In December 2021, Gordon Brothers acquired a two-building portfolio for $33.75 million in Wilmington, Massachusetts with our joint venture partner Ciminelli Real Estate Corporation, a full-service commercial real estate firm.
Located at 181 and 187 Ballardvale Street, the properties total 210,945 square feet that we will partially convert into research and development space within a two-year holding period. The properties are two multi-tenant office and flex space buildings with 94.5% and 78.5% occupancy rates, respectively.
Our operating partners benefited from Gordon Brothers’ reputation as a knowledgeable, flexible and actionable investor. This acquisition presented a unique opportunity for Gordon Brothers and Ciminelli Real Estate Corporation to expand our Massachusetts partnership and growing research and development value-add portfolio.
This conversion will create significant value by meeting growing demand for research and development space in the I-93 North region, which has emerged as a natural extension of the Greater Boston area’s bustling life sciences market. Additionally, the site offers up to 56,000 square feet of development expansion potential for increased research and development or lab space.
Gordon Brothers invests in compelling value-add opportunities including distressed, transitional and excess corporate real estate. Our firm offers various equity strategies including asset acquisitions, joint venture equity investments and sale leasebacks. We purchase existing notes and offer various debt strategies to owners including senior loans, bridge loans and mezzanine financing.
In addition to our real estate investment platform, we offer a variety of real estate services such as portfolio reviews, sale of real estate and lease restructuring, including terminations, renewals, site selection and in-house real estate department augmentation.