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Fairfield Inn in Milford Trades Hands //New Owner for Reading Apartment Building //Beth Israel Buys Needham Office Building //Mixed-Use in Lawrence in $3.4M Deal //Allston Office Building in Boomerang Deal // Fairfield Inn in Milford Trades Hands //New Owner for Reading Apartment Building //Beth Israel Buys Needham Office Building //Mixed-Use in Lawrence in $3.4M Deal //Allston Office Building in Boomerang Deal // Fairfield Inn in Milford Trades Hands //New Owner for Reading Apartment Building //Beth Israel Buys Needham Office Building //Mixed-Use in Lawrence in $3.4M Deal //Allston Office Building in Boomerang Deal //

Eastdil Brokers Industrial CRE to GFI, Matteson Cos. for $36M

April 08, 2015

FRANKLIN — Coming off an historic 2014, Eastdil Secured is making strides to have another busy season after negotiating a pair of suburban south building trades here and in Taunton. A pair of local investors made the commitment for both, securing an assemblage of 386,575 sf for an aggregate price of $36.2 million, the mix including flex, office and warehouse product. The venture between GFI Partners and Matteson Cos. also secured 110 acres of developable land in the Franklin deal, terra firma in both Bristol and Norfolk Counties.

“We did do those deals,” Eastdil principal Sarah Lagosh confirms to Real Reporter, the pricier of the two being 385 Myles Standish Blvd. in Taunton, a 139,000-sf flex office building in the Myles Standish Industrial Park, a landmark complex that encompasses 809 acres and 5.3 million sf.

The building that dates to 1985 and was renovated in 1994 traded for $22 million, while the partnership led by Steve Goodman and John Matteson spent another $14.2 million to secure 100 Financial Park and 431 Washington St. in Franklin. The latter asset which features 117,250 sf of office space and 70,000 sf of warehouse had been owned by the California State Teachers Retirement System, whereas Eastdil’s client for 375 Myles Standish Blvd. is CBRE Investors of Los Angeles.

Lagosh declined to discuss details of the negotiations, referring inquiries to the parties involved. The buyers were backed by $22 million in financing from LSTAR Capital Finance of Dallas. In a prepared statement, GFI Partners COO William Deshler relays that “these properties brought strong in-place income while allowing us to explore the potential development that camewith the Franklin property.”

The Taunton building, for example, is fully leased to investment-grade tenant Verizon New England and the nearby 431 Washington St. counts leading risk management
firm Marsh USA on its tenant roster.

GFI Partners is a full-service real estate investment advisor that has completed more than 100 transactions valued over $900 million aggregate since 1997, a portfolio that spans the US and is focused on opportunistic value-added development ventures, according to the press release that shows a menu of services from project underwriting and plan execution and final disposition.

Matteson launched his own firm last summer after running the Boston portfolio for Goldman Sachs, holdings of six million sf. The 25-year industry veteran has invested
more than $10 billion of real estate across the nation. The two latest deals represent the fifth joint venture between GFI Partners and Matteson Cos

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