Done Deals: Apr 27, 2024

Saturday, April 27, 2024

JLL completes sale and financing of office and data center asset in Hopkinton, MA

117 South Street., a two-story office and data center
building totaling 56,324 square feet
in Hopkinton, MA

Tom Sullivan

BOSTON, MA – JLL Capital Markets has completed the sale and financing of 117 South St., a two-story office and data center building totaling 56,324 square feet in Hopkinton, Massachusetts. The price was not disclosed.

JLL marketed the property on behalf of a confidential seller, and procured the buyer, Rhino Capital Advisors. Additionally, JLL worked on behalf of Rhino to secure the acquisition financing. Loan proceeds were used to acquire the property and future proceeds will be used for the repositioning of the building.

117 South St. is located in an established tech and R&D cluster in western Massachusetts, about 26 miles west of Boston. The property has convenient access to Interstates 495, 90 and 95, providing connectivity to the entire Greater Boston area.

Brett Paulsrud

The property has a flexible infrastructure that can accommodate multiple uses. Key features include a 100 pound plus floor load, dedicated loading area with two loading docks, raised access floors and ample power. Rhino has plans to increase the asset’s clear height by removing a portion of the second floor to better accommodate R&D/flex use.

JLL’s Investment Sales and Advisory team representing the seller was led by Managing Director Mike Restivo and Senior Director Scott Carpenter.

Mike Restivo

JLL’s Debt Advisory team representing the borrower was led by Senior Managing Directors Brett Paulsrud and Tom Sullivan.

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers.

The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization.