NORWOOD, MASS. — CarMax has acquired a $20 million development site at 212 Carnegie Row in Norwood to construct a new superstore. CarMax, a used-car dealership with more than 100 locations nationwide, plans to raze an existing 125,000-square-foot facility and build a new CarMax Auto Superstore on the site's 10 acres. Another 15 acres of wetlands will be preserved as open space. Elliot Ravech of Elliot & Co. represented the seller, CMI Property/Irene Realty Trust, in the transaction. Rob Grady of the Dartmouth Co. represented the buyer.
WATERVILLE, MAINE — ARC/Architectural Resources Cambridge has completed the design of the new $11 million biomass plant at Colby College in Waterville. The new 13,000-square-foot facility is expected to reduce the college's dependence on oil by 90 percent. The plant will burn forest waste and debris — treetops and bark that cannot be used by other pulp operations — instead of oil. Colby received a $750,000 grant from Efficiency Maine to assist with the project. The new power plant will provide thermal and partial electrical service to 30 campus buildings. The cost savings of switching to biomass is expected to pay for the building in six to 10 years.
PARSIPPANY, N.J. — EBI, a subsidiary of medical device manufacturer Biomet Spine & Bone Healing Technologies, has signed a 102,000-square-foot lease at 399 Jefferson Road in Parsippany. The space will serve as the headquarters for Biomet. Prism Capital Partners, which owns the property, will fit out the existing space and build a 28,000-square-foot addition for the company. The headquarters will include laboratories, offices, medical conference rooms and a lunch area. Andrew Schiffer and Robert Rudin of Cushman & Wakefield represented the tenant in the transaction.
SHORT HILLS, N.J. — The 1.3-million-square-foot Mall at Short Hills has secured five new high-end retailers for the center. These will be the first stores in New Jersey for four of the tenants. Stuart Weitzman has opened a 1,445-square-foot store, joining its other New Jersey location at The Shops at Riverside in Hackensack. Emporio Armani and Giorgio Armani have already opened their 3,198-square-foot and 5,000-square-foot locations, respectively. Thomas Pink and Tourbillon will open this fall. Thomas Pink will operate a 1,998-square-foot store, while Tourbillon has secured 755 square feet. Bloomfield Hills, Mich.-based Taubman Centers Inc. owns the center, which opened in November 1980 and includes 170 stores.
NEW BEDFORD, MASS. — Carter Validus Mission Critical REIT has acquired the three-story Vibra New Bedford Hospital in New Bedford for $26 million. The property consists of a 70,657-square-foot long-term acute care hospital. Vibra Healthcare will continue to operate the property under a 16-year, triple-net lease agreement.
BURLINGTON, N.J. — Hamshire Real Estate Cos. has purchased Town Crossing Shopping Center, a 91,494-square-foot power center at 2703 Route 541 in Burlington, for $13.5 million. The center was built in 1999 and tenants include Dick's Sporting Goods, Office Max, TGI Friday's and IHOP. Brad Nathanson of Marcus & Millichap represented the seller, J.S. Hovnanian and Sons. He also represented the buyer.
WALTHAM, MASS. — New Boston Fund has completed renovations at Watermill Center, a 206,634-square-foot Class A office building in Waltham. The company spent three months upgrading the building's entrance and modernizing the main lobby. The work included carpet replacement, new wall coverings and landscaping upgrades. New Boston also installed a new revolving door, floor tiles and accent lighting.
NORTH BERGEN, N.J. — Aaron's, a computer furniture, computer and electronics retailer, has signed a 5,000-square-foot lease at a former car dealership in North Bergen, which was converted to retail use. The property is located at 2229 Kennedy Blvd. Gary Sauerborn of NAI Hanson represented the landlords, JGP Properties and NGB Properties, in the transaction.
PERTH AMBOY, N.J. — The Shoppes at Victory Village, a 32,349-square-foot mixed-use property in Perth Amboy, has sold for $6.7 million. The property is located at 553-559 Sayre Ave. and includes 15 apartment units and 18,000 square feet of retail. Tenants include 7-Eleven, Dollar General and Popeye's. Ben Sgambati, Alan Cafiero and David Cafiero of Marcus & Millichap represented the seller, a regional developer, in the transaction. They also secured the buyer, a partnership.
SPRINGFIELD, MASS. — Stag Industrial Holdings has acquired Westover Road, a warehouse and distribution building in Springfield for $8.3 million. The seller is Brookwood Financial Partners, which purchased the property in 2010 for $4.5 million. The property, located at 2189 Westover Road, is fully occupied by Big Y, a supermarket chain. Jim Thompson of Thompson Partners represented the buyer in the transaction. Brookwood was self-represented.