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August 27, 2020

Spinnaker Trust pays $14.3M for four Mass. office buildings

entrance to two-story brick office building photo / grant welker Life sciences company SeraCare is headquartered in a Milford, Mass., office building that was one of four purchased for $14.3 million by Portland-based Spinnaker Trust.

Portland-based Spinnaker Trust has paid $14.3 million for four office buildings in Milford, Mass., just off of I-495.

Tenants of the properties, in the Bear Hill Business Area, include SeraCare, an infectious disease life science company, the software company Psyche Systems and the medical laboratory GenPath. The sites cover 164,000 square feet on about 13 acres, and were last assessed by the Town of Milford at just over $6.7 million.

The seller in the Milford transaction was the investment firm Hall Royce of Manchester-by-the-Sea, Mass.

The sale of 25 and 37 Birch St. closed July 30.

Spinnaker Trust is an investment, trustee services and financial planning firm founded in 2001 by Dick Curran. In 2019, it had 32 employees and $1.9 billion in assets under management, according to the firm's website.

This week, the firm announced the hiring of Casey McCormack, a lawyer with real estate expertise, to join the real estate investment group.

As associate director of real estate and a vice president at the firm, McCormack will be responsible for due diligence on prospective real estate investments for the firm’s proprietary funds and on-going monitoring and reporting of investments in each fund, Spinnaker said in a news release. He will be the point of contact for external real estate partners such as operating partners, lender representatives and management agents.

Casey McCormack
Casey McCormack, a lawyer, joined Spinnaker Trust's real estate investment group.

“Alternative investments like real estate are a key component to our diversification strategies. In addition, many of our clients have real estate related business interests to consider. Casey’s experience in managing complex transactions and providing counsel on all manner of real estate matters will help to ensure we are meeting all of our clients’ wealth management needs,” said Amanda Rand, president of Spinnaker Trust.

McCormack, a Maine Law grad, previously worked at Jensen Baird Gardner & Henry, where he counseled clients on a variety of commercial matters ranging from start-up entity formation to complex real estate transactions.

Editor's Note: The Worcester Business Journal, a publication of New England Business Media, is an affiliate of Mainebiz.

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