by Corina Stef
Tritower Financial Group has disposed of a 209,000-square-foot R&D building in North Reading, Mass., which serves as global headquarters for Amazon’s robotics division. The buyer, a partnership of Lincoln Property Co., Ibdar Bank and Ritz Banc Group, purchased the asset for $45.1 million.
The two-story property is unique, in that it is the only facility in the world that designs, assembles and tests the robotics equipment used by all of the Amazon distribution facilities. Additionally, the property has undergone a series of improvements, including the addition of a 750-kilowatt solar array on the building’s roof and a 20,000-square-foot expansion.
Located at 300 Riverpark Drive, the property is situated in the vicinity of MIT and Harvard. Neighborhood amenities include retailers, eateries, green spaces and fitness centers.
CBRE New England’s Dave Pergola and Brian Doherty represented the seller in the transaction. The same team handled the sale of the Reebok headquarters in Canton, Mass.
“By taking a value-added approach to this single-tenant, net-leased asset, we were able to generate excellent returns for our investors while providing green energy and additional space for Amazon Robotics to continue its revolutionary advancement in warehouse robotics,” Tritower Partner & Director of Acquisitions Tod Brainard said in a prepared statement.
According to public records, the property previously changed hands in 2013 for $32.3 million, when Tritower purchased it from DivcoWest.
Image courtesy of Yardi Matrix