23-29 Bradston Street, Boston, Massachusetts

Asset:                          Mixed Use Office / Retail

Year Acquired:               2009

GSF:                            35,000

Acres:                          .63

IRR:                             75.3%

Value add strategy. The property was redevelopment with over $12MM in construction including an attached 95 car parking garage.  The owners of the building went into default and Benjamin Franklin Bank (BFB) foreclosed on the property.  When Rockland Trust acquired BFB, they put the asset up for sale and Koda put property under contract as a value added play. During due diligence, a 1031 exchange buyer had strong interest in the property.  Working with Rockland Trust, Koda and Rockland sold the building to the 1031 buyer and equally split the premium above Koda's contract price.

159 Overland Road, Waltham, Massachusetts


Asset:                          Office

Year Acquired:               2010

GSF:                            48,000

Acres:                          .44

IRR:                             38.5%

A high yield strategy.  The property is master leased to Source Code, Inc., a 20-year old privately held technology company.  The property yielded an average annual 12% cash distribution.  A nearby $500 million mixed use development is underway envisioned as a retail, office and residential that will improve area roadways and infrastructure.  The property was sold in April 2013, after a 2.5 year hold, harvesting a 2.26X cash multiple.

72 Salem Road, Billerica, Massachusetts

72 Salem Road

Asset:                          Industrial

Year Acquired:               2011

GSF:                            274,000

Acres:                          20.45

IRR:                             25.6% (after refinance)

Value add strategy.  This off-market purchase was deemed excess property by the Boston Globe. The business plan was to re-position and lease the property. The acquisition price was a new low for the market providing a competitive advantage in the market.  The property is master leased to Waste Management, Inc. (NYSE: WM) for 20 years with rent escalations.  WM is investing approximately $15MM in equipment and facility upgrades to create a state of the art recycling facility.  At the end of the initial lease term, the property will owned free and clear of all debt.  After the refinancing, the property yielded a 1.58X cash multiple in two years. 

4 Preston Court
Bedford, Massachusetts


Asset:                          Office

Year Acquired:               2010

GSF:                            24,000

Acres:                          1.38

Core, value added strategy. The multi-tenanted building is well situated to capture the office demand in a majority lab office park with 90% of the buildings owned by Alexandria (NYSE: ARM).  The building provides space for the deepest demand sub 7,500 square foot tenants.  The exterior was enhanced to create more attractive curb appeal to potential tenants.  Working with our leasing broker, Lee Partners, the property is 95% occupied.  Koda is exploring an expansion to the building to satisfy tenant demand.   



Koda Ventures, LLC
All Rights Reserved 2013