BOXBOROUGH, MASS. — Massachusetts-based development and investment firm Campanelli has acquired the 409,000-square-foot former CISCO campus in Boxborough, about 30 miles west of Boston. The property was built in 2002 as the California-based technology and cybersecurity firm’s Massachusetts headquarters. Campanelli acquired the campus, which spans 110 acres, in partnership with TriGate Capital. Campanelli is working on a master plan to add up to 1 million square feet of commercial space that could include research and development, lab or office space and will rebrand the property as The Park at Beaver Brook. Newmark has been tapped to lead leasing efforts.
NEWARK, N.J. — Fairstead, an investment firm with three offices along the East Coast, and Maine-based LIHC Investment Group have purchased the 691-unit Essex Plaza seniors affordable housing portfolio in Newark. The portfolio consists of 13 buildings. The partnership plans to invest in capital improvements, including the enhancement of the portfolio’s proptech features, sustainability and community programming. Information about income restrictions for the portfolio was not released. Dane Global represented the buyer and seller in the transaction.
WEST PALM BEACH, FLA. — CBRE has arranged the $6.5 million sale of Palm Beach Place, a 33,196-square-foot retail center in West Palm Beach. David Donnellan and Patricia Friend of CBRE represented the seller, Florida-based Harland Properties, in the disposition of the property to an undisclosed private investor. Built in 1981, Palm Beach Place was formerly known as West Palm Beach Merchandise Mart. The property is fully leased to tenants including L&D Beauty Supply Inc., Dan’s Fan City, Sherwin-Williams, Uniforms of WPB, Quantum Benefit Group Inc and Hospice of PB County Foundation. Located at 4833 Okeechobee Blvd., the property is situated 4.2 miles from downtown West Palm Beach and approximately 4.2 miles from Palm Beach International Airport.
NEW YORK CITY — The Yucaipa Cos., a Los Angeles-based private equity firm, has acquired the American Stock Exchange Building, a commercial property located at 123 Greenwich St. in Manhattan. The 14-story building was originally constructed in 1921; the namesake tenant vacated the premises after merging with the New York Stock Exchange in 2008. Today, the building plays host to conferences, trade shows, fashion shows, art exhibitions and private parties. National direct lender iBorrow provided $97.1 million in acquisition financing to Yucaipa, which plans to reposition the building as a private membership club operated by Membership Collective Group, the parent company of Soho House.
PHOENIX — A joint venture between San Antonio, Texas-based USAA Real Estate and Tempe, Ariz.-based Metro Commercial Properties has completed the disposition of Norterra West Two, an office property located at 25800 N. Norterra Parkway in Phoenix. SCD Norterra II LLC, an entity controlled by Phoenix-based Silver Creek Development, acquired the property for an undisclosed price. The three-story suburban office building features 144,800 square feet of office space with approximately 50,000-square-foot floor plates, up to 15-foot slab-to-slab ceiling heights, dual restroom cores and triple redundant stairwells. Chris Toci and Chad Littell of Cushman & Wakefield represented the seller. Charles Essig of Silver Creek represented the buyer in the deal.
BOSTON — Home security services provider SimpliSafe has signed a 150,000-square-foot office lease at 100 Summer Street, a 1.1 million-square-foot building in downtown Boston. SimpliSafe will relocate from its existing 80,000-square-foot space at 294 Washington Street next fall. Cushman & Wakefield represented the tenant in the lease negotiations. Newmark represented the landlord, Boston-based private equity firm Rockpoint Group.
EL CAJON, CALIF. — Northmarq has brokered the sale of a four-property multifamily portfolio located in El Cajon. Swanson Real Estate Solutions sold the property to El Cajon Investor 1 and El Cajon Investor 2 for $22 million. The portfolio includes the 28-unit Easter Manor Apartments, the 23-unit East Winds, the 19-unit Sunshine Manor Apartments and the 19-unit Sunshine Villas. The four buildings offer a total of 89 apartments. Erik Anderson and Kyle Pinkalla of Northmarq San Diego represented the buyer and seller in the deal.
HEMET, CALIF. — SRS Real Estate Partners has arranged the sale of Shops at KPC Towne Centre, located at 2375-2465 W. Florida Ave. in Hemet. A Southern California-based private family trust sold the asset to a Los Angeles-based private investor for $9.5 million. Situated on two acres, the three-building property features 20,167 square feet of retail space. At the time of sale, eight tenants fully occupied the retail center. Built in 1995 and renovated in 2004, Shops at KPC Towne Centre is an outparcel to KPC Towne Centre, which includes Sprouts Farmers Market, Burlington and Regal Cinemas. Matthew Mousavi, Patrick Luther and Max Sabino of SRS’ National Net Lease Group represented the seller, while Jason Paukovits of Dream Realty Asset Management represented the buyer in the transaction.
AVON, MASS. — New York City-based Ready Capital has closed a $6 million loan for the acquisition and renovation of a 60,000-square-foot warehouse in Avon, a southern suburb of Boston. The nonrecourse, interest-only loan featured a floating interest rate, 36-month term and two extension options. The undisclosed sponsor plans to implement a capital improvement plan to modernize the warehouse and convert a portion of the office suite into flex space.
RENO, NEV. — Ready Capital has closed $15.8 million in financing for the acquisition, renovation and stabilization of a 142-unit apartment property in downtown Reno. Upon acquisition, the undisclosed borrower plans to implement a capital improvement plan to renovate unit interiors, convert ground-floor retail space to apartment units, renovate building exteriors and upgrade the common area. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options and includes a facility to provide future funding for capital expenditures and interest-and-carry shortfalls.