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Novaya Trades Office Asset in Suddenly “Challenging” Environment
A joint venture between Novaya Real Estate Ventures and Hawk Properties completed the sale of 55 Technology Dr. in Lowell, MA to Legacy Real Estate Ventures, led by Michael Price. Terms weren’t disclosed.
The property is an 89,004-square-foot, two-story office and flex building, which Novaya acquired in 2012 as part of a two-building deal.
“We are very encouraged that real estate deals are getting done during what has quickly become a challenging economic environment,” said Novaya principal Peter Carbone. “This property has performed well for us for the past several years, and we expect similar results for Michael and his team.”
The deal was financed with debt by Woodman’s of the World, through NorthMarq Capital, and was brokered by Anthony Biette of Peak Real Estate Partners. The property, which is 100% leased to five tenants, will be managed by Legacy affiliate Eastport Real Estate Services.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
