FRAMINGHAM, MASS. — Normandy Real Estate Partners has purchased MetroWest Place, a five-story, Class A office building in Framingham, for $5.5 million. CRCP Pleasant Street LLC sold the 95,000-square-foot property, which is located at 15 Pleasant Street Connector, about 25 miles west of Boston. Genzyme , a developer of transformative therapies for patients affected by rare and debilitating diseases, has fully occupied the building since 2012. Chris Skeffington, John Lashar, Paul Leone and Roy Sandeman of Richards Barry Joyce & Partners represented CRCP Pleasant Street LLC in the transaction. The new ownership has retained Richards Barry Joyce & Partners as the exclusive leasing agent for the building.
Northeast
EGG HARBOR TOWNSHIP, N.J. — Gladstone Cos. has acquired 29,257-square-foot data facility in Egg Harbor Township, for $5.6 million. The building is fully occupied by AtlantiCare Health System Inc., which has 11 years left on its lease. The property is located at 6725 Delilah Road, about 15 miles west of Atlantic City. Camille Renshaw and Tom Georges of Stan Johnson Co. represented the seller, a private developer, and the buyer, Gladstone Cos., in the transaction.
MORRIS TOWNSHIP, N.J. — China Construction America Inc. has purchased 445 S. St., a 320,274-square-foot, Class A office building in Morris Township, for $71 million, or more than $221 per square foot. The four-story building is located in Southgate Corporate Park, about 23 miles west of Newark. Lead tenants in the building include The Travelers Indemnity Co. (105,698 square feet) and Marsh USA (54,376 square feet). Andrew Merin, Gary Gabriel, David Bernhaut and Brian Whitmer of Cushman & Wakefield represented the seller in the transaction, while Geoff Schubert and Dorothy Chuang of CBRE represented China Construction America.
PHILADELPHIA — Beneficial Bank has signed a 15-year lease for 95,764 square feet on four floors at 1818 Market St. in Philadelphia. The 1 million-square-foot high-rise, owned by Sovereign Capital Management Group, will be renamed 1818 Beneficial Bank Place. Beneficial Bank, one of the biggest and oldest banks headquartered in Philadelphia, will relocate its headquarters from 530 Walnut St. to the new location in February 2014. David Binswanger, Joe Muldoon and Chris Lange of Binswanger represented Beneficial Bank in the transaction.
QUINCY, MASS. — Grossman Cos. Inc. has signed a five-year lease for 7,195 square feet at One Adams Place in Quincy. Constructed in 1986 and renovated in 2004, One Adams Place is a five-story, 124,777-square-foot Class A office building. Sean Teague and Kate McGovern of Cassidy Turley represented the landlord, CommonWealth REIT, in the transaction. Michael Olson of Grossman Cos. represented his company. Reit Management & Research LLC Real Estate Services manages One Adams Place. Grossman Cos. is a commercial real estate investment, management and brokerage company.
SOUTHBOROUGH, MASS. — Parsons Commercial Group Inc. has completed the sale of 179 Boston Road, a 6,000-square-foot industrial building in Southborough, for $775,000. The property is situated on three acres and is located about 28 miles west of Boston. Arlon Brown and Alex Berger of Parsons Commercial Group Inc. represented the seller, D’Auria Services LLC, in the transaction. TSL Realty LLC, a tree and landscaping company, purchased the property.
BOSTON — Boston Capital has closed on Boston Capital Tax Credit Fund XXXVII, a nationally diversified portfolio of 25 affordable apartment properties in 16 states with a fund size of $130 million in equity. The properties acquired by Corporate Fund XXXVII add an additional 1,350 apartment units to Boston Capital's holdings. The Fund includes nine developments for senior citizens and 16 properties for families across the United States. Fund XXXVII will result in the creation of nearly 1,400 local jobs and will generate nearly $104 million in local income.
PHILADELPHIA — Philadelphia-based D3 Real Estate Development, in a partnership with Baltimore-based Seawall Development Co., held a groundbreaking ceremony for the $35 million Oxford Mills – The Center for Educational Excellence today. Oxford Mills is a 160,000-square-foot, mixed-use redevelopment designed specifically to support Philadelphia’s education community. The project will convert a historically certified factory complex bordering both the Northern Liberties and Fishtown neighborhoods into a modern educational hub. Oxford Mills will include 114 one- and two-bedroom apartments, complimentary shared resource/copy centers, fitness center and free on-siteparking. The residences will be available for occupancy in summer 2014. Theproject also features 40,000 square feet of office space created to supporteducational nonprofits and is anchored by Teach for America’s regional headquarters. The commercial space will be available for occupancy beginning April 2014.
SOMERS POINT, UNION CITY AND TRENTON, N.J. — Eastern Union Funding has arranged approximately $21 million in financing for multifamily properties in New Jersey. A 171-unit multifamily property in Somers Point received $9.5 million in refinancing. The 10-year loan holds a 4 percent interest rate with a 30-year amortization schedule. A 45-unit multifamily property in Union City received $3.5 million in refinancing. The three-year loan holds a 3.5 interest rate with a 30-year amortization schedule. The last loan was for a 73-unit multifamily property in Trenton, which received $2.2 million in refinancing. The 10-year loan holds a 3.8 interest rate with a 30-year amortization schedule.
STRATFORD, CONN. — Seaboard Industries Inc. has signed a lease for 32,000 square feet for a pool and spa supply warehouse, located at 100A Benton St. in Stratford. Jon Angel of President Angel Commercial LLC represented the tenant in their search and in the lease negotiations. Rob Shawah of Baldwin Pearson represented the landlord, Ernest Trefz. The family-run business wholesales a variety of chemicals equipments and parts for the pool and spa industry.