Acquired for $10.1 million, properties located in Middlesex Corporate Park in Billerica and Cedar Hill Business Park in Marlborough
BILLERICA, Mass. (February 16, 2017)
The RAM Companies today announced the $10.1 million acquisition of two industrial/flex properties in suburban Boston – 35 Dunham Road in Billerica and 734 Forest St. in Marlborough.
The purchases are part of RAM’s ongoing strategy of identifying and acquiring high-quality, income-producing commercial and industrial properties.
“Both these properties have strong long-term investment potential and we are pleased to be able to add them to RAM’s portfolio of assets,’ said Brian A. Gagne, Executive Vice President of Acquisitions and Development for The RAM Companies. “They are each ideally situated in strong commercial areas and near major New England highways, Route 3 in Billerica and Interstate 495 in Marlborough.”
In addition, both properties offer quick access to Routes 128 and 9 as well as Interstates 90, 95 and 290, he said. The deals were brokered by Doug Jacoby of Colliers.
The 65,912-square-foot property at 35 Dunham Road in Billerica is located within Middlesex Corporate Park, one of Billerica’s major business parks. Built in 1984, present tenants include Tark, Inc., a leading provider of function-critical pumps, heat exchanges and custom cooling systems; SciSafe, which provides complete biological and pharmaceutical storage solutions; and Microchips Biotech, Inc., which is revolutionizing drug delivery through microchipped-based implants.
The Billerica building is located off the Middlesex Turnpike, which is undergoing significant road improvements to support local growth, and is just minutes from the Route 3 corridor and the mixed-use environment of neighboring Burlington, Gagne said. Also, the area hosts a vibrant office market including such firms as Oracle, GSI Commerce, Black Duck Software and Avid Technology.
The 54,884-square-foot property at 734 Forest Street in Marlborough is located within the Cedar Hill Business Park, home to a strong mix of technology, financial services, biotechnology and other innovative firms in addition to large name brands including A. Duie Pyle, Verizon and FedEx. Built in 1987, the property is fully leased with tenants including CeQur Corporation, a developer of drug delivery devices for people with Type 2 diabetes; Sunrun, the largest dedicated residential solar company in the U.S.; Chroma Systems Solutions, a supplier of power measurement instruments and systems for leading R&D labs; and a data center for Commonwealth Financial Network, the nation’s largest privately held independent broker/dealer.
Gagne said the Marlborough property benefits from the Marlborough Economic Development Corporation’s plans for encouraging and facilitating commercial, industrial, and apartment growth in the area and is located adjacent to Interstate 495 and the amenity-rich Route 20 corridor, highlighted by Hannaford, Planet Fitness, 99 Restaurant, Chipotle, Starbucks, Embassy Suites and Extended Stay America.
The RAM Companies has pioneered office, retail and residential property development in New England, South Florida and Europe for more than 40 years. Founder Howard A. Goldenfarb is credited with igniting the redevelopment of Portland, Maine’s Old Port district in the 1970s with the purchase and redevelopment of more than 20 properties, including many historic buildings.
Led by Goldenfarb, RAM also has developed a number of other building projects noted as “firsts” in Maine and elsewhere. Those projects include The Maine Outlet in Kittery, the first multi-tenant, purpose-built outlet mall in New England; Citicorp Park in South Portland, Maine’s first suburban office park; Foreside Common in Falmouth, the region’s first luxury oceanfront condominium project; and RiverPlace in South Portland, the first waterfront luxury apartment complex in southern Maine. RAM also was a pioneer in European (England and Belgium) and the Middle East (Israel) outlet mall development.
RAM has focused in recent years on the acquisition of income-producing industrial properties in New England, as well as the redevelopment of luxury single family homes through its affiliate, Mile Marker Investments, based in Miami.
The RAM Companies is based in Scarborough, Maine and Miami. For more information, visit www.ramcompaniesusa.com.