Cross finishes $15.7M HQ sale, lease-back

LINCOLN – The A.T. Cross Co. announced last week that it has completed the sale and lease-back of its global headquarters and manufacturing facility in Lincoln.
The property was purchased for $15.7 million by 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.
“This transaction has several important implications,” said David G. Whalen, the manufacturer’s president and CEO. “First, it is a transaction that monetizes a significant but non-strategic asset in a financing move that further strengthens our already strong balance sheet. Second, it was an important final step associated with the transition of most of our manufacturing overseas. Lastly, by entering into an agreement for at least the next 10 years for approximately 154,000 square feet at our existing location, it signals our intention to remain an important part of the Rhode Island business landscape.”