BOSTON — Newmark Knight Frank (NKF) has negotiated the $69.2 million sale of 100 Franklin Street, a 123,950-square-foot office building in downtown Boston. At the time of sale, the nine-story building was 95 percent leased to 25 tenants including Webster Bank, data research company Lux Research Inc. and the YMCA. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble and Samantha Hallowell of NKF represented the seller, a partnership between Clarion Partners LLC and Synergy Investments. A partnership between Independencia Asset Management LLC and Synergy Investments LLC was the buyer. Boston Business Journal reports that Synergy will remain in its 9,034-square-foot office within the building and will continue to manage the property.
RARITAN, N.J. — Burlington Stores has signed a 46,000-square-foot retail lease in Raritan, located approximately 40 miles west of New York City. The apparel retailer will occupy a free-standing box formerly occupied by Toys ‘R’ Us/Babies ‘R’ Us in the 150,000-square-foot Somerville Circle Shopping Center, which is anchored by Staples, Petco and department store P.C. Richard & Son. Burlington plans to open the new store in spring 2020. Vanessa Fernandez-Kelty of Levin Management Corp. represented the landlord, which was undisclosed, in the lease negotiations. Clifford Simon and David Rosen of CNS Real Estate represented Burlington.
CANTON, MASS. — Colliers International has arranged the $12.3 million sale of Foxford Business Center, a 112,375-square-foot industrial building in Canton, located approximately 15 miles south of Boston. Foxford Business Center was completed in 1984 and underwent subsequent renovations in 1990 and 1995. The building was fully leased to 13 tenants at the time of sale. Caleb Hudak, Cathy Minnerly, Ovar Osvold, Sean Hannigan and Glenne Bachman of Colliers represented the seller, The Naughton Co., in the transaction. Longpoint Realty Partners was the buyer.
LONG ISLAND, N.Y. — NAI Long Island has brokered the 1.6 million sale of a 10,000-square-foot industrial building in the Huntington Station neighborhood on Long Island. The single-tenant manufacturing facility was completed in 1966 and offers 14-foot clear ceiling heights, one dock-high door and two drive in doors. Gary Pezza of NAI Long Island represented the seller, 55 Craven Realty LLC, in the transaction. Alberto Fiorini of Alliance Real Estate Corp. represented the buyer, Giambrone Realty LLC.
ALISO VIEJO, CALIF. — San Francisco-based Drawbridge Realty has purchased two office buildings in Aliso Viejo for an undisclosed price. Known as 4 and 5 Polaris, the assets serve as the corporate headquarters for Quest Software and UST Global, respectively. Located at 4 and 5 Polaris Way, the four-story 4 Polaris and three-story 5 Polaris buildings offer a total of 169,315 square feet. Anthony Delorenzo, Todd Tydlaska, Sean Sullivan, Michael Longo and Bob Smith of CBRE represented the undisclosed seller in the transaction.
SACRAMENTO — The Mogharebi Group (TMG) has arranged the sale of The Regency Apartments, a multifamily community located at 5900 Riza Ave. in Sacramento. An undisclosed private investor acquired the property for $15.8 million. Built in 1969 and situated on 5.4 acres, The Regency features 130 apartments in a mix of one-, two- and three-bedroom layouts. Alex Mogharebi and Otto Ozen of TMG represented the seller, a Sacramento-based investor, in the deal.
SEATTLE — Developer Nitze-Stagen and Pinnacle Partners, an Opportunity Zone investment firm, have broken ground on Canton Lofts in Seattle’s historic Pioneer Square. The project is the city’s first Opportunity Zone development. The $30 million development will feature 80 units with transit accessibility and provide affordable, one-bedroom studios.
PHOENIX — San Diego-based ColRich Multifamily has completed the disposition of Plaza 550, an apartment property located at 550 E. Earll Drive in Phoenix. B&R Capital Partners acquired the asset for $11.8 million. Constructed in 1973, Plaza 550 consists of 92 one-bedroom units, 15 of which have undergone interior renovations to include energy-efficient appliances, modern lighting and plank flooring, as well as upgraded kitchen and bath countertops, backsplashes and hardware. Brad Goff, Brett Polacheck and Chris Canter of Newmark Knight Frank represented the seller in the deal.
PORTLAND, ORE. — Marcus & Millichap has brokered the sale of MLK Office, an office property located in Portland. An undisclosed buyer acquired the asset for $1.4 million. Located at 2627 NE Martin Luther King Jr. Blvd., the building features 10,500 square feet of office space. Joseph P. Blatner and Scott Logan of Marcus & Millichap’s Portland office represented the undisclosed seller in the transaction.
LIBERTY, MO. — LANE4 Property Group has unveiled plans to develop a three-building, speculative industrial project in Liberty known as Liberty Logistics Center. Situated on a 68-acre tract of land at Missouri Highway 69 and Liberty Parkway, the project is adjacent to the Ford assembly plant and visible from I-35. Construction is expected to begin within a month and the first building, spanning 741,000 square feet, is slated for completion in late 2020. The two smaller buildings will measure 80,000 and 132,000 square feet. The project will also include a retail portion known as Liberty Parkway Plaza, containing eight pad sites fronting I-35 and the industrial buildings. LANE4 serves as developer for the entire project and leasing agent for the retail component. Joe Orscheln of CBRE will market the industrial portion for lease. Davidson Architecture & Engineering is providing architectural and engineering services.