Novaya Real Estate Ventures Purchases 176 Grove Street And 130 Constitution Boulevard
Richards Barry Joyce & Partners, LLC (RBJ&P), a full-service commercial real estate advisory firm, announced today that it brokered the sale of 176 Grove Street and 130 Constitution Boulevard in Franklin, Mass.
Novaya Real Estate Ventures purchased the two Franklin industrial buildings, which are each fully leased due to their excellent location and strong functional attributes. 176 Grove Street, a 169,968 square foot warehouse/distribution building, is occupied by Williams-Sonoma Direct and Spirit Delivery & Distribution Services, and serves as a regional distribution center for each. 130 Constitution Boulevard is a 59,970 square foot warehouse building fully occupied by Clark Cutler McDermott (CCMcD). The building also serves as a dry storage and distribution facility for the Franklin-based company.
“This is an excellent investment on the part of Novaya Real Estate Ventures,” said Chris Skeffington, senior vice president, Richards Barry Joyce & Partners. “The buildings are well located and both fully leased to well capitalized national and local tenants.”
John Lashar, partner, and Chris Skeffington, senior vice president, of RBJ&P represented the buildings’ seller and procured the buyer, Novaya Real Estate Ventures, in the transaction. RBJ&P has been retained as exclusive leasing agent for both buildings.
Town of Franklin Warehouse/Industrial Market
According to research by Richards Barry Joyce & Partners, the town of Franklin has 2,887,000 square feet of warehouse space, which was 7.1% vacant (as of June 30, 2013).
About Novaya Real Estate Ventures
The Novaya Real Estate Ventures principals bring together nearly 100 years of collective experience in the real estate ownership arena. The complementary backgrounds of the Novaya principals enable our investors to access deep experience sets in real estate development, re-development and operations, as well as in real estate finance and the capital markets, and within real estate permitting and transactional law.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company’s focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners’ unique platform offers a full range of real estate advisory services including market analysis, capital markets solutions, financial analysis, corporate services, portfolio review, and consulting services.