REBusinessOnline

Davis Marcus Partners Sells Office Building in Fairfield, Connecticut, for $10M

FAIRFIELD, CONN. — An entity managed by Davis Marcus Partners, which is a joint venture between Marcus Partners and The Davis Companies, has sold a boutique office building located at 2150 Post Road in the southern Connecticut city of Fairfield for $10 million. According to LoopNet Inc., the property was built in 1986 and spans roughly 51,000 square feet. A CBRE team of Jeffrey Dunne, Steven Bardsley, David Gavin, Jeremy Neuer, Gene Pride and Stuart MacKenzie represented the seller in the …

TerraCap Management Acquires Anchor Centre Office Park in Phoenix for $103.5M

PHOENIX — TerraCap Management LLC has acquired Anchor Centre, an office property in Phoenix’s Camelback Corridor, for $103.5 million. The two-building office park spans 333,014 square feet at the intersection of 24th Street and Camelback Road. KBS was the seller.The buildings were constructed in 1984 and 1986, and KBS completed a multimillion-dollar capital improvement program upon its acquisition of the asset in 2014. KBS made upgrades to the lobby, common areas, restrooms and amenity …

Polo Realty Group, Kay Commercial Realty to Oversee Leasing of 31,400 SF Office Building in Boca Raton

BOCA RATON, FLA. — Polo Realty Group and Kay Commercial Realty have been selected to lead the leasing effort for The Milan at Boca Center, a seven-story office building in Boca Raton. Roger Steinhardt of locally based Polo Realty and Bill Klein of New Jersey-based Kay Commercial will handle leasing on behalf of the undisclosed owner. The Milan at Boca Center is located at 1675 N. Military Trail, three miles west of downtown Boca Raton. Comerica Bank anchors the asset, which is also partially …

BioMed Realty Acquires 162,000 SF Office Building, 7.5 Acres in Metro Boston

SOMERVILLE, MASS. — BioMed Realty, a subsidiary of Blackstone that focuses on life sciences real estate, has acquired a 162,000-square-foot office building and a 7.5-acre development tract within the Assembly Row mixed-use destination. The property is located in Somerville on the northern fringe of Boston. The site will be developed in phases and ultimately add 1.3 million square feet of life sciences space to the local supply. A construction timeline was not

Distressed Property Outlook: Valbridge Forecasts 2021 Opportunities

When the pandemic took hold and rents of commercial properties began to waver, many experts in the industry expected a flood of distressed properties to hit the market in mid- to late 2020. To date, however, that hasn’t happened to a large extent. Valuation firms assumed they would get busier as properties fell upon hard times.Karl Finkelstein is vice president of Business Development and senior managing director for Valbridge Property Advisors, an independent, commercial valuation and …

L&L Holding Nears Completion of $1B Office Tower at 425 Park Ave. in Manhattan

NEW YORK CITY — Locally based development and investment firm L&L Holding Co. is nearing completion of 425 Park Avenue, an office tower in Midtown Manhattan.Designed by British architecture firm Foster + Partners, the building rises 47 stories and 897 feet, spanning an entire city block. L&L is co-developing the property with Tokyu Land Corp. and will co-manage it with BentallGreenOak. The development is valued at $1 billion, according to the New York Post.The development …

Ready Capital Closes $19.8M Refinancing Loan for Office Building in Annapolis

ANNAPOLIS, MD. — Ready Capital has closed a $19.8 million refinancing loan for the renovation and lease-up of a 120,000-square-foot office building in Annapolis. The financing will be used to retire existing debt, execute a tenant improvement plan and fund light capital improvements. The non-recourse loan features a 36-month term with interest-only payments and a floating interest rate. The borrower was not

Ready Capital Closes $15M Loan for Flex Office Property in Palo Alto, California

PALO ALTO, CALIF. — Ready Capital has closed $15 million in financing for the acquisition, repositioning and lease-up of a flex office building in Palo Alto.Situated in the Embarcadero submarket, the property features 24,000 square feet of Class B flex office space. David Cohen of Ready Capital closed the financing for the undisclosed

Midtown Opportunities Acquires Shops at Sunset Place in South Miami for $65.5M

SOUTH MIAMI, FLA. — Midtown Opportunities, a real estate investment fund based in Miami, has purchased The Shops at Sunset Place in South Miami for $65.5 million. The open-air lifestyle property features nearly 515,000 square feet of retail and office space leased to tenants such as AMC Theatres and LA Fitness.A partnership between Federal Realty Investment Trust (NYSE: FRT), Grass River Property Co. and Comras Co. sold the mixed-used development after more than five years of ownership. …

Upland Brokers $6.4M Sale of Two-Story Office Building in Edina, Minnesota

EDINA, MINN. — Upland Real Estate Group Inc. has brokered the sale of a two-story office building in Edina for $6.4 million. The 70,400-square-foot property is located at 5350 W. 78th St. Upland represented the seller, W78th 5350 LLC. Merrie Sjogren and Nick Peterson of Assembly MN LLC represented the buyer, ISLA Affiliated Building Co. The buyer, a nonprofit Spanish immersion charter school, currently operates out of a 30,000-square-foot facility in Minnetonka. That site is under contract to …

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