Agfa U.S.A. completes a double take in Boston.
Peter Yannotta, Steven Rich, John Warburton and Sam Horowitz, of Equis Corporation's Massachusetts and New Jersey offices, arranged the sale and leaseback transaction. The buyer was Griffith Properties, of Boston.
The 22-year-old buildings, located 12 miles north of Boston, currently house a New England regional administrative office and research, development and manufacturing facilities. The sale included an adjacent 16-acre tract available for construction of one or more additional buildings.
"Agfa chose Equis to design a strategy to dramatically reduce overall occupancy costs," said Yannotta. "Our profitability analysis determined that sale/leaseback proceeds could maximize value for Agfa without having to get locked in a long rental lease term."
"Agfa's new five-year lease features flexible lease terms and square footage, while the sale provides proceeds for capital expenses needed for future business expansions."
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|Title Annotation:||Griffith Properties|
|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Aug 17, 2005|
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