Dealmaker: Transwestern Closes Deals in Boston, Shreveport

Transwestern, Houston, arranged $28 million for First Highland Management and Development Corp. to refinance Boston Dedham Commerce Park, a five-building industrial park in Boston.

East Boston Savings Bank, Boston, provided the permanent financing. Transwestern Partner Chris Skeffington and Vice President Andrew Stone made the arrangements.
“First Highland’s hands-on management of the park makes it an attractive destination for both suburban and urban tenants, resulting in an asset with strong, durable cash flows,” Skeffington said, noting that East Boston Savings Bank recognized the value of urban industrial product in today’s market.

Boston Dedham Commerce Park encompasses 654,000 square feet of Class A industrial space inside the Route 128 beltway and adjacent to the Readville commuter rail stop. More than 30 tenants occupy the 82 percent leased property.

Boston’s Central Areas submarket, which includes 3 million square feet of warehouse space, closed 2016 with just 2.0 percent vacancy, Transwestern reported. During the past 15 years, warehouse inventory in this submarket declined by nearly 55 percent and vacancy rates decreased by 80 percent during the past decade.

In Shreveport, La., Transwestern sold a Michaels-anchored retail property Eastside Dunhill Investors, Shreveport. Dalton Street Properties, Bossier City, La., acquired the 79,000-square-foot center at 7460 Youree Drive in Shreveport for $8.95 million. 

“The sale price reflected the continued demand for well-located retail centers with a value-add component,” said Transwestern Vice President Fred Victor.

Developed in 2004 to institutional-quality standards, East Side Plaza houses national credit tenants including Guitar Center and Dollar Tree in addition to anchor Michael’s, an arts and crafts chain.