WOBURN, MASS. — Grubb & Ellis has brokered the sale of a 56,290-square-foot flex building, located at 23 Rainin Rd. in Woburn, for approximately $4.8 million. Situated on 12.1 acres, the facility serves as the primary office and research facility for Rainin Instrument, a subsidiary of Mettler Toledo. Anthony Biette and Brad Spencer of Grubb & Ellis represented the seller, Rainin Group and the estate of Kenneth Rainin. The property was acquired by Boston-based Mack investors. Rainin Instrument will continue to occupy the facility until the termination of its lease in 2011.
LANCASTER, PA. — Woodbridge, N.J.-based The Kislak Company has completed the sale of Ambassador Apartments, a 68-unit multifamily community located in Lancaster, for $3.4 million. The property comprises four three-story, brick buildings; occupancy was at 95 percent at the time of closing. Robert Holland of Kislak represented the seller, Sentry Realty, and Janet Bortz, also of Kislak, represented the New Jersey-based buyer. The buyer also owns Lancaster Court, an adjacent, 88-unit apartment complex.
LOGAN, PA. — Reno, Nev.-based developer DP Partners has signed a long-term lease with Long Beach, Calif.-based Brighton-Best International for 106,655 square feet at LogistiCenter at Logan, a 1,000-acre, rail-served industrial park located in Logan. Brighton-Best will occupy a portion of Building K, a 365,760-square-foot, cross-docked distribution center located at 2100 Center Square Rd. Building K features 32-foot clear ceiling heights, 60-foot by 60-foot bay spacing, 96 truck dock positions, four drive-in doors, ESFR sprinkler systems, and parking for 88 trailers and 235 cars. The facility was completed this past summer; Malvern, Pa.-based Cathers & Associates served as project architect and locally based Marathon Engineers served as civil engineer. Terms of the lease were not disclosed. Brighton-Best International is an affiliate of Taiwan-based Ta Chen International.
CONCORD, N.H. — Bedford, N.H.-based Eckman Construction has completed the $11.3 million addition and renovation of the Medical & Surgical Building, located within Gallen State Office Park in Concord. Construction consisted primarily of a four-story addition built in the center of the formerly U-shaped building. In addition, the building’s interior was completely gutted and renovated; the brick façade was cleaned and restored; new windows were installed; and all new building systems were installed. The renovated building will serve as the new headquarters for the New Hampshire Department of Revenue Administration. The tenant space will contain offices, conference rooms, a hearing room with audio equipment, a secure mail room, and two connected training rooms equipped with smartboards and video conferencing. Assisting Eckman with the design/build process was locally based Barker Architects. The building will retain its original name, which comes from its previous operation as a building within the New Hampshire State Hospital campus.
ELIZABETH, NEWARK AND JERSEY CITY, N.J. — Princeton, N.J.-based KSS Architects has completed the design for two New Jersey industrial projects for AMB Property Corp. and was selected to design a third. The first completed project is AMB Portview Commerce Center, a three-property, approximately 355,000-square-foot industrial park located in Elizabeth. Situated on 19 acres, the project is being developed by a joint venture between AMB and Portview Properties. It will feature three Class A distribution centers; two of the buildings will have 30-foot clear ceiling heights and the third will have 24-foot heights. Building 1, a 144,000-square-foot distribution center located at 700 Dowd Ave., was completed in spring of this year and is almost fully leased. The second completed project is AMB Liberty Logistics Center, a 191,000-square-foot, Class A distribution center located in Newark near Newark Liberty International Airport. Construction will include the remediation of the 9-acre site of a former pharmaceutical plant. The new facility will feature a 280-foot building depth, 52-foot by 52-foot column spacing, 36-foot clear ceiling heights, 32 loading docks, two drive-in ramps, a 120-foot truck court, 33 trailer spaces and 130 car parking spaces. AMB recently signed the center’s first tenant, Mimeo.com, which will occupy …
BURLINGTON, MASS. — Construction has topped out for 10 Corporate Drive, a three-story, 107,000-square-foot office building located in Burlington. The Class A property features average floor plates of 35,000 square feet and build-to-suit opportunities for tenants. An adjacent parcel is permitted for the construction of an additional 120,000-square-foot office building. The project is seeking LEED-Silver certification from the U.S. Green Building Council. Completion is scheduled for mid-2009. 10 Corporate Drive is owned by Multi-Employer Property Trust, which also owns Burlington Centre Office Park, the 78-acre office campus in which the office building is located. CB Richard Ellis is serving as exclusive leasing agent and property manager for the project.
NEW BRUNSWICK, N.J. — Marcus & Millichap has completed the sale of a 22-unit apartment building, located on Livingston Avenue in New Brunswick, for $2.2 million. The garden-style building was constructed in 1969. Maz Radwan of Marcus & Millichap’s New Jersey office represented the seller, Norwood Apartments LLC, as well as the buyer, a locally based investor. The property traded at a per-unit price of $100,000.
CORTLAND, OLEAN AND ELMIRA, N.Y. — The Pittsford, N.Y., office of U.S. Realty Capital has arranged three loans totaling $10.7 million for the refinancing of three New York hotels. The properties include an 81-room Country Inn & Suites located in Cortland, a 77-room Country Inn & Suites located in Olean and a 48-room Econo Lodge located in Elmira. Rob Pisanelli of U.S. Realty Capital secured the loans on behalf of a national hotel group through a regional bank. The loans carry a 75 percent loan-to-value ratio and a 25-year amortization schedule.
BOSTON — Providence, R.I.-based Citizens Bank and Charlotte, N.C.-based Bank of America are providing $80 million to Boston-based STAG Capital Partners to finance the company’s acquisition of its fourth real estate investment fund. The fund comprises manufacturing, warehouse, flex and office building properties. Citizens Bank is serving as agent for the financing, with Bank of America serving as co-agent. STAG acquires single-tenant, net-leased real estate assets through purchase and sale-leaseback transactions, and subsequently managed the properties. The company also provides liquidity to corporate real estate owners through sale-leasebacks. STAG has most recently acquired properties in New York, Pennsylvania, North Carolina, Tennessee, Georgia, Texas, Minnesota, Ohio and Wisconsin.
BRIDGEWATER, N.J. — Bedminster, N.J.-based Advance Realty has completed the sale of 16E Chimney Rock Road, a 222,200-square-foot industrial building located within the Middlebrook Crossroads industrial park in Bridgewater. The building was acquired by UPS, which plans to use it as a distribution center. Additionally, Advance Realty also negotiated UPS’s renewal of 11E Chimney Rock Road, also located within Middlebrook Crossroads. The 33,600-square-foot building serves as a distribution support and sales office for UPS. Middlebrook Crossroads consists of 20, single-story industrial buildings that total approximately 800,000 square feet.