Category
Boston
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November 7, 2007Somerville Office Building Sold for $20M
BostonA 66,217 square foot office building located at 212 Elm Street sold recently for $19.6M to Upland Capital Corp. The 4-story building in the Davis Square Neighborhood was owned and managed by Paradigm Properties.
Built in 1989, the building features both covered and surface parking. At the time of sale the building was 100 percent leased to tenants including; Arrowstreet Inc., Citizens Bank, and Powderhouse Productions Inc.
The Boston real estate firm, Meredith & Grew Inc. represented Paradigm Properties. Paradigm will continue to lease and manage the property.
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September 30, 2007iRobot Leases 157,000 SF
Boston
iRobot signed a 12-year lease for 157,000 square feet in the Bedford business park located at 8, 10, and 12 Crosby Drive in Bedford, Massachusetts. The location will become the firm’s new corporate headquarters.The Bedford Business Park totals 157,000 square feet of rentable building area, features six exterior loading docks, and sits on a 26-acre site. The three facilities were delivered in the ’60s and ’70s, and are slightly more than 50,000 square feet each.
iRobot was founded in 1990 by roboticists from the Massachusetts Institute of Technology, and has sold more than 2.5 million home robots worldwide including the popular Roomba® vacuum cleaning robot. The company has also sold more than 1,000 PackBot® Tactical Mobile Robots that have been deployed worldwide, mostly in Iraq and Afghanistan.
Jonathan Varholak and John Wilson of Richard Barry Joyce & Partners represented iRobot Corporation. Stacey Baker, David Provost, Richard Monopoli, and Jim Rosenfeld of Boston Properties represented the landlord.
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September 21, 2007Hallamore Leases 50,000 SF
Boston
Hallamore Corporation signed a lease with an option to buy for 50,000 square feet of industrial space located at 511 Lancaster Street in Leominster, MA. Hallamore will occupy the space in Building I starting in October.Delivered in 1920, the two-story class C industrial building totals 134,911 square feet. The property is part of a five-building industrial complex, and features 10 loading docks and a clear height of up to 18′.
Ron Chase of Chase Realty represented Hallamore Corporation. The landlord, Union Square Trust, was represented by Ray Beal of Foster-Healey Real Estate, Inc.
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September 16, 2007Two Shopping Centers Sold for $31.5M
Boston
Cedar Shopping Centers, Inc. agreed to purchase two shopping centers in Massachusetts and New Jersey for $31.5 million, or about $100 per square foot.Timpany Plaza is located at 350-372 Timpany Blvd. in Gardner, Massachusetts. Delivered in 1973 and renovated in 1998, the center totals 183,775 square feet and sits on a 15-acre lot. The property has 17 stores, was 99% occupied at the time of sale, and is anchored by a 60,000-square-foot Stop & Shop.
Carll’s Corner is located at 29 Cornwell Dr. in Bridgeton, New Jersey. The property was delivered in 1995 and totals 129,582 square feet. The neighborhood center has 18 stores, was 90% occupied at the time of sale, and is anchored by a 55,000-square-foot Acme Supermarket.
The seller, Paragon Realty LLC, will continue to manage the properties and provide leasing support. The deal is expected to close before the end of 2007.
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September 13, 2007IBM Leases 490,000 SF
Boston
IBM signed a long-term lease for 490,000-square-feet of office space in the Littleton Corporate Center located at 550 King Street in Littleton, Massachusetts. The computer company will occupy the entire complex, which was acquired by Angelo Gordon & Co. for $25.5 million last April.The office center was delivered in 1984 and renovated earlier this year. It consists of two interconnected buildings totaling 270,810 and 215,130 square feet, and sits on a 39 acre site. Renovations include energy efficient building systems, an upgraded parking lot, and new lobbies and elevators.
Angelo Gordon & Co. was represented by Richard Ruggiero and Torin Taylor of Cushman and Wakefield. Matt Dwyer and Flory McCarthy of Jones Lang Lasalle represented IBM.
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