Office

Legacy Real Estate Acquires 84,000 SF Office, Healthcare Building in Lowell, Massachusetts

by Alex Patton March 31, 2020

LOWELL, MASS. — Legacy Real Estate Ventures has acquired 55 Technology Drive, an 84,000-square-foot office and healthcare building in Lowell, located approximately 30 miles north of Boston. At the time of sale, the property was 100 percent leased to Lowell General Hospital, Borrego Solar, the Commonwealth of Massachusetts, software developer Contract Logix and tech company Diagnosys. Anthony Biette of Peak Real Estate Partners represented the seller, a joint venture between Novaya Real Estate Ventures LLC and Hawk Properties. Biette also procured Legacy as the buyer. The sales price was undisclosed.

March 31, 2020

Acquisitions Massachusetts Northeast Office

Kelleher & Sadowsky Negotiates $13M Sale of Office Building in Worcester, Massachusetts

by Alex Patton March 31, 2020

WORCESTER, MASS. — Kelleher & Sadowsky Associates Inc. has negotiated the $13 million sale of an 85,000-square-foot office building in Worcester, located approximately 45 miles west of Boston. Located at 324 Clark St., the building was 100 percent leased at the time of sale. Tenants include the Department of Developmental Services, Department of Early Education and Care, South Bay Community Services and Nouria Energy Corp. Donald Mancini and James P. Cozza of Kelleher & Sadowsky represented the seller, Worcester Investment Group, in the deal. The team also procured the buyer, Lowfield Realty Group. Cornerstone Bank provided acquisition financing for the buyer.

March 31, 2020

Acquisitions New York Northeast Office

Avison Young Negotiates $16.7M Sale of Office Building in Manhattan’s Tribeca Neighborhood

by Alex Patton March 30, 2020

NEW YORK CITY — Avison Young has negotiated the $16.7 million sale of a seven-story office building in the Tribeca neighborhood of Manhattan. The 13,667-square-foot building is located at 177 Franklin St., between Greenwich and Hudson streets and was 80 percent leased at the time of sale. The flagship store of watch retailer Shinola occupies the ground floor. James Nelson and Charles Kingsley led an Avison Young team that represented the seller, Bedrock Real Estate Partners. The buyer was undisclosed.

March 30, 2020

Acquisitions New York Northeast Office

Apollo Electric Acquires Office Condo in Manhattan’s Chelsea Neighborhood for $3.6M

by Alex Patton March 30, 2020

NEW YORK CITY — Apollo Electric has acquired a 5,650-square-foot office condo in the Chelsea neighborhood of Manhattan for $3.6 million. The suite includes the entire fifth floor of a seven-story building, which is located at 127 W. 24th St. The building was constructed in 1904. Brock Emmetsberger, Ryan Kossoy and Reed Waggoner of JLL represented the seller, a private owner. The team also procured Apollo as the buyer.

March 30, 2020

Acquisitions Midwest Nebraska Office

Investors Realty Brokers $7.2M Sale of Two-Building Office Property in Omaha

by Kristin Harlow March 30, 2020

OMAHA, NEB. — Investors Realty has brokered the sale of a two-building office property in Omaha for $7.2 million. The two adjacent buildings, located at 16945 and 17055 Frances St., span 36,740 square feet. The property was fully leased at the time of sale to Creighton University, Insurance Solutions, Frost Periodontics and Midwest Allergy & Asthma Clinic. Ember Grummons of Investors Realty represented the buyer, Heiskell Properties LLC. Tracy Earnest of NAI/NP Dodge represented the seller, RFW Properties LLC.

March 30, 2020

Leasing Activity New Jersey Northeast Office

Wolf Commercial Negotiates 3,400 SF Office Lease in Burlington, New Jersey

by Alex Patton March 30, 2020

BURLINGTON, N.J. — Wolf Commercial Real Estate (WCRE) has negotiated a 3,400-square-foot office lease for Innovative Life of New Jersey LLC in Burlington, a northeastern suburb of Philadelphia. The space is situated within Burlington Professional Campus, which is located at 1900 Mount Holly Road. The tenant is a regional division of Innovative Life Solutions Inc., a disability services organization based in the Washington, D.C., metro area. Ryan Barikian of WCRE represented the tenant in the lease negotiations. Barikian also represented the landlord and developer of the property, Zaman International Development LLC.

