TRANSWESTERN COMPLETES RECAPITALIZATION FOR NOVAYA REAL ESTATE VENTURES WITH INVESTCORP
October 2016 – Transwestern today announces it completed a recapitalization of a four-building industrial portfolio, totaling approximately 900,000 square feet, on behalf of Novaya Real Estate Ventures. Transwestern Partner Chris Skeffington and Vice Presidents Roy Sandeman and Joe Olin arranged the equity placement with Investcorp, an alternative investment manager based out of New York.
Consisting of 1 First Ave. in Peabody, 57 Littlefield St. in Avon, 176 Grove St. in Franklin, and 326 Ballardvale St. in Wilmington, the portfolio is approximately 95 percent leased to a diverse roster of tenants providing strong in-place cash flow and future upside potential.
“The portfolio represents an excellent opportunity for Investcorp to acquire a critical mass of highly functional industrial product, within the increasingly supply-constrained Greater Boston industrial market,” said Skeffington. “Through its hands-on ownership approach, Novaya has done a tremendous job stabilizing these assets since acquisition and will continue to serve as the local operator within the new joint venture structure.”
“Novaya would like to thank its private client investors for their trust and support in aggregating a diversified, strategic portfolio for institutional exit,” said Scott Tully, principal at Novaya Real Estate Ventures. “We are thrilled to have Investcorp as another pre-eminent institutional partner to our business going forward.”