Photo courtesy of Cushman & Wakefield
A Bedford office building is in line for a lab conversion after the project received an $82.2 million financing package.
Ownership, a joint venture partnership of Redgate, Optimum Asset Management and AEW Capital Management, bought the property at 14-16 Oak Park Drive for $27 million from Progress Software Corp. in April, according to records filed with the South Middlesex Registry of Deeds. Progress bought the 171,300-square-foot building for $15.67 million in 2000.
The entire 13.84-acre property located off the Middlesex Turnpike about 3 miles north of the Burlington Mall is assessed at $18.69 million and is zoned industrial.
Cushman & Wakefield’s Boston equity, debt and structured finance team of Tom Sullivan and Ross Fishman arranged the loan from Ares, which the brokerage said covered both the acquisition and redevelopment costs.
The new ownership team plans to reposition the property for lab and life science uses.
“14 Oak Park Drive’s elite sponsorship and ideal location in a top-rated life science cluster makes it well-positioned to capitalize on the current market’s demand for lab and life science space,” Sullivan said in a statement. “The property offers best-in-class features demanded by today’s lab tenants including flexible floor plates, heavy floor loads, multiple loading docks, sufficient ceiling heights and ample parking as well as a fitness center, cafeteria and outdoor patio area.”
