Property Type

Spear Street Capital Sells Marlborough Corporate Center for $25.55M

by Amy Works December 2, 2014

MARLBOROUGH, MASS. — Spear Street Capital has completed the disposition of Marlborough Corporate Center, which is located at 377 Simarano Dr. in Marlborough. A private trust controlled by a principal of IPG Photonics purchased the office building for $25.55 million. Built in 1998, the 156,630-square-foot building features a cafeteria and is 30 minutes west of downtown Boston. IPG, a provider of high-power fiber lasers and fiber amplifiers, is a current tenant of the building. David Pergola and Brian Doherty of Cassidy Turley represented the seller in the transaction.

December 2, 2014

Civic New Jersey Northeast

Hollister Construction to Build $14M LifeTown in New Jersey

by Amy Works December 2, 2014

LIVINGSTON, N.J. — Hollister Construction Services is serving as construction manager for the development of LifeTown, a facility that will provide social, therapeutic, recreational and educational programs to youths with special needs. The 47,000-square-foot project, which is slated for completion in winter 2015, will feature a variety of educational and therapeutic experiences, including a sand room and water room for tactile therapy and mock retail stores. The center of the project features Life Village, a detailed mock-up of a town square featuring functioning storefronts, including a bank, florist, food and book stores, a salon, pet shop, health-care facility, café and movie theater, as well as street crossings, a traffic light and sidewalks. All elements of LifeTown have been designed to accommodate individuals with special needs, including noise reduction and easily accessible activities and spaces. The $14 million project was designed by Rotwein & Blake Associates.

December 2, 2014

New Mexico Office Western

Med Arts Plaza in Albuquerque Sells for $6.3M

by Nellie Day December 2, 2014

ALBUQUERQUE, N. MEX. – Med Arts Plaza, a 52,735-square-foot medical office center in Albuquerque, has sold to an unnamed buyer for $6.3 million. The center is located at 801 Encino Place, near the “The Big I” interchange between Interstates 40 and 25. Med Arts includes 17 office suites, with 14 medical office users and three traditional office users. The sale was arranged by Ed Graf and Ted Sannella of Houlihan-Parnes Realtors.

December 2, 2014

Massachusetts Northeast Retail

Marcus & Millichap Brokers $11.34M Sale of CVS/pharmacy in Massachusetts

by Amy Works December 2, 2014

SAUGUS, MASS. — Marcus & Millichap has brokered the sale of a 24-hour CVS/pharmacy location in Saugus. The property sold for $11.34 million, or $879 per square foot. Built in 2008, the property is situated on 1.27 acres at 1075 Broadway St. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a national net-lease investor; Steven Siegel, also of Marcus & Millichap, represented the buyer. Jennifer Athas of Marcus & Millichap is the firm’s broker of record in Massachusetts.

December 2, 2014

Arizona Mixed-Use Western

The Delta Corp. Buys 15.3 Acres in Chandler for $2.7M

by Nellie Day December 2, 2014

CHANDLER, ARIZ. – The Delta Corporation has acquired 15.3 acres of commercial land in Chandler for $2.7 million. The land is located at the southeast corner of Frye Road and Ellis Street. Delta plans to develop a mixed-use project on the site. Rick Danis and Paul Boyle of Cassidy Turley represented both the buyer and seller, BOK Financial Corp., in this transaction.

December 2, 2014

California Office Western

Mission Valley Office Building Sells for $11.1M

by Nellie Day December 2, 2014

SAN DIEGO – A 71,450-square-foot office building in the San Diego submarket of Mission Valley has sold to Shopoff Realty Investments for $11.1 million. The Class B-plus building is located at 2650 Camino Del Rio North. It is currently 75 percent leased. Notable tenants include Kaiser Foundation Health Plans and U.S. Colleges.

December 2, 2014

Industrial Northeast Pennsylvania

KarMar Realty Arranges $4.2M Sale of 53,733 SF Industrial Building

by Amy Works December 2, 2014

BOOTHWYN, PA. — KarMar Realty Group brokered the sale of an industrial building in Boothwyn. Neltson Edison LP purchased the 53,733-square-foot property from PX Properties LLC for $4.2 million. Located at 5 Chelsea Parkway, the building is occupied by Access Information Management and Priority Express Courier. KarMar Realty Group represented the buyer, while Jim McCahon of Jones Lang LaSalle represented the seller in the transaction.

December 2, 2014

Office Texas

HFF Arranges Sale, Financing of Office Property in Uptown Dallas

by Haisten Willis December 2, 2014

DALLAS — HFF has arranged the sale and financing of 3811 Turtle Creek, a 296,000-square-foot Class A office tower in Uptown Dallas. HFF marketed the asset on behalf of the seller, MetLife Real Estate Investors. KBS Capital Advisors purchased the property for an undisclosed amount. HFF’s debt placement team also secured a seven-year, 3.6 percent, fixed-rate loan on behalf of the new owner through a life insurance company. The property sits on five acres at the intersection of Turtle Creek Boulevard and Blackburn Street near the Turtle Creek Village mixed-use development, which is under construction. The 21-story property was recently renovated and features a gym and 899-space parking garage. The building was 81 percent leased at the time of sale to tenants including Eagle Materials Inc., Prosperity Bank, Estes Okon Thorne & Carr and Gables Residential.

December 2, 2014

Hospitality Texas

Home2 Suites by Hilton Hotel Opens in College Station

by Haisten Willis December 2, 2014

COLLEGE STATION, TEXAS — Home2 Suites by Hilton has opened in College Station. The hotel is a mid-tier, all-suite property designed for business travelers and extended stay guests. The College Station location is the 45th Home2 Suites property to open nationally. The 111-suite hotel is located at 300 S. Texas Ave., one block from the Texas A&M University campus. Amenities include laundry and fitness areas, continental breakfast, pool and outdoor grills.

December 2, 2014

Office Texas

Harwood Arranges Office Lease in Dallas’ Rolex Building

by Haisten Willis December 2, 2014

DALLAS — Harwood International has arranged a new office lease in the Harwood district of Dallas. Collett is expanding its offices to the Rolex Building, occupying 4,000 square feet. Collett was established in 1987, employs 50 real estate professionals, manages six million square feet of commercial space in eight states and has developed more than 95 projects totaling 14 million square feet. The Rolex building, built in 1984, spans seven stories and 155,550 square feet.

December 2, 2014

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