{"id":1004157436,"date":"2016-10-31T00:27:28","date_gmt":"2016-10-31T08:27:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004157436"},"modified":"2020-04-15T00:58:34","modified_gmt":"2020-04-15T08:58:34","slug":"novaya-investcorp-recap-boston-area-industrial-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/novaya-investcorp-recap-boston-area-industrial-portfolio\/","title":{"rendered":"Novaya, Investcorp Recapitalize Boston-Area Industrial Portfolio"},"content":{"rendered":"<p>By Scott Baltic, Contributing Editor<\/p>\n<div id=\"attachment_1004157437\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/57-Littlefield-St.-Avon-Mass..jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004157437\" data-attachment-id=\"1004157437\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/novaya-investcorp-recap-boston-area-industrial-portfolio\/57-littlefield-st-avon-mass\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/57-Littlefield-St.-Avon-Mass.-e1477904480276.jpg\" data-orig-size=\"880,660\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"57 Littlefield St., Avon, Mass.\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/57-Littlefield-St.-Avon-Mass.-e1477904480276.jpg?w=880\" class=\"wp-image-1004157437 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/57-Littlefield-St.-Avon-Mass.-e1477904480276.jpg\" alt=\"57 Littlefield St., Avon, Mass.\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/57-Littlefield-St.-Avon-Mass.-e1477904480276.jpg 880w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/57-Littlefield-St.-Avon-Mass.-e1477904480276.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/57-Littlefield-St.-Avon-Mass.-e1477904480276.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004157437\" class=\"wp-caption-text\">57 Littlefield St., Avon, Mass.<\/p><\/div>\n<p><strong>Boston<\/strong>\u2014<a href=\"https:\/\/www.novayaventures.com\/\" target=\"_blank\" rel=\"nofollow\">Novaya Real Estate Ventures<\/a>\u00a0of Boston has completed the recapitalization of a four-building, approximately 900,000-square-foot industrial portfolio in greater Boston, it was announced late last week by <a href=\"https:\/\/www.transwestern.com\/\" target=\"_blank\" rel=\"nofollow\">Transwestern<\/a>, which arranged the equity placement with <a href=\"https:\/\/www.investcorp.com\/\" target=\"_blank\" rel=\"nofollow\">Investcorp<\/a>\u00a0of New York.<\/p>\n<p>The portfolio consists of 1 First Ave. in Peabody, 57 Littlefield St. in Avon, 176 Grove St. in Franklin and 326 Ballardvale St. in Wilmington and is about 95 percent leased to \u201ca diverse roster of tenants providing strong in-place cash flow and future upside potential,\u201d according to Transwestern.<\/p>\n<p>Transwestern Partner Chris Skeffington and vice presidents Roy Sandeman and Joe Olin arranged the equity placement.<\/p>\n<p>The dollar amount was not disclosed, but public records indicate that the transaction was valued at $57 million.<\/p>\n<p>\u201cThe portfolio represents an excellent opportunity for Investcorp to acquire a critical mass of highly functional industrial product, within the increasingly supply-constrained Greater Boston industrial market,\u201d Skeffington said in a prepared statement. He added that Novaya \u201cwill continue to serve as the local operator within the new joint venture structure.\u201d<\/p>\n<p>The assets were acquired between 2013 and 2015, using a mix of Novaya capital and funding from local high-net-worth families that work closely with the company, Novaya principal Scott Tully told <em><a href=\"https:\/\/www.commercialsearch.com\/news\/\" target=\"_blank\">Commercial Property Executive<\/a><\/em>.<\/p>\n<p>After assembling the portfolio, Tully added, Novaya made selective renovations to parking lots, floors and lighting; implemented a solar roof program; and engaged in successful leasing efforts, both securing new tenants and expanding and extending existing tenants.<\/p>\n<p>Among the portfolio\u2019s tenants are Williams-Sonoma, Symbotic (a division of C&amp;S Wholesalers) and Analogic, Tully said.<\/p>\n<p>The greater Boston industrial market started this year with almost 1.5 million square feet of absorption in the first quarter, but saw leasing activity slow to 222,000 square feet of absorption in the second quarter, likely in reaction to global economic concerns, according to a second-quarter report from <a href=\"https:\/\/www.cbre.com\/\" target=\"_blank\" rel=\"nofollow\">CBRE<\/a>. The average vacancy rate nonetheless held steady at 9.2 percent.<\/p>\n<p>\u201cMarket activity was led by midsize tenants looking to expand,\u201d and the market \u201cremains tight with strong fundamentals continuing to drive demand in the near future,\u201d the report concluded.<\/p>\n<p><em>Image courtesy of Transwestern<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The portfolio consists of four buildings totaling 900,000 square feet of space.<\/p>\n","protected":false},"author":882,"featured_media":1004507027,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21808,21825,21748,21742,10],"tags":[],"class_list":["post-1004157436","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-featured","category-finance","category-industrial","category-latest","category-northeast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Novaya, Investcorp Recapitalize Boston-Area Industrial Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/novaya-investcorp-recap-boston-area-industrial-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Novaya, Investcorp Recapitalize Boston-Area Industrial Portfolio\" \/>\n<meta property=\"og:description\" content=\"The portfolio consists of four buildings totaling 900,000 square feet of space.