20 Seyon Street, Watertown, MA

Investment Summary

Property:  Acquired 100% occupied, 20 Seyon Street is a single-story, multi-tenant warehouse distribution property totaling 94,268 sf on 5.0 acres of land
Pricing: 
  • Acquisition Price - $11 million ($117 PSF) – December 2014
  • Total Project Cost - $11.3 million ($120 PSF)
Strategy:  Stable, cash flowing acquisition of high quality warehouse space in a land constraint, high growth urban infill location

Opportunity / Highlights

  • 100% occupied with 92% of the asset leased through 2024 providing 8%-9% annual cash flow to investors.
  • Immediate proximity to Interstates 90 (Mass Pike) and 95 provide efficient fulfillment capabilities and strong demographics close to Boston and Cambridge, mitigating future leasing risk. 
  • Significant capital improvements since 2013 include a new roof with 15 year warranty, new HVAC units, and security and alarm systems throughout the building.
  • The Property is situated within a high growth, mixed-use urban corridor and has seen extensive development of retail and multi-family properties which could expand our exit options and increase exit pricing.
  • The asset is operating at plan and cash flowing to investors.