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BURLINGTON ROAD
CROSBY DRIVE
62
95 128
3 MINUTES TO 95/128
MIDDLESEX TURNPIKE
NEW ENGLAND EXECUTIVE PARK
MID
DLESEX TURNPIKE
BURLINGTON MALL
3RD AVE:
NEW ENGLAND EXECUTIVE PARK
BURLINGTON MALL:
HOTEL LAND SITE – CROSBY CORPORATE CENTER BURLINGTON/BEDFORD, MASSACHUSETTS
INVESTMENT OPPORTUNITY
FOR SALE: A HOTEL DEVELOPMENT SITE LOCATED IN A 52-ACRE CLASS A, MASTER-PLANNED, NINE-BUILDING OFFICE PARK ALONG A MAJOR COMMERCIAL CORRIDOR (ONE EXIT FROM THE I-95/ ROUTE 128 INTERCHANGE)
DAVE McELROYSenior Vice President +1 617 912 [email protected]
SCOTT HUTCHINSONVice President +1 617 912 [email protected]
CBRE|Hotels has been retained as the exclusive advisor regarding a ±130-room as-of-right
hotel development site. The hotel development parcel is within Crosby Corporate Center, a
master-planned, nine-building Class A office park along a major commercial corridor in the
dynamic Boston submarket of Burlington/Bedford, Massachusetts. Totaling 586,682 square feet
of Class A office space, the 52-acre Park is 98% leased to a diverse roster of software, information
technology, and biotechnology companies. Crosby Corporate Center abuts the Route 3/Route
62 interchange and is three miles north of I-95/Route 128 at Exit 26 of Route 3.
Radius from Crosby Corporate Center
Total Office SF (Class A/B)
1 Mile 4,092,201
3 Miles 12,957,662
5 Miles 17,281,823
7 Miles 26,462,911
LAND SITE AT CROSBY CORPORATE CENTER
CARLOS FEBRES-MAZZEISenior Vice President +1 617 912 [email protected]
KYLE JUSZCZYSZYNSenior Vice President, Partner +1 617 912 [email protected]
MICHAEL PRAKKENSenior Director/Manager +1 617 488 [email protected]
FINANCING
WAYSIDE COMMONS
SEASONS 52CAPITAL GRILL
INVESTMENT HIGHLIGHTS
• Offered as either a fee-simple transaction, or as a structured ground lease; the ±130-room hotel development site is located within an upscale 52-acre pristine office campus setting on the Burlington town line, in the Boston suburb of Bedford, Massachusetts. The town of Bedford is located 18 miles northwest of Boston and has convenient highway access to I-95 and Rt. 3.
• Crosby Corporate Center location is within three miles of 13 million square feet of some of the most productive corporate demand generators in Greater Boston. Blue chip tenants such as Oracle, Siemens, SAP, Raytheon, BAE Systems, and iRobot have made the Burlington trading area one of the most desirable lodging submarkets in Greater Boston.
• The Park’s first class tenants, and its immediate and local neighbors such as MIT Research (MITRE), Oracle, iRobot, Joule, Coviden, Hologic, and Millipore, among many others in Bedford and Burlington, make the site’s location one of the most ideal lodging demand pools in Greater Boston.
• The hotel development pad will be delivered to a buyer with full site plan approval (special permit will be obtained by the seller) so that all zoning approvals will be in place, leaving the buyer with the need to only obtain a building permit for an as-of-right use. This process is expected to take less than six weeks, enabling a hotel developer to start construction as early as 2Q 2015.
• Amenity-rich location – Work/Play/Stay corridor of Route 128, with numerous high-end restaurants, office, retail and hospitality options. The Park is minutes from the 600,000 square foot mixed-use development project at 3rd Avenue/Northwest Park (Wegman’s; Tony C’s, King’s, The Bancroft, and Boston Interiors) the redevelopment of New England Executive Park (with Tuscan Kitchen, Tavern in the Square), and the 1.2 million square foot, high-end Burlington Mall (anchor tenants include Nordstrom, Lord & Taylor and Macy’s).
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HOTEL LAND SITE – CROSBY CORPORATE CENTER BURLINGTON/BEDFORD, MASSACHUSETTS
INVESTMENT OPPORTUNITY
MARKET
Period Occupancy%
Change ADR%
Change RevPAR%
Change
TTM 1-2015 78.2% 3.7% $143.45 8.4% $112.17 12.4%
TTM 1-2014 75.4% --- $132.35 --- $99.83 ---
2014 78.6% 4.5% $142.82 8.0% $112.26 12.9%
2013 75.2% 4.2% $132.21 3.1% $99.41 7.4%
2012 72.2% 2.0% $128.29 4.5% $92.57 6.5%
2011 70.8% 7.1% $122.76 5.3% $86.91 12.7%
2010 66.1% --- $116.59 --- $77.11 ---
20%
40%
60%
80%
100%
$30 $50 $70 $90
$110 $130 $150
2010 2011
20122013
2014TTM 1-2014
TTM 1-2015
Source: Smith Travel Research
ADR RevPAR Occupancy
Hotels within the competitive set have shown strong RevPAR growth with an impressive growth rate of 14% between 2013 and 2014 (TTM ending 1/15). The competitive set achieved occupancy of 78.2% at an ADR of $143.45 for the TTM ending January 2015.