Done Deals: HFF announces $15 million sale and $9 million financing of 15 Shattuck Road in Andover, MA

Wednesday, October 24, 2018

HFF announces $15 million sale and $9 million financing of 15 Shattuck Road in Andover, MA

Jennifer Keller

BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $15 million sale and $9 million financing of 15 Shattuck Road, a 92,700-square-foot data center located in Andover, one of Boston’s primary technology- and healthcare-oriented suburbs.

Christine Flaherty

At the time of sale, the asset was 100 percent leased to Tierpoint, a leading national provider of information technology and data center services, including colocation, cloud computing, disaster recovery and managed IT services.

Coleman Benedict

The HFF team arranged the sale of the property on behalf of Carter Validus Mission Critical REIT I and procured the buyer, Menlo Equities. Additionally, HFF arranged the financing through Berkshire Bank.

15 Shattuck Road is in Andover, close to several large corporate users and office parks.

The considerable infrastructure and high replacement cost made this asset hotly contested in a world where data continues to grow at unprecedented rates and storage thereof has become more and more difficult to supply.

The HFF investment advisory team representing the seller included Coleman Benedict, Ben Sayles and Kerry Hawkins.

Ben Sayles

HFF’s Jennifer Keller represented Menlo Equities in the arrangement of acquisition financing. The Berkshire Bank team included Doug MacLean and Christine Flaherty.

Carter Validus Mission Critical REIT, Inc. is a real estate investment trust that invests in mission critical real estate assets located throughout the United States.

Mission critical real estate assets are purpose-built facilities designed to support the most essential operations of tenants.

Founded in 1994 by Henry Bullock and Rick Holmstrom and headquartered in Menlo Park, California, Menlo Equities is a vertically integrated commercial real estate company engaged in the acquisition, development, and operation of properties in select United States innovation hub markets. Founders Bullock and Holmstrom continue to lead the firm today.

Kerry Hawkins

Menlo Equities has acquired or developed approximately 110 properties, encompassing 17.6 million square feet of high profile office, R&D, data center, life science and infill-logistics commercial real estate.