Transactions - MAY 16, 2014

Recent commercial real estate transactions

by Andrea Waitrovich

Below is a sampling of recent property transactions tracked by Real Capital Analytics. The largest transaction was in Boston.

Senior Housing Property Trust completed its acquisition of two office buildings located in Boston’s premier Seaport District for a purchase price of $1.125 billion. The sellers were joint venture partners The Fallon Co. and Massachusetts Mutual Life.

The two waterfront towers on Fan Pier are the headquarters for Vertex Pharmaceuticals, a global biopharmaceutical company. HFF marketed the asset exclusively on behalf of the seller and an institutional investor advised by Cornerstone Real Estate Advisers, an indirect subsidiary of Mass Mutual.

In the bid process to acquire the Fan Pier site, Cornerstone and Fallon competed against two other substantial contenders. After winning the bid, a plan was developed that divided the site into eight development parcels that will ultimately accommodate office and retail space, condominiums, a hotel and a marina. Cornerstone was directly involved in the Vertex lease negotiations and involved with all aspects of the ensuing development.

“The successful completion of the Vertex buildings and the subsequent sale validates the confidence that Cornerstone had in the site, the developer and the Boston market,” says Graham Bond, managing director at Cornerstone Real Estate Advisers.

In prospect, is the development of two condominium buildings, one of which is already being built. A 515,000-square-foot office building will open in 2017, which will be home to law firm Goodwin Proctor. Additional future development will likely include a 400,000-square-foot office building and a 225-room hotel.

Bond adds, “As with several other major, far-sighted, development projects in other leading major U.S. cities, this development has been the catalyst for additional development that is beneficial to the overall Boston market and economy.”


Buyer Seller Type Units Location  Price (m) Price/units
Sterling Equities Cornell Realty Apartment 49 units Brooklyn, NY $35.60 $726,530.61
Cortland Partners TriBridge Residential Apartment 271 units Atlanta, GA $24.90 $91,881.92
Glendale Development  Clover Management Apartment 528 units Buffalo, NY $23.50 $44,507.58
Glendale Development  Clover Management Apartment 315 units  Buffalo, NY $15.50 $49,206.35
Enterprise Homes  Lamar Management Apartment 130 units  Frederick, MD $14.00 $107,692.31
Terreno Realty Corp. Metzler North America Industrial 138,780 sf Capitol Heights, MD $18.10 $130.42
CPA:18  Burton-Katzman Development Co. Industrial 75,300 sf Farmington, MI $10.20 $135.46
Senior Housing Property Trust The Fallon Co./Mass Mutual Life Office 1,650,000 sf Boston, MA $1,125.00 $681.82
KLM Construction The Carlyle Group/ClearRock Properties Office 107,865 sf New York, NY $120.00 $1,112.50
Juan Carlos Wallace/South Beach Partners Young Broadcasting Office 89,551 sf San Francisco, CA $26.00 $290.34
Colony Realty Partners Brookwood Financial Partners Office 89,875 sf Cambridge, MA $21.60 $240.33
Ivy Realty  New Boston Fund  Office 91,281 sf Miami, FL $21.55 $236.08
North Wind Group 40 Wooster Street Realty Corp. Office 11375 sf New York, NY $16.35 $1,437.36
Bellevue School District No. 405 Brett Wilhelm Office 44,670 sf Bellevue, WA $12.00 $268.64
CenterPoint Energy United Properties Office 114,862 sf Minneapolis, MN $11.78 $102.51
Big Brothers Big Sisters Philips International Office 25,711 sf New York, NY $10.00 $388.94
Inland REIT Miller Capital Advisory Retail 132,956 sf Little Rock, AR $41.45 $311.76
Kennesaw State University BrandSmart Retail 99,841 sf Kennesaw, GA $12.50 $125.20
Choi Bo Sung  Kangihnn Paik/Judy Paik Retail 15,135 sf Los Angeles, CA $11.82 $780.97


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