Boston Real Estate Times: Rafi Buys Ames Business Park in Union Square Somerville
April 16, 2018
BOSTON–Rafi Properties announced the acquisition of Ames Business Park in Somerville, MA. The approximate 300,000 SF mixed-use site is home to tenants such as Greentown Labs, Artisans Asylum, Brooklyn Boulders, and Aeronaut Brewing Co., among others.
Rafi owns, develops, manages, and invests in mixed-use residential and commercial real estate in Boston and Hong Kong. In addition to the purchase of Ames Business Park, the company’s portfolio also includes 530 Washington in Boston’s Downtown Crossing, 126 Salem St. (also known as the Chrysanthemum building), residential portfolios in Boston’s North End, Brookline, and Cambridge, as well as mixed-use developments in Hong Kong. The firm is led by managing directors Collin Yip and Baillie Yip.
Ames Business Park (Photo courtesy: Somerville Union)
“We’re always looking for opportunities to become a part of neighborhoods in which its community is its driving attraction, nowhere is this truer than in Union Square,” said Collin Yip. “We don’t invest in buildings; we invest in the people and the neighborhood. Today’s talent and tomorrow’s workforce live, work, and play in Somerville – we are excited to be a part of its future.”
Rafi acquired the Ames Business Park from JWF, LLC.
“We wish Rafi well with Ames Business Park,” said Michael and Bill McLaughlin, brothers who oversaw the repositioning of the tired single tenant manufacturing property that had been in their extended family for four generations into its current vibrant mixed use multi-tenant campus, and who directed the recent sales effort. “We are confident in Rafi’s vision for the future of this exciting asset.”
Financial terms of the transaction were not disclosed. NKF Capital Markets represented the seller in the transaction.