BRAINTREE, MA. – Jumbo Capital continues to pursue CRE opportunities in its back yard, and one recent addition reflects a regional preference and growing desire to pursue stabilized opportunities, with the Quincy firm landing the Massachusetts State Lottery headquarters at 60 Columbian St. in a $10.2 million purchase negotiated by Boston Realty Advisors via Managing Director Anthony Biette.
Fully leased to the Commonwealth of Massachusetts on behalf of its gaming agency, the 110,000-sf building is “a mission critical operation” for lottery functions, says Jumbo Capital principal Brad Spencer, whose firm is hedging a bet that the venue is too well-suited for the tenant to consider jumping to another location. “The lottery has always been in Braintree, and they do everything” at 60 Columbian St., says Spencer, from accommodating lucky winners to fixing broken equipment.
Spencer says Jumbo was further steeled by the prime location, “high purpose floor plan and attractive economics.” Situated on a 10-acre parcel, the structure has a two-story, 69,175-sf office area and single-story, 30,000-sf warehouse. It had been owned by American Real Estate Investments, a Texas-based concern that bought it 10 years ago this week for $13.1 million.
Jumbo’s bid attracted the attention of multiple lenders, but in the end, Hingham Institution for Savings was most aggressive in providing $6.09 million in financing. “They were all over it,” says Spencer, praising the lender’s market instincts and shared embrace of the asset. A veteran real estate professional who recently joined the Jumbo Capital group founded in 2009 by Howard Hirsh and Jay O. Hirsh,
Spencer also offers kudos to the exclusive listing agent for seeing the complicated deal through. “Anthony Biette was integral to keeping this transaction moving forward at every step of the way” and helping the parties overcome several hurdles that rose up during the process. “It didn’t happen overnight . . . but we are really happy we were able to get it done,” says Spencer. Biette, for his part, returned the praise in crediting Jumbo for navigating the potential stumbling blocks. “Jumbo Capital was tenacious in getting this deal to completion,” he says.
Jumbo Capital is a privately, held CRE investment firm that has 2.25 million sf under management.
Read the original report on The Real Reporter.Tags: Anthony Biette, Capital Markets