HFF announces $11M sale and $7.15M financing of 696 Virginia Road in Concord, MA
BOSTON, MA – April 18, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $11.0 million sale and $7.15 million financing of 696 Virginia Road, a 104,527-square-foot office building located in Concord, one of Boston’s most affluent communities. At the time of sale, the asset was 100 percent leased to the General Services Administration of the United States Government and is home to the New England District of the Army Corps of Engineers.
The HFF team arranged the sale of the property on behalf of a court-appointed receiver and procured the buyer, Azad Legacy Partners LLC. Additionally, HFF arranged the five-year, fixed-rate acquisition financing through East Boston Savings Bank.
Originally constructed in 1962 and expanded in 1977, the building was completely rebuilt in 1997 for the Corps’ occupancy. Today the asset consists of two interconnected building with robust infrastructure and abundant parking to support the mission-critical nature of the tenancy. Set upon 28 acres of land, the site lends itself to multiple uses.
696 Virginia Road is located less than two miles from Interstate 95/Route 128 and is adjacent to Hanscom Air Force Base, which houses approximately 10,000 active and reserve-duty National Guard and helps support many additional properties in the immediate area. Concord features some of the strongest demographics throughout the country and its proximity to Boston attracts both executives and skilled engineers.
The HFF investment advisory team representing the seller included Coleman Benedict, Christopher Phaneuf and Ben Sayles. Martha Nay represented Azad Properties in the arrangement of acquisition financing.
“The opportunity to acquire 696 Virginia Road was hotly contested and is emblematic of a trend we are seeing in the market today – well located assets with durable income and upside potential continue to be highly sought after by investors,” said Sayles. “With convenient access and the cache of being located in one of Boston’s premier bedroom communities, Azad will have numerous options with regard to future value creation. The Receivership sale required very stringent guidelines and the Azad team delivered a smooth closing transaction.”
This investment complements Azad’s growing portfolio of properties in the area. “We appreciate the Seller and HFF selecting Azad Legacy Partners as the Buyer,” said Charlie Minasian, principal at ALP. “We look forward to many other acquisition in the area as we grow our company’s holdings.”
About Azad Legacy Partners LLC
Azad Legacy Partners LLC (“ALP”), a real estate investment, development and management firm is based in Lexington, MA. Founded in 2016 by Robert Parsekian, Ketan H. Patel and Charlie P. Minasian, ALP deploys capital in diverse asset classes including office, laboratory, hospitality and residential. ALP is geographically focused predominately in Greater Boston and its surrounding suburbs. ALP’s investment criteria enables it to pursue stabilized assets to value-add opportunities.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.