Purchase History
313 Washington Street, Newton, MA In April 1997, with The Grossman Companies and RSI, Inc., Fairlane Properties purchased 313 Washington Street in Newton, MA, an 85,778 square foot office/retail building, for $6,750,000 from Hamilton Realty. Fairlane raised $525,000 in equity for the private placement and provided asset management services for the 313 Washington Street, LLC. Michael Grill served as one of three Managers of the LLC. The LLC sold 313 Washington Street in April 1999 for $11,815,000 to Paradigm Properties with a 40.7% IRR to Class A investors and a 196% return on equity.

112 Water Street, Boston, MA In June 1997, Fairlane Properties purchased 112 Water Street in Boston, a 23,400 square foot office/retail building for $1,865,000 from Centremark Properties. Fairlane raised $630,000 in equity for the private placement, financed the property for $1.5 million from Hibernia Bank, and provided asset management services for 112 Water Street, LLC. 112 Water Street, LLC was refinanced for $2,800,000 from Conning Asset Management in October 2000 with all equity returned to investors. Michael Grill served as the sole Manager. The LLC sold 112 Water Street in July 2003 for $4,250,000 to Ceres Realty Fund with a 41.1% IRR to Class A investors and a 301% return on equity. Fairlane Properties was retained to provide asset management services to Ceres-112 Water LLC.

33 Broad Street, Boston, MA In October 1997, Fairlane Properties purchased 33 Broad Street in Boston, a 40,615 square foot office/retail building for $3,150,000 from MGI Properties. Fairlane raised $1,275,000 in equity for the private placement, financed the property for $2,500,000 from Hibernia Bank and provided asset management services for 33 Broad Street, LLC. 33 Broad Street, LLC was refinanced in March 2001 by Principal Capital for $5.5 million with all equity returned to investors. Michael Grill served as the sole Manager. The LLC sold 33 Broad Street in July 2003 for $6,800,000 to Ceres Realty Fund with a 31.1% IRR to Class A investors and a 201% return on equity. Fairlane Properties, Inc. was retained to provide asset management services to Ceres-33 Broad LLC.

98 North Washington Street, Boston, MA In February 1998, Fairlane Properties purchased 98 North Washington Street in Boston, a 84,890 square foot office building for $7,390,000 from New Boston Fund. Fairlane raised $2,500,000 in equity for the private placement, financed the property for $5.6 million and provided asset management services for 98 North Washington Street, LLC. Michael Grill served as the sole Manager. The LLC sold 98 North Washington Street in June 2004 for $9,200,000 to First General Realty Corp. with an 18.8% IRR to Class A investors and a 156% return on equity.

15 Broad Street, Boston, MA In May 1999, Fairlane Properties purchased 15 Broad Street in Boston, a 70,021 square foot office/retail building for $8,100,000 from Wellsford Commercial Properties Trust. Fairlane raised $5,075,000 in equity for the private placement, financed the property for $6,900,000, and provided asset management services for Fairlane Broad, LLC. Fairlane Broad, LLC was refinanced in March 2002 for $11,000,000 by Principal Capital with 69% of the initial equity returned to investors. Michael Grill served as the sole Manager. The LLC sold 15 Broad Street in July 2003 for $13,000,000 to Ceres Realty Fund with a 17.4% IRR to Class A investors and a 111% return on equity. Fairlane Properties was retained to provide asset management services to Ceres-15 Broad LLC.

59-83 Chapel Street, Newton, MA In July 2007, Fairlane Properties purchased 59-83 Chapel Street in Newton, an 81,620 square foot office/industrial building, for $6,950,000 from ZA Nabi, LLC. Fairlane raised $2,500,000 in equity for the private placement, financed the property for $6,313,000 from Eastern Bank, and provided asset management services for Fairlane Chapel, LLC. Within the first seven months of ownership, Fairlane rebranded the 70% vacant property as Chapel Business Center, provided new signage, landscaping, fencing, and other cosmetic improvements, and leased over 30,000 square feet to 3 new tenants, reducing the vacancy rate to 30%. Michael Grill serves as the sole Manager.

1035 Cambridge Street, Cambridge, MA In September 2008, Fairlane Properties purchased 65,438 square feet of office condominium space at 1035 Cambridge Street in Cambridge for $5,520,000 from Cambridge Business Center, LLC. Fairlane raised $2,100,000 in equity and financed the property for $4,675,000.    Fairlane Columbia, LLC purchased approximately 52% of the office condominium which provides the LLC with operational control of the Condominium Trust. With the LLC’s office space at about 50% occupancy, the LLC and the Trust have moved quickly to change the appearance and image of the building by: providing a “Cambridge Street” address; replacing exterior and interior signage; refurbishing common areas; constructing a common-use conference room; renewing expiring leases; reconfiguring vacancies; remeasuring the entire building with CAD drawings for each vacancy; and changing property managers. Michael Grill and Hillary Brown of Fairlane Properties serve as two of the three trustees of the Condominium Trust. Fairlane Properties serves as the exclusive leasing agent and asset manager for the LLC.