, we’ve completed leases across 180,000 SF of the portfolio. We’re confident this portfolio will produce robust returns for our investors.” – Karl Dykstra, Director at Novaya Real Estate Ventures.
Torin Taylor, Matt Adams, Rory Walsh, Rich Ruggiero and Ross Gaudet of Newmark Knight Frank’s industrial leasing team will continue to lease the properties on behalf of Novaya.
Robert Clifford, Goedecke & Co. arranged debt financing on behalf of Novaya and Securian Asset Management.
About Novaya Real EstatNovaya Real Estate Ventures Acquires 700,000 SF Flex/Industrial Portfolioe Ventures
Novaya Real Estate Ventures (www.novayaventures.com) was founded in 2011 by Jim Alden, Peter Carbone, Jeff Theobald and Scott Tully. To date, Novaya has transacted on over 9 million square feet of industrial, flex, office, residential and urban retail product with gross asset value in excess of $1B in partnership with several of the premier institutional and family office investors worldwide.