MAYNARD, MASS. — Parsons Commercial Group has brokered the sale of 109 Powdermill Road in Maynard. KaileyBoo LLC purchased the 114,467-square-foot office and R&D facility for $2.3 million. Situated on 10 acres, the property is currently zoned for industrial use, which includes R&D, manufacturing, warehouse and professional uses. Victor Galvani of Parsons Commercial Group represented the seller, Great Point Investors, and the buyer in the transaction.
Northeast
WAYNE, PA. — DrugDev has signed a lease for 31,000 square feet of office space at 1170 Devon Park Dr. in Wayne. The company plans to use the space as its U.S. headquarters. Owned by Liberty Property Trust, the three-story, 88,000-square-foot building recently underwent a $2.5 million renovation that included new floor-to-ceiling glass curtain walls on the corners, an expanded lobby, new restrooms and a state-of-the-art fitness and locker facility. Scott Miller of CBRE represented DrugDev in the transaction. Environetics served as architect and interior designer and Shields Construction served as general contractor for the renovation.
SOUTH BRUNSWICK, N.J. — Dermody Properties and AEW Capital Management have broken ground for the construction of LogistiCenter Exit 8A, a 308,276-square-foot industrial facility in South Brunswick. Located in the heart of the New Jersey Turnpike Exit 8A market, the facility will feature 36-foot clear heights, 66 car 59 trailer parking spaces, energy efficient lighting, 35,000-pound dock levelers and office space. LogistiCenter Exit 8A is slated for completion in February 2015. AEW is partnering in the development on behalf of AEW Partners VII LP, an opportunistic real estate fund. Jules Nissim and Marc Petrella of Cushman & Wakefield will market the property.
NEW YORK CITY — New York REIT has entered into an agreement to purchase Twitter’s headquarters in Manhattan. Located at 245-249 West 17th St., the asset includes a 12-story office tower and an adjacent six-story mixed-use building. The properties total approximately 282,000 square feet of rental space. In addition to Twitter, Room & Board Inc. and Flywheel Sports occupy portions of the building. Adam Spies and Doug Harmon of Eastdil Secured represented the seller, Savanna, in the transaction.
FAIRLESS HILLS, PA. — CBRE has brokered the sale of Hidden Forest Apartments, a 238-unit multifamily community located in Fairless Hills. TGM Associates sold the property for a New York private investor for $21.3 million or $89,496 per unit. Built in 1967, the property was fully renovated and 98 percent occupied at the time of sale. Robert Miller, John McFadden and Matt Stefanski of CBRE’s Multifamily Division in Wayne, Pa., represented the seller in the transaction.
FAIR LAWN, N.J. — A joint venture between Keystone Property Group and Mack-Cali Realty Corp. has closed on the acquisition of 17-17 Route 208 North in Fair Lawn. The venture purchased the three-story, 150,477-square-foot office property building for $12.5 million from Mack-Cali Realty Corp. The building features underground executive parking for 114 cars, generous surface parking and access to NJ Transit trains and bus service. The buyer plans to enhance the building’s common area hallways, bathrooms and amenities, including an on-site cafeteria. This closing is part of a portfolio acquisition pursuant to agreements entered into earlier this year between Keystone and Mack-Cali to form various joint ventures to acquire the portfolio of several properties that Mack-Cali owns throughout New Jersey, New York and Connecticut.
BURLINGTON, MASS. — Burlington-based KeyPoint Partners has added 16 Boston retail properties to its property management portfolio. The properties, which are owned by Linear Retail, total more than 104,000 square feet and include four Newbury Street locations. KeyPoint currently manages 38 properties throughout New England for Linear Retail, ranging from small suburban properties to grocery-anchored shopping centers. With the new assignments, KeyPoint will manage 54 properties for Linear Retail totaling nearly 1.3 million square feet.
BOSTON — Gerding Edlen, Normandy Real Estate Partners and National Real Estate Advisors has topped off the construction of Troy Boston, a mixed-use complex at 55 Traveler Street in Boston’s South End. Situated on 1.27 acres, the $185 million complex will feature two residential towers offering 378 apartments and 6,000 square feet of retail and restaurant space. Designed by ADD Inc., the project is projected to receive LEED Gold certification and includes an internal power plant that co-generates electricity, hot water and heat. Each apartment features 82 percent post-industrial, recycled content wood floors, stone countertops, customer closet space, energy-saving washers and dryers, Nest Learning Thermostats and custom cabinetry in the kitchen and bathrooms. Building amenities include a 180-space parking garage, a bike room, dog walking facilities, pet washing stations, an outdoor pool with deck, a rooftop terrace, a chef’s kitchen, a multi-purpose room, a private yoga room and a fitness studio. Suffolk Construction is providing construction management for the project. Pre-leasing for the residential units will begin in August.
BOSTON — Roseview Evergreen Group, on behalf of the Roseview Evergreen Fund, and PM Realty Group have formed Roseview-PMRG Fund I LLC, a $250 million discretionary fund to acquire and reposition properties across the United States. The fund seeks to acquire and reposition existing office assets, which can we acquired below replacement cost, by investing capital to upgrade building common areas and mechanical systems and to fund tenant improvements and leasing commissions. The fund plans to target mid-teens returns with total investment per asset of $15 million to $65 million in primary and secondary markets. The partnership has closed on its first acquisition, a 137,000-square-foot office building in the Greenway Plaza submarket of Houston, Texas.
WORCESTER, MASS. — CBRE/New England’s Capital Markets team has brokered the sale of Price Chopper Supermarket located at 50 Cambridge St. in Worcester. H&R REIT sold the 69,000-square-foot property to The Federated Companies for $16 million. Built in 2003, the Worcester Price Chopper serves as the flagship store in Worcester, one of Price Chopper’s primary markets. Price Chopper operates 10 stores in the Greater Worcester market and has more than 130 locations throughout the Northeast. Nat Heald, Chris Angelone, Bill Moylan and Bruce Lusa of CBRE/New England represented the seller and buyer in the transaction.