HUDSON – An international education company that prepares students for college in the United States has acquired a multi-tenant building on the outskirts of the city for $ 11 million.
Shorelight Education recently acquired the 167,846 square foot building at 577 Main Street as Shorelight Hudson LLC, according to Tyler DeWolfe and Bret O’Brien, of Greater Boston Commercial Properties Inc., who acted as brokers for the sale .
The seller has only been identified as 577 Main Street LLC.
Greater Boston Commercial Properties has worked on the end of the property’s lease for more than five years to position the building for an investment sale, DeWolfe and O’Brien said in a press release.
The private education company, which now has a single location in Boston, offers on-campus and cloud-based educational programs for international students to prepare them for undergraduate and graduate programs in the United States, according to the Shorelight website.
Shorelight now owns the entire one-story building, said Kyleigh O’Neil, marketing manager at Greater Boston Commercial Properties, which includes several spaces leased to at least five other tenants. From now on, those tenants plan to stay, O’Neil said.
The independent investment property spans 16 acres and is currently 91% leased to a mix of tenants, including a therapist-owned clinic called Move Strong Physical Therapy; a personal training school called the Academy of Sports & Fitness Training; and Stevie’s Back Road Café & Catering. The property also adjoins the Charter Oak Country Club on Chestnut Street.
The structure was built in 1965 and renovated in 1999. It was recently valued at $ 6.46 million, according to Hudson property records.
Shorelight did not respond to a request for comment.
The company was founded in 2013 by Tom Dretler and Basil Cleveland. Prior to launching it, Dretler was CEO of Eduventures, a research and consultancy firm for higher education institutions. Cleveland worked for Kaplan to help establish more than 60 transnational degree programs, according to the Shorelight website.
The company is a partner of more than 20 academic institutions in the United States, including Auburn University, American University, Louisiana State University, University of Massachusetts Boston and University of Massachusetts Amherst .
In collaboration with these universities, Shorelight offers more than 3,000 degree programs and other student support services, such as application support, student visa support, campus transition and career development assistance.
So far, more than 180 countries are represented by the company, according to its website.
Shorelight is largely supported by Huron Consulting Group, which invested more than $ 49.5 million in the business in 2019.
Lauren Young writes about business and pop culture. Contact her at 774-804-1499 or [email protected] Follow her on Twitter @laurenwhy__.