in the Press

At 300 Ballardvale Street, Berkeley signed three office leases including the New England
regional headquarters for HUB International, one of the largest insurance brokers in the
world, for 37,592 SF; NorthBay Solutions, a leading software development company,
for 3,398 SF; and Microlabs Scientific, a consulting and analytics firm focused on
testing services for the electronics, semiconductor, optics and related industries, for
2,042 SF. Monogram Foods, a rapidly growing North American manufacturer and
distributor of food products, leased 23,206 SF at 301 Ballardvale Street as an
advanced food production facility, which represents an expansion from Monogram’s
existing production plant nearby at 330 Ballardvale Street.
CBRE/NE’s Jason Levendusky, Mark Reardon and Jake Borden are the exclusive leasing
agents for the park.

Berkeley Investments, a Boston-based full-service real estate investment and
development company, purchased the three-building park in early 2016. These recent
deals, combined with over 55,000 SF of transactions that were completed at the end of
2016 (Locus Robotics for 45,872 SF at 301 Ballardvale Street, as well as Bright Star
Engineering for 5,318 SF and Infranor for 3,972 SF at 299 Ballardvale Street), have
resulted in Berkeley leasing over 121,000 SF in less than two years of ownership.

“With our purchase of the Ballardvale Portfolio, Berkeley was able to acquire properties at an attractive basis that offer significant opportunities for additional value creation through our repositioning efforts,” said Dan McGrath, Vice President and Director of Asset Management for Berkeley Investments. “With rents increasing throughout the Boston market, these properties are well positioned to offer the region’s innovative tenants high-quality flex, light manufacturing and office space at a lower price point than other suburban markets, while still offering easy commuting access and an attractive work environment for today’s workforce.”

“Berkeley’s strong team and expertise has allowed us to successfully execute our strategy of reintroducing the park to the market as best-in-class office/flex product within the North suburban market,” said CBRE/NE’s Levendusky. “We are excited to welcome these new tenants to Wilmington.”
The three-building, 310,000 SF Ballardvale Portfolio consists of 299 Ballardvale and 301 Ballardvale Street, two single-story flex properties, and 300 Ballardvale Street, a two-story office building. As evidenced by the tenants who signed new leases at the properties, the Ballardvale Portfolio is emerging as a nexus for highly innovative companies across industries including robotics, aerospace, optics and advanced manufacturing, in addition to core office industries such as insurance.

Berkeley Investments is also currently completing a series of significant capital improvements to reposition the portfolio. Completed improvements include new roofs on all three buildings, HVAC replacements, upgraded bathrooms and lobby atriums, all new landscaping throughout the park, a new on-site fitness center with shower/locker facilities, and a new café/collaboration area.

The Ballardvale Portfolio location provides easy access on and off Interstate 93, and is located within proximity to numerous restaurants, hotels and retail amenities. Just 10 miles from the New Hampshire border and 20 minutes from downtown Boston and Logan Airport, this location offers easy commuting access to a highly skilled labor force stretching from New Hampshire to Boston, and from Boston’s North Shore to its western suburbs.

Berkeley has a history of ownership in the I-495 and I-93 marketplace with a past portfolio of several million square feet of suburban flex and office space from Woburn to Tewksbury, including a number of properties similar to The Ballardvale Portfolio. In addition, Berkeley is familiar with the leasing and market dynamics in the Wilmington sub-market. Berkeley was attracted to the investment due to the easy access to I-93 directly off Exit 41, and the emergence of an attractive retail cluster benefiting area tenants, providing this location with a competitive advantage

Berkeley is at the forefront of shifts in the market and excited to capture opportunities from tenants migrating out of Cambridge, Boston, and Somerville, into convenient suburban locations with easy highway access. The surging rents in Boston and Cambridge continue to drive demand and rents along the Route 128 and I-93 corridor. As Class A Buildings in neighboring Burlington garner starting rents in the $35/SF range, and Woburn in the $30/SF range, tenants continue to migrate north for rent relief.

Berkeley has hired the CBRE team to lease The Ballardvale Portfolio with Jason Levendusky and Mark Reardon heading this initiative. Berkeley intends to undertake additional capital improvements to further enhance the look and feel of the buildings. With a new marketing initiative in place and with a local landlord, these properties will be well positioned as highly attractive, cost effective options for tenants in the market.

Berkeley is aggressively seeking to acquire properties offering income in place with value-add opportunities. The Ballardvale Portfolio is an ideal fit for its investment strategy.