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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick Goldman Arranges Industrial Property
Sale/Leaseback in Gloucester, Mass.
Sale/Leaseback Trend Continues with Boston-Area Transaction
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Monday, May 22, 2006
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New York, NY
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Sonnenblick Goldman acting as the exclusive advisor to 21 Great Republic Drive, LLC, announced it has arranged the sale/leaseback of the 100-percent-fee-simple interest in 21-29 Great Republic Drive in Gloucester, Mass. Following the sale, the seller will enter into a 20-year triple-net lease with the buyer.
The property is fully occupied by the Good Harbor Fillet Company, a seafood processing company, whose clients include Gorton’s, US Food Service, Stop & Shop, the US Military and several school systems nationwide.
The asset consists of a two-story, Class A industrial building with 67,903 rentable square feet. The property is situated on a 9.6-acre site in the highly desirable Blackburn Industrial Park, approximately 30 miles northeast of downtown Boston. The buyer, Angelo Gordon & Company, is a privately-held investment advisor that manages approximately $10 billion.
“We had great interest in this property. In addition to securing a great price, we were able to structure a lease and choose a landlord that we believe will be very beneficial to the client and the long-term health of the business.” said Dave Karson, vice president at Sonnenblick Goldman, who represented 21 Great Republic Drive, the seller/tenant.
“Sale/leaseback transactions are a valuable financing tool for companies not in the real estate business,” continued Karson. “With cap rates still at historic lows, companies are often able to earn a better return on the proceeds generated by the sale of their facility by redeploying the cash into their business. We’re currently seeing a trend in corporations reducing their share in real estate holdings and instead leasing their headquarters.”
Sonnenblick Goldman also recently arranged the $40 million sale/leaseback of Crate & Barrel’s headquarters in Northbrook, III.
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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