{"id":1004599647,"date":"2022-08-24T03:21:50","date_gmt":"2022-08-24T11:21:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004599647"},"modified":"2022-12-08T20:07:29","modified_gmt":"2022-12-09T04:07:29","slug":"jv-lands-82m-for-life-science-redevelopment","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jv-lands-82m-for-life-science-redevelopment\/","title":{"rendered":"JV Lands $82M for Life Science Redevelopment"},"content":{"rendered":"
\"\"<\/a>

14 Oak Park Dr. Image courtesy of Cushman & Wakefield<\/p><\/div>\n

An institutional joint venture partnership between Redgate<\/strong>, Optimum Asset Management <\/strong>and AEW Capital Management<\/strong> has secured $82.2 million in acquisition and redevelopment financing.<\/p>\n

The joint venture partnership bought 14 Oak Park Drive in Bedford, Mass., in late April, with plans to reposition the office building into a life science lab.<\/p>\n

The loan was provided by Ares <\/strong>and arranged by Cushman & Wakefield<\/strong>, which represented the new ownership.<\/p>\n

According to CommercialEdge data, the partners purchased 14 Oak Park Drive for $27 million. The property was built in 1984 and consists of a two-story building totaling 166,000 square feet. The lot size is 13.8 acres. One tenant currently takes up the entire property: Progress Software<\/strong>.<\/p>\n

The Class A asset features amenities that are already in demand in life science labs, such as flexible floorplates, heavy floor loads, high ceilings and multiple loading docks. For employees, the space features a fitness center, cafeteria and outdoor patio.<\/p>\n

The property is in proximity to Burlington Mall, 3rd Avenue and The District, while providing easy access to Route 3.<\/p>\n

Other Joint Venture Investments<\/h2>\n

Redgate is developing another life science project in the Boston-area<\/a>. The first building that is part of the 2.4 million-square-foot revitalization project topped out in June.<\/p>\n

AEW and Optimum have largely been expanding their portfolios overseas. AEW has entered the Japanese market with a multifamily acquisition, while Optimum has purchased a community in Berlin, Germany.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ares provided the financing to Redgate, Optimum Asset Management and AEW Capital Management. <\/p>\n","protected":false},"author":3006,"featured_media":1004599648,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,21808,21825,21783,21742,10],"tags":[33758,44687,32799],"class_list":["post-1004599647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-featured","category-finance","category-investment","category-latest","category-northeast","tag-aew-capital-management","tag-ares-management-corp","tag-cushman-wakefield"],"acf":[],"yoast_head":"\nJV Lands $82M for Life Science Redevelopment - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Redgate, Optimum Asset Management and AEW Capital Management landed $82.2 million for a life science redevelopment in Bedford, Mass.\" \/>\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\/jv-lands-82m-for-life-science-redevelopment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JV Lands $82M for Life Science Redevelopment\" \/>\n<meta property=\"og:description\" content=\"Redgate, Optimum Asset Management and AEW Capital Management landed $82.2 million for a life science redevelopment in Bedford, Mass.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jv-lands-82m-for-life-science-redevelopment\/\" \/>\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=\"2022-08-24T11:21:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T04:07:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/14-oak-park-dr.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jordana Rothberg\" \/>\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\/jv-lands-82m-for-life-science-redevelopment\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/jv-lands-82m-for-life-science-redevelopment\/\",\"name\":\"JV Lands $82M for Life Science Redevelopment - 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