100+ years of combined experience
Extensive backgrounds with over $25 billion in transactions across the team
Expertise in all major asset classes
A Full Service Real Estate Group
Finding opportunity, implementing efficiency, and creating value
Office, Industrial, and Multi-Family
35 United Drive, West Bridgewater, MA
Ajax purchased 35 United Drive in 2014. The property is a 550,000 sf bulk industrial building in West Bridgewater, MA that includes 70,000 sf of office and 480,000 sf of high bay warehouse space. Ajax has brought the office portion of the building from complete vacancy to 100% occupancy. After losing the 2 existing warehouse tenants to markets with lower labor costs, Ajax has re-leased 375,000 sf of warehouse at well over double prior rents and is currently making over $8 million in improvements to the property. Additionally, Ajax added the largest rooftop solar array in the state of Massachusetts to the Property's roof.
Burlington Business Center, Burlington, NJ
Ajax purchased Burlington Business Center (BBC) in May of 2022. BBC is comprised of 2 flex industrial buildings, totaling 120,026 sf, within the Burlington County Industrial submarket of greater Philadelphia. Ajax purchased the property 91.7% occupied, and is currently executing a strategy of converting an excess of office space to more in-demand flex warehouse space. Ajax financed the transaction with first mortgage financing and an institutional LP investment
Warminster Business Center, Warminster, PA
Ajax purchased Warminster Business Center (WBC) in August of 2021. WBC consists of 2 flex industrial buildings, totaling 90,612 sf, within the Bucks County industrial submarket of greater Philadelphia. During contract negotiations, Ajax worked directly with the seller to bring the occupancy from 67% to 96%, and double the in-place NOI. Since closing, the properties' have been managed more efficiently, with an institutional property management team in place, significantly improving tenant relations. Ajax capitalized the transaction with CMBS financing, and syndicated equity.
11200 Roosevelt Avenue, Philadelphia, PA
Ajax, in conjunction with Brickman Associates as Co-GP, purchased 11200 Roosevelt Boulevard in September of 2021. The property is a 454,456 sf bulk industrial building in Northeast Philadelphia. Since closing, Ajax has implemented institutional quality asset and property management, and has executed a lease extension with the largest tenant.
38 & 40 United Drive
Ajax acquired 20 acres of land adjacent to its 35 United Drive, West Bridgewater, MA property in February of 2022. This property has been combined, via ANR plan, with excess land from the existing property, to create 2 buildable parcels allowing for a total of 310,000 sf in Class-A, bulk warehouse development. Ajax plans to break ground on 38 and 40 United Drive in the spring of 2023.
230 E 123rd Street
Ajax acquired a first mortgage note on a 15-unit multi-family building. Upon foreclosure and a substantial building improvement program, rents have increased in-excess of 100% while expenses have remained relatively stable. With a substantial increase in cash flow, Ajax has refinanced with higher loan proceeds several times.