National Real Estate Advisors, LLC, on behalf of its client, National’s Commingled Real Estate Investment Fund, is pleased to announce a joint-venture equity investment and contemporaneous financing for the acquisition of the Atrium Mall, on July 19th, 2012. The Atrium Mall is located on Boylston Street (Route 9) in the upscale suburban community of Chestnut Hill, MA, approximately seven miles west of downtown Boston and three miles west of the Longwood Medical area.
National’s Fund and its development partner, The Bulfinch Companies, Inc., will reposition and redevelop the existing retail mall into a mixed-used building, retaining some retail tenants but converting other portions of the project into medical and general office space. The retail property was originally constructed in 1986 and later renovated in 1995 and is particularly well-suited for re-use as medical and general commercial office space. The existing structure consists of 4-stories, approximately 260,000 square feet of retail, and an additional five levels of below grade parking. Upon completion in 2015, the project’s proximity to the Longwood Medical campus and prominent frontage on a popular thoroughfare is expected to attract medical and general office tenants alike.
The Fund’s development partner, The Bulfinch Companies, Inc., is an established, full-service Boston-based real estate investment, management and development firm, with whom the Fund also invested in development of Cambridge Discovery Park in Cambridge, MA.
National Real Estate Advisors, LLC (National) is an independent real estate advisor specializing in real estate investments on behalf of large institutional investors. National manages nearly $2 billion of client capital and invests based on its “Build-to-Core” philosophy, carefully selecting development projects to add to the core of its portfolio. The strategy is designed to create a modern portfolio with lasting value. Construction jobs for the organized trades are an ancillary benefit.
National’s Commingled Real Estate Investment Fund is a commingled, open-ended real estate fund specifically designed to serve the needs of the union electrical industry. Investments are made in institutional quality, geographically-diversified properties diversified by property type and a mix of debt and equity structures.
Bulfinch is an entrepreneurial, value-added real estate investment firm specializing in the development, acquisition, management, and repositioning of commercial properties in greater Boston. Since its founding in 1936, Bulfinch has developed, acquired and repositioned more than $1 billion in commercial real estate.