HFF announces sale of the Quad in Cambridge, MA

Kerry Hawkins

BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of the Quad, a transitioning life science campus located in Cambridge, Massachusetts. Comprising four buildings (75 Moulton Street, 10 Wilson Avenue, 40 Smith Place and 75 Smith Place), the Quad totals 199,487 square feet of space set on roughly 8.6 acres.

Coleman Benedict

The HFF team arranged the sale of the property on behalf of The Davis Companies and procured the buyer, Invesco Real Estate, a global real estate investment manager on behalf of one of its institutional clients. The Davis Companies will continue to manage the asset and oversee its redevelopment.

Boston is one of the strongest life science clusters in the world and Cambridge represents its epicenter.  As market conditions in East Cambridge continue to be marked by soaring rents and low vacancy rates, new life sciences nodes have emerged – West Cambridge being a prime example.

Tenants and investors are seeking to recreate the same qualities that originally attracted them to Kendall Square with an urban, in-fill location and convenient pedestrian access to transit and amenities.

Christopher Phaneuf

The Quad is located just minutes from Alewife Station, the anchor of the MBTA’s Red Line, which connects the region’s most innovative minds in West Cambridge, Harvard Square, Kendall Square and Seaport. 

 The Quad’s West Cambridge neighborhood also presents a thriving live/work/play dynamic with a broad amenity base, including Whole Foods, Trader Joes, Starbucks and Chipotle and over 20 mid-upscale restaurants.

The HFF investment advisory team representing the seller included Coleman Benedict, Christopher Phaneuf, Ben Sayles and Kerry Hawkins. 

“The opportunity to invest in the Quad was a highly competitive bidding experience and is emblematic of a trend we are seeing in the market,” said Hawkins. “Right now, institutional investors recognize the importance of investing within this sector and are eager to direct capital into life science assets.”

Ben Sayles

The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $4 billion in gross asset value through real estate equity, debt, and fixed-income securities.

 A combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex opportunities. 

Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet of office, multifamily, retail, hospitality, light industrial, healthcare and bioscience properties across the Eastern United States.

For more information, please contact:

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

thedaviscompanies.com.

www.invesco.com.

Trion Properties Continues to Grow Portland Metro Portfolio; Acquires Three Multifamily Communities Totaling 174 Units for $24.2 Million

Maple Tree Apartments, Tigard, OR

BEAVERTON, OR and TIGARD, OR – Trion Properties, a private equity real estate firm that specializes in value-add multifamily investments in four niche markets along the west coast, has acquired three multifamily assets totaling 174 units in Portland, Oregon submarkets.

Mitch Paskover

The properties include a portfolio of two multifamily communities, Menlo Square Apartments and Center Square Apartments, totaling 103 units in Beaverton, Oregon, as well as Maple Tree Apartments, a 71-unit multifamily community in neighboring Tigard, Oregon.

The acquisition of these communities brings Trion’s holdings in the greater Portland area to nine properties totaling more than 530 units, as the firm continues to focus on the region due to its standout economic growth, according to Mitch Paskover, Managing Partner of Trion Properties.
“Demand is outpacing supply for multifamily throughout the Portland Metro area, due to strong economic drivers,” explains Paskover. “The cities of Beaverton and Tigard in particular continue to experience growth and increasing demand for multifamily, as more employers are relocating and expanding in the area.”

Tyler Johnson

The acquisitions include: 

Trion Properties Acquires Two Beaverton Communities with Value-Add Opportunities

Trion Properties has acquired a portfolio of two multifamily properties totaling 103 units, Center Square Apartments and Menlo Square Apartments, both located in the Portland submarket of Beaverton, Oregon.

“Continuing job growth and solid economic fundamentals are resulting in long-term growth potential for well-located multifamily investments in Beaverton,” says Paskover. 

Cody Hagerman

“Both properties are within three miles of the Nike World Headquarters, which is currently undergoing an expansion that is estimated to have a total project cost of approximately $1 billion, and is expected to be completed this year. In addition to their close proximity to Nike and other major employers in the city, these properties also offer residents convenient commutes to Downtown Portland to the East and Hillsboro to the West.”
Cody Hagerman and Tyler Johnson of HFO represented both the buyer and seller of both Menlo Square Apartments and Center Square Apartments in this portfolio transaction.
The property is located at 5930 SW Menlo Drive in Beaverton, Oregon and was constructed in 1977. It was acquired from a private seller for $5.7 million. Continental Partners arranged a $4.8 million fixed-rate loan to finance the acquisition.

For more information, please contact:

Lindsay Mackay / Elisabeth Manville

Brower Group

(949) 955-7940

lmackay@brower-group.com

M/I Homes Plans June Opening of Bay Meadow Farms – Gated Community Underway in Longwood, FL

LONGWOOD, FL --- M/I Homes will open Bay Meadow Farms in June. The new gated, single-family home community is now under development at Bay Meadow Rd. and Ronald Reagan Blvd. in Longwood.

David Byrnes, area president for M/I Homes, said Bay Meadow Farms is a family-oriented neighborhood of only 82 homesites with 40- and 50-foot frontages and depths of 120 feet.

One and two-story homes at Bay Meadow Farms with from three to five bedrooms will range from 1,850 square feet of living area to more than 4,000 square feet and all homes will be EnergyStar® certified.  Pricing will range from $300,000 to more than $450,000. 

 “We’re really excited about Bay Meadow Farms,” Byrnes said. “This community and our new home designs will fulfill a need in the Longwood area.” 

 For more information, please contact:

 Larry Vershel or Beth Payan, Larry Vershel Communications

407-644-4142  lvershelco@aol.com

NAI Realvest Closes Seven Industrial Leases in 60 Days at Sanford’s Monroe Commerce Center South

Michael Heidrich

SANFORD, FL and  ORLANDO, Fla. – NAI Realvest completed seven long-term leases within 60 days for 26,000 square feet of industrial space representing the landlord at Monroe CommerCenter South off I-4 at the corner of Church St. and Monroe in Sanford.  

Michael Heidrich, principal at NAI Realvest negotiated a new lease agreements with

Paradies Gifts, Inc. d/b/a Paradies & Company, a distributor of Disney licensed products who will be occupying 6,000 square feet at 727 Progress Way.  

Heidrich and Associate Patty Nolff completed new lease agreements with G&C Welding Specialists, LLC for 5,000 square feet at 4154 Incubator Ct., and with Jolito, Inc. of Tampa who will operate a mechanical contracting company in 1,250 square feet at 4157 Flex Court. 

Heidrich and Nolff negotiated a sublease for 3,750 square feet at 4168 Flex Court on behalf of Sublandlord HK Trading USA, Inc. and Subtenant William S. Dorsey, Jr. of Garden City, Ga. the principal of a tire company expanding into the Central Florida market. 

Patty Nolff

Lease renewals were also negotiated by NAI Realvest team with long-term tenants at Monroe CommerCenter including:  Velocity Window Tinting 2,000 square feet at 647 Progress Way; Jvmax, Inc., 6,000 square feet at 683 Progress Way and Hydro International Wastewater, 2,000 square feet at 711 Progress Way.  Vince Wolle of Results Real Estate Partners represented Jvmax.

For more information, contact

 Larry Vershel or Beth Payan, Larry Vershel Communications

407-644-4142  lvershelco@aol.com