Lowell’s Cross Point towers sell for $227.2 million, over double 2014 sale figure

Lowell’s three 14-story Cross Point office towers, which total 1.25 million square feet, have sold to CrossHarbor Capital Partners for $227.2 million, over double the $100 million seller Anchor Line Partners paid for the property in July 2014. The most recent sale amounts to $182 per square feet, in contrast to the $80 per square foot paid for the property in 2014. Cantor Commercial Real Estate Lending provided $150 million in mortgage financing towards CrossHarbor’s acquisition. The most recent acquisition price is a far cry from the $525,000 paid in 1994 for the towers by Insight Partners, who acquired them from Wang Laboratories in a bankruptcy auction, and is the most expensive property transaction in Lowell history followed by Cross Point’s own 2014 sale.

Anchor Line Partners invested over $11 million in capital improvements to Cross Point, attracting the property’s current anchor tenant, Kronos, who is investing $68 million to build out 500,000 square feet at the property. Anchor Line Partners also added a location of the Tavern in the Square restaurant on Cross Point’s ground floor, and upgraded amenities including a fitness center, an auditorium and on-site cafes. Office space at Cross Point is now nearly fully leased, with just 45,000 square feet of office space currently available.

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