Wheelock Street Capital and Novaya Real Estate Ventures Purchase Fourteen Property Portfolio
BOSTON, MASSACHUSETTS – Novaya Real Estate Ventures and Wheelock Street Capital recently completed the acquisition of 14 properties from RREEF, a division of Deutsche Bank AG. The portfolio totals over 1.1 million square feet of office and industrial space dispersed across Greater Boston with properties located in Andover, Marlborough, Hopkinton, Bedford, Westford, Methuen, and Littleton.
Novaya’s Principal, Peter Carbone, commented, “Given the continued tightening in the Greater Boston real estate market, we believe this transaction offers excellent upside potential. We are very excited and appreciate the opportunity to partner up with Wheelock Street, and we anticipate investing heavily in the assets prior to re-introducing them to the tenant market for leasing.
Both Wheelock and Novaya would like to thank RREEF for their efforts in this transaction as well as Rob Griffin and Matt Pullen of Newmark Grubb Knight Frank who brokered the deal on behalf of the seller.
About Wheelock Street Capital – Wheelock was formed in 2008 by Rick Kleeman and Jonathan Paul, two veteran real estate private equity investors, each with over 25 years of broad real estate transaction experience across all major asset classes. Wheelock manages $1.4 billion of cumulative equity capital, and is currently investing its fourth fund and its second multi-investor discretionary opportunity fund with $625 million in equity capital. Wheelock will invest in a broad range of real estate assets throughout the United States. The fund may invest directly or with high quality joint venture partners through a variety of capital structures and transaction types, including acquisitions, restructurings, and recapitalizations.