Grand Parkway Lures Investors
Forget the Horse—will 2014 be the year of the Grand Parkway? A New England-based investment advisor buyer purchased The Pines Business Park, hoping to capitalize on activity driven by the highway’s expansion. CBRE’s Tom Lynch and team repped the seller (a private fund advised by Crow Holdings Capital Partners and Lincoln Property) and tells us the business park includes three Class-A light industrial buildings totaling 139k SF. They were 100% leased at time of sale, but Tom says there’s upside potential as vintage leases at below-market rates will roll over soon. The rest of the seller reps: Lincoln Property’s Kevin Wyatt and CBRE’s Jack Fraker, Josh McArtor, Jonathan Bryan, Heather McClain Venegoni, and Paul Segreto.