Big Sales in Commercial Real Estate: 101 Summer St. and Senior Housing Residences

Both of the following articles are courtesy of Citybizlist- Boston’s Commercial Real Estate Insite.

101 Summer St in Boston Sells for $5.7 Million

101 Summer Street, a 50,673 square foot office and retail building located in Boston’s Financial District, has sold for $5.7 million or $112 per square foot.

The CB Richard Ellis team of Chris Angelone, Bill Moylan and Matt Pullen marketed the building on behalf of Aurora Bank FSB and procured the buyer, Synergy Investment & Development, a Boston-based real estate investment and development firm. The sale of the asset, also known as the ChurchGreenBuilding, marks the first downtown Boston investment sale in 2010.

101 Summer Street is located at the crossroads of Summer, Devonshire and Bedford Streets in one of the most high traffic areas in downtown Boston. The building features over 42,600 square feet of office space with Class A interior finishes, a restored granite façade and a newly renovated lobby. Capital Crossing Services Company leases approximately 35,000 square feet at the property, which also features approximately 8,000 square feet of ground-level retail space.

CBRE has also been retained as the exclusive leasing agent for the building, with Bill Crean and Kevin Kennedy handling office leasing efforts and Jeremy Grossman and Andrea Matteson of CBRE/Grossman Retail Advisors handling retail leasing efforts.

“The 101 Summer Street sale was a highly competitive process and it validated that investors are ready to take lease-up and market risk for well-located assets,” said Chris Angelone of CBRE Capital Markets.

Two MA Seniors Housing Residences Sell for $43M

Marcus & Millichap Real Estate Investment Services has brokered the sale of two seniors housing residences, the 65,894-square foot, 90-unit Inn at Robbins Brook in Acton, Mass., and the 78,228-square foot, 104-unit Forge Hill Senior Living in Franklin, Mass. Both facilities commanded a price of $43 million, or $221,650 per unit and approximately $300 per square foot.

Mike Pardoll, a senior vice president investments and a senior director of the firm’s National Seniors Housing Group in Charlotte, and Christopher Hyldahl, a senior associate in the West Los Angeles office, represented the seller, an entity affiliated with Westport Capital Partners LLC, a real estate-focused institutional investment firm based in Westport, Conn. Pardoll and Hyldahl also represented the buyer, a Boston-based investment real estate firm. Todd Tremblay, a senior associate in the firm’s Boston office, also provided representation.

“We were pleased to have met our client’s objectives at a time when many in the industry perceive a bid-ask gap,” says Hyldahl.

Located approximately 24 miles northwest of Boston, the Inn at Robbins Brook is an upscale assisted-living residence. The property was constructed in 2000 on four acres.

Forge Hill Senior Living is an upscale, independent and assisted-living community located on 3.98 acres approximately 43 miles southwest of the Greater Boston area.

Tags →
A Real Estate Blog by
A Real Estate Blog by CondoDomain