March 30, 2020

Acquisitions California Lee & Associates Office Western

Fields Investments Sells 15,025 SF Office Building in Los Angeles’ West Hills Submarket

by Amy Works March 30, 2020

LOS ANGELES — Fields Investments has completed the disposition of an office building located at 22736 Vanowen St. in the West Hills neighborhood of Los Angeles. Dunya Properties, a private investor, purchased the asset for $4.3 million. Built in 1981, the three-story building features 15,025 square feet of office space. At the time of sale, the property was 71 percent occupied. Jared Smits and Jonathan Bruce of Lee & Associates-LA North/Ventura represented the seller in the deal.

March 30, 2020

Acquisitions California Healthcare Office Western

NAI Capital Negotiates $3M Acquisition of Highland Springs Medical Arts Building in Beaumont, California

by Amy Works March 30, 2020

BEAUMONT, CALIF. — NAI Capital has facilitated the purchase of Highland Springs Medical Arts Building, a medical office building located at 701 Highland Springs Ave. in Beaumont. A private investor acquired the asset for $3 million, or $203 per square foot, in a 1031 exchange. The name of the seller was not released. Marc Piron of NAI Capital’s Investment Services Group represented the buyer in the deal. Totaling 14,752 square feet, the asset offers 12 units with a camera security system, new landscaping and trash enclosure, and a recently redone parking lot complete with ADA compliant ramps and LED lights. At the time of sale, the property was fully leased.

March 30, 2020

Acquisitions North Carolina Office Southeast

CBRE Negotiates Sale of Four Office Buildings in Raleigh Totaling 275,554 SF

by Alex Tostado March 27, 2020

RALEIGH, N.C. — CBRE has negotiated the sale of four office buildings in Raleigh. The portfolio comprises Lake Plaza East and Brook Forest in the North Raleigh submarket, and Sunday Drive and Centerview III in the Southwest Raleigh submarket. The four office buildings total 275,554 square feet. At the time of sale, the buildings were leased to technology, healthcare, engineering and insurance tenants. Patrick Gildea, Matt Smith and Grayson Hawkins of CBRE, along with Ben Kilgore of CBRE|Raleigh, represented the seller, Continental Capital Real Estate, in the transaction. TriGate Capital LLC acquired the portfolio for an undisclosed price.

March 27, 2020

Acquisitions California Office Top Stories Western

TMG Partners Acquires 410,106 SF The Quad Office Campus in Santa Clara, California

by Alex Patton March 27, 2020

SANTA CLARA, CALIF. — TMG Partners, a San Francisco-based developer, has acquired The Quad, a 410,106-square-foot office campus in Santa Clara, a suburb of San Jose. J.P. Morgan Chase sold the property for an undisclosed price. Located at 3001 Tasman Drive, The Quad consists of seven two-story buildings that were constructed in 1982. Multiple owners and operators have acquired and renovated the property since its construction. The property is adjacent to the VTA Light Rail station three blocks from Levi’s Stadium, home of the NFL’s San Francisco 49ers. The Quad is also located four blocks from the upcoming Related Santa Clara, a 9.2 million-square-foot mixed-use project by Related Cos., which is also developing the high-profile Hudson Yards in Manhattan. Amenities include an outdoor courtyard, coffee shop, bocce ball court, food truck court and fitness center. The site is also entitled for an additional 150,000 square feet of construction. “TMG Partners was attracted to this property because of its stable, long-term cash flow; the Santa Clara location; our understanding of the need to provide office space for the many different size requirements of today’s tenants; and the existing suite of amenities,” says Ben Kochalski, regional partner with TMG Partners. “We will …

March 27, 2020

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