As exclusive agent, on behalf of OPI (Office Properties Income Trust), JLL is pleased to present the rare opportunity to acquire One Montvale Avenue, a highly visible 99,764 square foot office asset with a history of institutional ownership, occupancy, and maintenance, located just north of Boston in Stoneham, MA.
Clad in an attractive New England red brick façade and punctuated by oversized ribbon windows, this highly attractive five-story building features multiple entry points, parking optionality, and functional suite sizes and breakout.
Today, the asset is 87% leased to a diverse tenant roster marked by credit and retention. The building produces strong, in-place cash flow with the ability to create value by curating a tailor-made tenant roster through the lease up of near-term available space and the optionality to add an amenity and/or wellness center. What’s more, investors are provided longterm capital appreciation by virtue of the asset’s prominent location, the growing importance of medical space within the immediate submarket and Stoneham’s “name brand” appeal to tenants.
The property is being offered “free and clear” of existing debt.
HIGH QUALITY, COMMITTED TENANCY
- The asset today is leased to four tenants with 100% credit tenancy and a weighted average commitment to the asset of 19.6 years.
INSTITUTIONAL BY EVERY MEASURE
- This asset has a history of not only institutional ownership, but also tenancy. Built around a five-story atrium, this asset features easily accessible and prominent tenant entryways. Standing at the crossroads of Montvale Avenue and Main Street, this building uniquely stands alone as the most visually attractive structure to tenants and visitors alike within the town of Stoneham. Current ownership has invested close to $4.5 million in building improvements during their current hold period.
MULTIPLE AVENUES TO UPSIDE
- The incoming investor will be able to capitalize on continuing to operate the asset as office or convert to medical, taking advantage of the local medical corridor, floorplate layout, and existing medical tenancy.