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/novaya-investcorp-recap-boston-area-industrial-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-10-31T08:27:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-15T08:58:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/57-Littlefield-St.-Avon-Mass..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/novaya-investcorp-recap-boston-area-industrial-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/novaya-investcorp-recap-boston-area-industrial-portfolio\/\",\"name\":\"Novaya, Investcorp Recapitalize Boston-Area Industrial Portfolio - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/novaya-investcorp-recap-boston-area-industrial-portfolio\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/novaya-investcorp-recap-boston-area-industrial-portfolio\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/57-Littlefield-St.-Avon-Mass..jpg\",\"datePublished\":\"2016-10-31T08:27:28+00:00\",\"dateModified\":\"2020-04-15T08:58:34+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/novaya-investcorp-recap-boston-area-industrial-portfolio\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/novaya-investcorp-recap-boston-area-industrial-portfolio\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/novaya-investcorp-recap-boston-area-industrial-portfolio\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/57-Littlefield-St.-Avon-Mass..jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/57-Littlefield-St.-Avon-Mass..jpg\",\"width\":1000,\"height\":667},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/novaya-investcorp-recap-boston-area-industrial-portfolio\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Novaya, Investcorp Recapitalize Boston-Area Industrial Portfolio\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\",\"name\":\"Scott Baltic\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"caption\":\"Scott Baltic\"},\"description\":\"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Novaya, Investcorp Recapitalize Boston-Area Industrial Portfolio - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/novaya-investcorp-recap-boston-area-industrial-portfolio\/","og_locale":"en_US","og_type":"article","og_title":"Novaya, Investcorp Recapitalize Boston-Area Industrial Portfolio","og_description":"The portfolio consists of four buildings totaling 900,000 square feet of space.","og_url":"https:\/\/www.commercialsearch.com\/news\/novaya-investcorp-recap-boston-area-industrial-portfolio\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2016-10-31T08:27:28+00:00","article_modified_time":"2020-04-15T08:58:34+00:00","og_image":[{"width":1000,"height":667,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/57-Littlefield-St.-Avon-Mass..jpg","type":"image\/jpeg"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/novaya-investcorp-recap-boston-area-industrial-portfolio\/","url":"https:\/\/www.commercialsearch.com\/news\/novaya-investcorp-recap-boston-area-industrial-portfolio\/","name":"Novaya, Investcorp Recapitalize Boston-Area Industrial Portfolio - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/novaya-investcorp-recap-boston-area-industrial-portfolio\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/novaya-investcorp-recap-boston-area-industrial-portfolio\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/57-Littlefield-St.-Avon-Mass..jpg","datePublished":"2016-10-31T08:27:28+00:00","dateModified":"2020-04-15T08:58:34+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/novaya-investcorp-recap-boston-area-industrial-portfolio\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/novaya-investcorp-recap-boston-area-industrial-portfolio\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/novaya-investcorp-recap-boston-area-industrial-portfolio\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/57-Littlefield-St.-Avon-Mass..jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/57-Littlefield-St.-Avon-Mass..jpg","width":1000,"height":667},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/novaya-investcorp-recap-boston-area-industrial-portfolio\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Novaya, Investcorp Recapitalize Boston-Area Industrial Portfolio"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/57-Littlefield-St.-Avon-Mass..jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004157436","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004157436"}],"version-history":[{"count":2,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004157436\/revisions"}],"predecessor-version":[{"id":1004417602,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004157436\/revisions\/1004417602"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004507027"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004157436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004157436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004157436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}