100-150 Grossman Drive, Braintree, MA.

On May 31, 2011, Dinosaur acquired Braintree Executive Park, a two-building, 125,641 square foot office park.  These four-story office buildings are visible from the South Shore's Route 3 with great highway access, adjacent to the Braintree MBTA T station, and have plentiful parking (one-third of it covered.)   Working with our joint venture partner, The Grossman Companies, we benefited from a discounted loan payoff and acquisition price of $6.9 million ($55 psf) or just under 50% of the balance of the prior $14.3 million mortgage.  Brookline Savings Bank provided a new $8.35 million mortgage for acquisition, tenant improvements, and capital improvements. 

Dinosaur was attracted to this asset by its strong current cash flow (even at 60% leased) and the ability to add value through renovation, repositioning, and lease-up.   Our equity syndication was quickly oversubscribed reflecting our investors' strong demand for assets with current cash flow and the potential for equity appreciation. 

Following acquisition, lobbies, corridors, bathrooms, systems, exteriors, signage, and landscaping were upgraded.   JLL was retained to re-lease the asset.  The repositioning resulted in occupancy increasing to 80% less than one year after acquisition.

Braintree Executive Park was sold for $17.1 million in May 2013.