Northeast Real Estate Business

NOV-DEC 2015

Northeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Northeast United States.

Issue link: http://northeastrealestatebusiness.epubxp.com/i/610971

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20 • November/December 2015 • Northeast Real Estate Business www.REBusinessOnline.com M A S S A C H U S E T T S GUTIERREZ SELLS 280,560 SF OFFICE FACILITY BURLINGTON, MASS. — The Guti- errez Company has completed the disposition of the second phase of an offce and R&D facility in Burlington. Cole Offces & Industrial REIT (CCIT II) Inc. acquired the property for $119.8 million. The 280,560-square-foot offce facility is currently leased to Keurig Green Mountain Inc. and features an 875-space parking structure. The frst phase of the property, which was not included in the transaction, features 150,700 square feet of offce/R&D space. Robert Griffn, Matt Pullen and Michael Frisoli of Cushman & Wake- feld represented the seller, while VEREIT Inc. represented the buyer in the transaction. WORCHESTER BUILDING SYSTEMS INC. BUYS SITE FOR MULTIFAMILY DEVELOPMENT WORCESTER, MASS. — Worcester Building Systems Inc. has acquired a land parcel at 100 Wall St. in Worces- ter. City View Apartments LLC sold the site, which is the former site of the El Morocco Restaurant, for $850,000. The buyer plans to develop a 60-unit residential apartment building on the site. Drew Higgins and Paul Matt of Kelleher & Sadowsky Associates rep- resented the seller in the transaction. CBRE/NE ARRANGES CONSTRUCTION FINANCING FOR LIBERTY PLACE QUINCY, MASS. — CBRE/New Eng- land's Multifamily Debt & Structured Finance group has arranged $14 mil- lion in construction fnancing for Lib- erty Place in Quincy. BP Liberty LLC, an affliate of Boston Property De- velopment, is developing the 53-unit apartment community, which has al- ready broken ground. Located at 999 Hancock St., the property will feature 67 garage parking spaces, a ftness cen- ter, a 2,000-square-foot roof deck, a pri- vate function room and a patio/barbe- cue area overlooking a lawn and dog park. The residential units will feature stainless steel appliances, hardwood fooring, granite countertops, private balconies, in-unit washers and dryers, and oversized windows. John Kelly and Sam Dylan of CBRE/NE procured the fnancing for the borrower. LINEAR BUYS 35,800 SF RETAIL PROPERTY WESTBOROUGH, MASS. — Lin- ear Retail Properties has acquired 9 West Plaza, located at 1 Oak St. in Westborough. Located at the intersec- tion of Route 9 and Lyman Street, the 35,800-square-foot building located on 5.8 acres features Sleepy's, Chipotle, FedEx, Hair Cuttery and Gold's Gym. PRUDENTIAL REAL ESTATE INVESTORS BUYS TOWER IN CAMBRIDGE CAMBRIDGE, MASS. — Prudential Real Estate Investors has acquired Twenty|20, a newly developed resi- dential tower in Cambridge. Canyon Partners Real Estate LLC, through its Canyon-Johnson Urban Funds, sold the property for an undisclosed price. Built to LEED Silver specifcations, the 335-unit apartment tower is part of the NorthPoint development site, a 42-acre master-planned development project transforming a former rail yard into a mixed-use, transit-orient- ed community. Apartments include high-end fnishes, energy-effcient appliances and oversized windows. Common area amenities include a rooftop terrace with panoramic views, a 3,000-square-foot ftness center and yoga sundeck, an open-air courtyard and an indoor basketball court. THE DAVIS COMPANIES SELLS TOWER POINT IN BOSTON FOR $62.1 MILLION BOSTON — The Davis Companies (TDC) has completed the disposition of Tower Point, a brick-and-beam of- fce building located at 27-43 Wood- worm St. in Boston's Seaport Dis- trict. Rockpoint Group purchased the 155,170-square-foot property for $62.1 million. TDC originally acquired the property in 2013 and invested signif- cant capital with the goal of increasing the building's appeal to creative and tech sectors. The company upgraded the property with modern fnishes, renovated the building's ftness cen- ter and locker rooms and added a 7,500-square-foot outdoor courtyard. As a result of the repositioning, the building's occupancy increased from 74.3 percent to 95 percent at the time of sale. Current tenants include Re- think Robotics, Healthways, NPR, Zerto and Owner IQ. Edward Maher Jr. of Newmark Grubb Knight Frank represented TDC in the transaction. THE WINHALL COMPANIES ACQUIRES TWO LIBERTY SQUARE IN BOSTON BOSTON — An affliate of The Win- hall Companies has acquired Two Lib- erty Square, a 67,609-square-foot offce building in Boston. Originally con- structed in 1913, the 11-story, Beaux Arts-style building is 82 percent oc- cupied by tenants that include Zipcar, Humana, Arthur J. Gallagher & Co., Copyright Clearance Center and Brill. CenterSquare Investment Manage- ment, on behalf of one of its institu- tional clients, sold the property for an undisclosed price. Coleman Benedict and Ben Sayles of HFF represented the seller in the sale. Additionally, Lau- ren O'Neil of HFF arranged a 10-year, fxed-rate acquisition loan through SunLife for the buyer. CALARE PROPERTIES ACQUIRES THREE BUILDINGS IN CAMPANELLI BUSINESS PARK FOR $25.3 MILLION MIDDLEBOROUGH, MASS. — Ca- lare Properties has acquired three in- dustrial properties located within the Campanelli Business Park in Middle- borough for $25.3 million from Cam- panelli. Totaling 273,000 square feet, the portfolio includes 16 Leona Drive, 19 Leona Drive and 139 Campanelli Drive. The 80,000-square-foot prop- erty at 16 Leona Drive features 21- foot clear heights and is 100 percent leased to IDEX Health & Science. The 108,000-square-foot facility at 19 Leona Drive is fully occupied by Sager Elec- tronics, a subsidiary of TTI Inc., a Berk- shire Hathaway Inc. company. Finally, the 85,000-square-foot property at 139 Campanelli Drive is 100 percent leased to Stop & Shop Supermarket. 405 E. Marsh Lane, Suite 1 Newport, DE 19804 Phone: (302) 323-9300 www.Har veyHanna.com DISTRIBUTION FACILITY AVAILABLE Twin Spans Business Park 9,651 sq. ft. of Offce Space 62 Overhead Doors Available for Lease Facility offers immediate access to 1-95, 1-295, 1-495, and The DE Memorial Bridge. 350 Anchor Mill Rd, New Castle, DE 421,291 sq. ft. Centrally located within the mid-Atlantic corridor. Within 127 miles of NYC, Philadelphia, Baltimore, and Washington, D.C. ✓ ✓ ✓ Liberty Place will feature 53 apartment units, 67 garage parking spaces, a ftness center and a 2,000-square-foot roof deck. northeast@francemediainc.com

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