Commercial Property Executive: NFK Arranges Sale of Boston Area Mixed Use Assett
Rafi Properties LLC has purchased the roughly 300,000-square-foot Ames Business Park in Somerville, Mass., from JWF LLC. NKF Capital Markets represented the seller which, according to public records, purchased the asset in 2003. The Boston-area mixed-use complex functions as an innovation hub, its tenants including nonprofit, early stage startup and manufacturing companies.
The property is located at 21 Properzi Way near Union Square, in the Ward Two neighborhood. Summerville, situated northwest of downtown Boston, has been known for its support of local business owners and startups. The asset is currently occupied by anchor-tenants, such as Greentown Labs, Artisans Asylum, Brooklyn Boulders and Aeronaut Brewing Co.
The history of the property dates back to 1938, when Ames Safety Envelope Co. moved into the first building. The company gradually grew, and so did the Ames Building complex, with the sequential expansion of the site. The last structure was annexed in 1987.