BOCA RATON, FLA. — REM Management has acquired 7800 Congress Centre, a 40,720-square-foot, Class A office building in Boca Raton, from 7800 Congress LC, for $8.5 million. The property is 61 percent occupied by URS Corp. Scott O’Donnell and Dominic Montazemi of CB Richard Ellis’ Boca Raton office were the sole brokers and exclusively represented the seller.
CANTON, MASS. — Rugby Realty has acquired two office buildings in the Canton Commerce Center in Canton. Rugby purchased 85 Dan Rd., a one-story, 78,708-square-foot office building, from iStar Financial for $5.1 million. Organogenesis is slated to lease the facility. 275 Dan Rd., a one-story, 99,689-square-foot flex/R&D building, was purchased from CW Capital for an undisclosed price. Sean Teague, Joseph Fallon, William Foley of DTZ FHO represented Rugby Realty in the sale and Organogenesis in the lease negotiations. Cathy Minnerly and Jason Bryer of Cushman & Wakefield represented iStar Financial, and Richards Barry Joyce & Partners represented CW Capital in the sale.
RENO, NEV. — Petaluma, Calif.-based Basin Street Partners has acquired Waterfront Plaza, a 145,000-square-foot office tower located at 300 E. Second St., and two adjacent hotel properties, which are located at the intersection of East Second and Nevin streets in Reno. The company has a $6 million capital improvement renovation planned to convert the Waterfront Plaza into a Class A office building. Additionally, Basin Street Partners is developing Hyatt Summerfield Suites on the hotel properties. The new six-story hotel will offer 148 rooms. TRT Investments sold Waterfront Plaza for an undisclosed price. Basin Street Partners purchased the hotel properties from the City of Reno and a private investor.
CANTON, MASS. — Rugby Realty has acquired two office buildings in the Canton Commerce Center in Canton. Rugby purchased 85 Dan Rd., a one-story, 78,708-square-foot office building, from iStar Financial for $5.1 million. Organogenesis is slated to lease the facility. 275 Dan Rd., a one-story, 99,689-square-foot flex/R&D building, was purchased from CW Capital for an undisclosed price. Sean Teague, Joseph Fallon, William Foley of DTZ FHO represented Rugby Realty in the sale and Organogenesis in the lease negotiations. Cathy Minnerly and Jason Bryer of Cushman & Wakefield represented iStar Financial, and Richards Barry Joyce & Partners represented CW Capital in the sale.
ST. PAUL, MINN. — Grubb & Ellis Healthcare REIT has acquired Fort Road Medical Building, a 50,000-square-foot medical office building located in St. Paul. The four-story structure is fully integrated into the 2,000-bed United Hospital and Children’s Hospital and Clinics of Minnesota Ð St. Paul campus, and is connected to the hospitals and medical office buildings via underground tunnels. The medical office building is also attached to Irvine Park Towers and Condominiums, an apartment and condo complex. Grubb & Ellis acquired the property from Fort Road Associates, which was represented by Mark Davis of Davis Real Estate Services. The acquisition price was undisclosed.
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ATLANTA — Charlotte, N.C.-based Crescent Resources, in a financial joint venture with Canadian-based Manulife Financial, is developing Phipps Tower, a $175 million, 486,000-square-foot office building in Atlanta’s Buckhead district. The LEED-certified, 20-story building will be located at the intersection of Lenox Road and Phipps Boulevard. The property will feature a five-level parking garage and a lobby-level restaurant, café and convenience shop. Construction is slated for completion in January 2010.
A new post office is going to be located at the old Jones center on Highway 1.
NEW YORK CITY — Muss Development has acquired 64 W. 48th St., a 17-story office building in the Rockefeller Center area of Manhattan, New York City. Muss plans to reposition the 130,000-square-foot facility into a first-class boutique office building. A multi-million capital improvement plan will include a newly restored lobby, as well as new elevator cabs, windows and bathrooms. The developer purchased the property for $54.5 million from an undisclosed buyer. Mark Lauzon of Cushman & Wakefield is the exclusive leasing agent for the office space, and Jedd Nero of CB Richard Ellis is representing 17,000 square feet of retail space on the first and below grade levels.
COLORADO SPRINGS, COLO. — Suwannee, Ga.-based SPCL Property Investments Inc. has acquired a 60,243-square-foot office building, which is located at 2862 Circle Drive South in Colorado Springs, for $2.2 million. Situated on a 3.28-acre site, the property is 100 percent occupied by the Colorado Department of Corrections on a short-term lease. Eric Kimose and Barry Higgins of Marcus & Millichap’s Denver office represented the seller, Broomfield, Colo.-based Colorado and Santa Fe Partners XII LLC, in the transaction.