NEW ENGLAND REAL ESTATE JOURNAL
August 5, 2011
FAIRLANE PROPERTIES PURCHASES
275 WILDWOOD AVENUE FOR $16.1 MILLION – 174,000 SF PROPERTY
Lemire and Pullen of CBRE Represent Seller, Colony Realty Partners
BOSTON, MA — Fairlane Properties, Inc. recently announced the purchase of 275 Wildwood Avenue, Woburn, MA, a 174,000 square foot industrial and office building on 17 acres leased on a long-term basis to Anixter International and Verizon New England. Michael Grill, President of Fairlane Properties, Inc. will lead the newly-formed Fairlane Wildwood, LLC.
275 Wildwood Avenue, a one-story warehouse building with second floor offices, is located in the heavily industrial southwest quadrant of the intersection of Route 128 and Interstate 93. The building is 100% occupied by Anixter International, a global distributor of communications and security products, and Verizon New England for its operations base with a fleet of trucks servicing the immediate area.
Brookline Bank provided financing of $11.1 million for the purchase. Fairlane Properties, Inc. raised $5.35 million in a private equity placement with numerous local investors. Gary Lemire and Matt Pullen of CB Richard Ellis represented the seller, Colony Realty Partners, in the transaction. Ken Oppenheim of Lincoln Property Company will serve as property manager for the asset.