Waltham River’s Edge LLC – Portfolio Sale
R.W. Holmes Process:
When starting the discussions with WRE on their real estate, R.W. Holmes focused on understanding their specific wants/needs in selling the buildings. For them, the focus was on a quick and easy sale process while also maximizing the sale price. With that as the priority, R.W. Holmes put together a unique strategy for each building to bring qualified and eager buyers to the table.
The R.W. Holmes Services in Sale:
Compilation of Building Information – WRE had little information on their buildings’ infrastructure, zoning, and history. R.W. Holmes worked with the city building departments, reviewed historical documents, and previous contractors to accumulate all the necessary information for buyers to feel confident in the buildings.
Buyer Acquisition and Vetting – R.W. Holmes marketed each building to their database of contacts, provided tours and building insight, and then vetted each interested buyer to ensure they were capable of closing.
Due Diligence Oversight – Once the buyer was procured, R.W. Holmes stayed involve to ensure due diligence was moving smoothly. Any hiccups were immediately addressed and solved.
R.W. Holmes handled four properties for WRE:
-154 Calvary Street, Waltham: 26,000 SF single-story industrial building. With the strong industrial market, R.W. Holmes had three offers within 2 weeks – a mix of investors and owner occupants. The building sold in September for $4,400,000($170/SF) – more than doubling the price WRE paid in 2014.
-224 Calvary Street, Waltham: the 29,500 SF mill building was a creative challenge for R.W. Holmes. With much of the building obsolete and requiring a redevelopment, R.W. Holmes used their list of value-add investors to secure an offer with quick close. The property sold in conjunction with 154 Calvary to btcRE. 224 Calvary sold for $4,750,000 ($160/SF) –about double the price WRE paid in 2011.
-59 Leonard Street, Foxboro: 15,000 SF single-story industrial building. Even in an in-between market, R.W. Holmes was able to get several buyers bidding on the site. The property is set to close in Q4 2021 for $135/SF.
-34 Lafayette, Hampton, NH: R.W. Holmes elicited the help of their SIOR network to bring in New Hampshire brokerage experts, the Norwood Group. The industrial property sold above asking in three months for $120/SF.