OAK BROOK, ILL. — Inland Real Estate Acquisitions has acquired a portfolio of nine Walgreens stores in the Northeast for $68.7 million. The purchase includes three stores in New Jersey, two in Connecticut, two in Massachusetts and two in New Hampshire. Each property is leased to a subsidiary of Walgreens Co. under a triple net lease, with a remaining lease term of more than 20 years.
CHELMSFORD, MASS. — Spectro Inc. has signed a six-year lease for 27,911 square feet of office space at 1 Executive Drive in Chelmsford. Spectro supplies oil and fuel analysis instruments to industry and military markets. The company will relocate from its current headquarters in Littleton, Mass., this summer. Stephen James and David Gilkie of NAI Hunneman represented the tenant in the transaction. Matt Adams of Cushman & Wakefield represented the landlord, RREEF.
CAMBRIDGE, MASS. — EF Education First has selected Skanska as the design-build contractor for its $65 million, 285,243-square-foot new headquarters in Cambridge. The 11-story office building will include a supplementary ground floor, mezzanine space and three levels of above-ground parking. Completion is slated for February 2014.
NEW YORK CITY — A 58,500-square-foot former warehouse, located at 71 Laight St. in Manhattan's Tribeca neighborhood, has sold to Taconic Investment Partners for $65 million. The building will be repositioned into a 34-unit, loft-style condominium building. Inbal Himelblau and Alan Miller of Eastern Consolidated represented the seller, a Spanish partnership former by developer Grupo Arranz Acinas, industrial company Grupo Antolin and savings bank Caja de Burgos. Peter Hauspurg, also of Eastern Consolidated, represented the buyer.
CAMBRIDGE, MASS. — New Boston Fund has sold the 89,875-square-foot One Alewife Center, a Class A office building located in Cambridge, to Brookwood Financial Partners. Tenants include Basis Technology, Genstruct and Beacon Interactive System, ROI Solutions and CO3 Systems. Chris McMahon and Doug Adamian of Newmark Grubb Knight Frank's Boston office represented the buyer in the transaction. The seller was self-represented.
COLLEGEVILLE, PA. — The Dow Chemical Co. has agreed to move its Northeast USA Technology Center from Spring House, Pa. to Collegeville. The company plans to open a 750,000-square-foot research and development facility, located within the Pfizer Pharmaceutical campus on Acrola Road. Dow plans to relocate 800 employees, who will begin moving to the site as early as the first quarter of 2013.
NEW YORK CITY — Fairway Market has signed a lease for 42,000 square feet at Kips Bay Plaza, located at 542-580 Second Ave. in Manhattan. The grocery chain will occupy 2,000 square feet on the ground floor and 40,000 square feet in the basement. Fariway is replacing Office Depot and Crunch Gym within the plaza. Robert Futterman and Gary Alterman of RKF represented the tenant in the transaction. David Green of Cushman & Wakefield represented the landlord, DFD Development.
SECAUCUS, N.J. — ZT Systems has inked a lease for 23,451 square feet of office space in Secaucus, which will serve as the company's new headquarters. The building is located at 333 Meadowlands Parkway and the tech firm will occupy the entire second floor. Frank Lopriore of Colliers International represented the tenant in the transaction. Josh Osborne of Bergman Real Estate Group represented the building owner. Built in 1981, 333 Meadowlands is part of the Harmon Cove office complex. Other tenants in the park include MSNBC and Panasonic.
WAYNE, PA. — The Davis Cos. and MIM-Hayden Real Estate Funds plan to invest $16 million in building renovations to redesign two existing buildings at 530 and 580 E. Swedesford Road in Wayne. The owners plan to transform the property into 272,000 square feet of trophy-class office space known as CrossPoint at Valley Forge. CrossPoint will feature a conference center, 4,000-square-foot fitness center and a full-service cafe. Construction will begin this fall.
PLAINVIEW, N.J. — NorthMarq Capital has arranged $6 million for the first mortgage refinancing of Morton Village Plaza, a shopping center located at 998-1064 Old Country Road Plainview. Tenants at the 115,976-square-foot center include Shop Rite, CVS/pharmacy and Chase Bank. Melissa Quinn and Robert Rothaug of NorthMarq arranged the 10-year loan through a life insurance company.
