$7 million sale of and $4.7 million financing for 20 Carematrix Drive in Dedham, Massachusetts, closed by HFF
BOSTON, MA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged acquisition financing for 20 Carematrix Drive, a 39,391-square-foot office building in Dedham, Massachusetts.
HFF marketed the property on behalf of the seller, an affiliate of The Bulfinch Companies, Inc. HFF also procured the buyer, an affiliate of NorthBridge CRE Advisors, a Boston-based real estate investment and advisory firm founded in 2014 by managing partners Dean Atkins and Greg Lauze. Additionally, working on behalf of the new owner, HFF secured the acquisition financing through Country Bank, headquartered in Ware, Massachusetts.
20 Carematrix Drive is located in Dedham, an in-fill suburban location approximately 12 miles southwest of Boston. In recent years, Dedham has emerged as a thriving business center that draws on its proximity to Boston, affluent western suburbs, and its regional access made possible by Interstate 93, Route 128/Interstate 95, Interstate 90 (the MassPike), and Route 24. Dedham was incorporated as a town in 1636 and has a current population of approximately 25,000 residents. The estimated median household income for Dedham is $82,193. The town is bordered by Needham to the northwest, Westwood to the southwest, Canton to the southeast and Boston to the northeast. The town comprises a land area of approximately 10 square miles.
The HFF investment sales team representing the seller was led by senior managing director Coleman Benedict and director Ben Sayles.
The HFF debt placement team was led by director Lauren O’Neil.
“Bulfinch takes extremely great care of their assets and 20 Carematrix is no exception,” said Atkins.
“We are delighted to acquire an asset, which stands the test of time and is able to appeal to those tenants seeking a true live/work/play environment," added Lauze.
“The MBTA’s Dedham Corporate Center Station is a two-minute walk from the front door of 20 Carematrix Drive, making downtown Boston accessible in less than 30 minutes,” said Sayles. “Just beyond the train station is Legacy Place, a best-in-class, 675,000-square-foot, lifestyle retail center anchored by Whole Foods and featuring a tenant lineup including Apple, Brooks Brothers, City Sports, Williams Sonoma and dining and entertainment options including Showcase Cinema de Lux, King’s, Legal Sea Foods, P.F. Chang’s, and Yard House.”
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.