The developer who bought the A.T. Cross Co.’s headquarters and manufacturing facility in Lincoln last month is investing more than $10 million to turn the property into large-floor-plate, Class A office space, with extended parking and interior and exterior upgrades.
Cross sold the property for $15.7 million to Albion Crossing LLC, a partnership of institutional developer Gray’s Point Investments LLC and commercial real estate development fund Perseus Realty Partners of Washington, D.C.
Cross was represented in the transaction by CB Richard Ellis/New England, and a sister company, CBRE/Melody, has since said that it helped secure $27.5 million in loans for the acquisition and redevelopment of the 285,000-square-foot complex, which is at One Albion Road in Lincoln, just off Route 116 near the Lincoln Mall.
Cross is leasing back about 155,000 square feet of the space for 10 years. Robert Manning, president of Gray’s Point Investments, said the 43-year-old facility comprises six separate buildings, and Cross is leasing the oldest portion of the factory space.
The rest, he said, is being turned into “full standard, A-grade office space.” The developers believe the complex can be “quickly and efficiently repositioned” into large-floor-plate office space, he added, “an asset class which is virtually nonexistent in the suburban Providence market today.”
Renovations are expected to begin in mid-May, according to T.J. Hofheimer, director of Perseus Realty Partners. The buildings will be renovated to include a “new exterior skin” with all-new windows. Skylights and new HVAC systems will also be installed. The interior will be completely modernized, and parking will be expanded.
“We’re looking for one to five tenants,” Manning said. Prospective tenants have already shown interest, he said, adding that One Albion Road will be the state’s only large-floor-plate, general-office space north of Quonset Point, in North Kingstown.
“It’s a very attractive property in the Rhode Island market, which is why we got involved,” Manning said, adding that it’s “a good project that adds very much-needed depth to the market.”
Perseus’ Web site notes that “future tenants will benefit from the excellent proximity to local amenities, including access to major and local highways, air and rail transportation, downtown Providence and the Boston metro area.”
The R.I. Economic Development Corporation has been strongly supportive of the transaction, Manning said. “They aren’t involved with the project, but it helps their objectives,” he said.
