Bedford labs Update 03/23/21

Redgate Acquires 275K Class-A Office in Northern MA for $47.5 Million

That Bedford Owner, LLC and JC/SMP Bedford Owner, LLC - subsidiaries of Sound Mark Partners and Jumbo Capital Management - have sold 100 Crosby Drive in Bedford, MA to Redgate for $47,500,000. Redgate secured a loan for $110,135,000 from Mack Real Estate Credit Strategies for the property.

The nearly 275,000 square foot facility had been in Jumbo’s Research and Development/flex portfolio since 2014 with single-tenant occupancy throughout the firm’s hold of the property. The building sits on 52 acres and was successfully master-planned to include an additional 300,000 SF of life science and office space. RedGate will carry forward Jumbo’s plan to fully reposition the property in order to serve the rapidly growing Life Sciences sector.

“100 Crosby had always been a steady cash flow asset for our firm. We are confident that RedGate will do well as they complete the repositioning of this property into a Life Science Center," said Bradford Spencer, Managing Partner and Acquisitions Team Leader of Jumbo Capital. "We look forward to being neighbors with RedGate as Jumbo begins development of our recently acquired One Patriot Park property in the same burgeoning Life Science hub of Bedford.”

100 Crosby Drive is a 3-story Class-A office property in Bedford. The complex is situated off Middlesex Turnpike and MA Route 3 with access to Boston, the Northern MA suburbs, and Nashua, NH. The property features 264,936 SF of Class-A office space and is tenanted by Oracle.

100 Crosby Drive - Oracle

Images courtesy of Smith + Co. Marketing and Communications

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