BILLERICA and MARLBOROUGH, MASS. — Colliers International has secured acquisition financing for a two-building portfolio purchase consisting of 734 Forest St. in Marlborough and 35 Dunham Road in Billerica. The 120,000-square-foot flex/industrial portfolio sold to a New England-based real estate investment firm. Colliers secured the acquisition financing from Belmont Savings. Adam Coppola, Tom Welch, John Poole and Tonia Jenkins of Colliers arranged financing.
LOS ANGELES, DALLAS, CHICAGO AND WASHINGTON, D.C. — Boston-based investment management firm TA Realty, acting on behalf of The Realty Associates Fund IX LP, has sold a 45-property industrial and office portfolio for $854.5 million to Brookfield-managed real estate funds. The industrial and office properties in the portfolio total 8.6 million square feet across 12 states. The majority of the properties are leased to investment-grade tenants in Los Angeles, Dallas, Chicago and Washington, D.C. The full list of properties was not released. The Realty Associates Fund IX LP is a commingled fund with $1.49 billion in equity capital. According to CoStar Group, among the Brookfield funds reported to be the buyers is its core real estate investment fund, Brookfield Premier Real Estate Partners, which launched last November. By the end of 2016, Brookfield had raised more than $1 billion for the fund. TA Realty is still pursuing sales of the fund’s remaining assets through individual and pooled transactions, according to managing partner Tom Landry. “We believe the outcome of this transaction represents an attractive risk-adjusted return on invested capital, and we look forward to distributing the proceeds to our investors,” says Landry. JLL represented TA Realty in the transaction. Nicole Dutra …
ALLEN, TEXAS — Kaizen Development Partners has broken ground on Phase I of One Bethany at Watters Creek, a Class A office park located at the corner of Bethany Drive and Watters Creek Boulevard in the Dallas-Fort Worth metro of Allen. Texas-based architecture firm BOKA Powell designed the initial phase of the project, which includes a 125,000-square-foot office building with a 570-space parking garage. Delivery of the building, which will feature a conference room, fitness center and tenant lounge, is expected within 12 months.
ALPHARETTA, GA. — Hines and Cousins Properties have executed a 34,000-square-foot, 11-year lease transaction with Spaces, a co-working office space provider owned by Regus. Spaces will occupy the first two floors of 8000 Avalon, a nine-story, 224,000-square-foot office building underway within Boulevard East, the second phase of the Avalon mixed-use development in Alpharetta. Hines and Cousins entered into a joint venture to develop the $73 million office building, which will also be home to Microsoft. David Demarest, Brannan Moss and Jennifer Ziegler of JLL represented Spaces in the lease deal. In other Avalon news, Apple has confirmed plans to relocate the Apple Store at nearby North Point Mall to Boulevard East. The new store will open at 10 a.m. on Thursday, April 13.
BOSTON — Following a long-term ground lease with the Massachusetts Port Authority (Massport), The Davis Companies (TDC) plans to significantly update 88 Black Falcon Avenue in Boston’s Seaport District. The property, which consists of two three-story interconnected buildings totaling 376,000 square feet, is located within the Raymond L. Flynn Marine Park, which is also home to Cruiseport Boston and the 1.4 million-square-foot Innovation and Design Building. The location offers views of the Boston Harbor as well as direct access to Route 93 and the Massachusetts Turnpike, 550 onsite parking spaces, and its own Massachusetts Bay Transportation Authority (MBTA) Silver Line Stop. The buildings at 88 Black Falcon Ave. feature ceiling heights ranging from 14 to 20 feet, as well as efficient office and industrial/R&D infrastructure. Optimus Ride Inc., which develops autonomous vehicle technologies, occupies 19,000 square feet on the building’s first floor. As part of the property’s redevelopment, TDC will improve a portion of the Boston Harborwalk, a public promenade that follows the edge of piers, wharves, beaches, and the shoreline around the Harbor. Completion is scheduled for second quarter 2018. “We are undertaking a thorough re-envisioning of this highly flexible, high-quality historic asset as a premier mixed-use development that …
SANTA MONICA, CALIF. — Hudson Pacific Properties has sold a 50,687-square-foot office building in Santa Monica for $35 million. The sale included the redeveloped property and related development land. The firm will use the net proceeds from the sale toward its pending acquisition of Hollywood Center Studios, which is expected to close on May 1.
Parsippany, N.J. — Holliday Fenoglio Fowler (HFF) arranged the sale of 1 Gatehall Drive, a 114,000-square-foot, four-story, Class A office building in Parsippany, to Lincoln Property Company. HFF represented the seller in the transaction. The property was 63 percent leased at the time of sale; tenants include software, consulting, communications, staffing and foodservice companies. The property is situated along Route 202, in close proximity to Route 10 and Interstates 287 and 80. The HFF investment sales team representing the seller was led by Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver.
LOS ANGELES — Somerset West Partners LLC has acquired Woodland Hills Corporate Center, a 230,833-square-foot office campus in Los Angeles, for an undisclosed sum. The property is located at 21021-21031 Ventura Blvd. in the Woodland Hills submarket. It is 85 percent leased to more than 60 tenants. CBRE’s Sean Sullivan, Todd Tydlaska and Michael Longo represented both the buyer and seller in this transaction.
BOLINGBROOK, ILL. — S&S Activewear has signed a 28,746-square-foot office lease at 220 Remington in Bolingbrook. The imprintable clothing, accessory and uniform wholesaler will be moving its office staff to the new location while maintaining industrial operations at 581 Territorial Drive in Bolingbrook. Indevor Development purchased 220 Remington in the summer of 2016, and made renovations to the 81,000-square-foot property including a new parking lot, roof, HVAC system, lobby and elevators. John Millner and Ryan Moen of Bradford Allen negotiated the lease transaction on behalf of Indevor Development. Britt Casey and Ned Franke of Cushman & Wakefield represented S&S Activewear.
MORTON GROVE, ILL. — Celtic Chicago Inc. has moved from Niles, Ill., to an 8,200-square-foot office in Morton Grove, a suburb of Chicago. The marketing agency now occupies the office location at 8120 Lehigh Ave. Jason Hall of Charlie Green Studio designed the interior of the one-story office. The layout, a combination of large and small meeting areas, encourages employee collaboration.