Press Release: Rafi Properties Announces New Acquisition in Somerville
FOR IMMEDIATE RELEASE
Rafi Properties Announces New Acquisition in Somerville
Firm Purchases Ames Business Park, an Entrepreneurial Epicenter in Union Square
BOSTON, MA Monday, April 16, 2018-Rafi Properties, LLC(Rafi) today announces the expansion of its real estate portfolio through the acquisition of Ames Business Park in Somerville.Somerville has garnered national attention in recent years for its support of local business owners and startups, andAmes Business Park has become the “entrepreneurial epicenter” of the city. The approximate300,000 SF mixed-use site, currently owned by JWF, LLC, is home to vibrant and popular anchor tenants such asGreentown Labs,Artisans Asylum,Brooklyn Boulders, andAeronaut Brewing Co., among others.
"Artisan's Asylum is a thriving association of local artists and makers devoted to improving each other and the community at large,” said Artisan’s Asylum President, Ted Sirota. “We're excited to welcome Rafi Properties as the new owner of Ames Business Park. Their fresh perspective and innovative ideas are something I'm sure we will greatly benefit from. Looking forward to a long and prosperous relationship.”
The asset’s tenants are as diverse in their missions as they are in size, spanning from early stage startups and urban rock climbing to nanotechnology, non-profit makerspace and a brewery. (a full list of tenants list can be found here).
"Greentown Labs is passionate about the future of Somerville and we're proud to be part of its technology renaissance," said Dr. Emily Reichert, CEO of Greentown Labs. "As the largest cleantech incubator in the United States, we're particularly excited about the City's sustainability goals and focus on manufacturing, two of the key attractors that drew us to move our business to Somerville in 2013. Rafi has shown they're betting big on the future of the City as well, and we're thrilled to have them as a partner!"
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.
“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 its current owner, 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 multitenant 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. For more information about the asset, news, current and future happenings, please visit www.somernova.com.
About Rafi Properties, LLC
Rafi Properties, LLC (Rafi) owns, develops, manages and invests in mixed-use residential and commercial real estate in Boston and Hong Kong. The firm focuses on identifying value-add opportunities in transit-oriented, urban core locations. A fully integrated investment and management firm, Rafi Properties creates value by appealing to a creative and innovative class through design, construction, branding, and place making that result in the construction of properties that activate and promote the local community. People are the focal point of Rafi’s culture and it extends into the way we add-value to our investments. Doing the right thing to improve and promote the community in which we invest in have been a critical part of our growth. We recognize the importance of technology in our everyday lives, it is another area we distinguish our investments from others.
About NKF Capital Markets
NKF Capital Markets, operated by Newmark Group, Inc., is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, the firm’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
NKF Capital Markets provides access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions NKF Capital Markets brokers involve vacant land, new real estate developments and existing buildings. NKF Capital Markets specializes in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol "NMRK", is a publicly traded subsidiary of BGC Partners, Inc. ("BGC"), a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol "BGCP". BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol "BGCA".
Kristin Phelan | KP Strategies
617.890.9544 | Rafi@kristinphelan.com