Fully-leased Harvard Square commercial property sells for $45.15 million
Boston Residential Group has sold 1280 Massachusetts Avenue, a 100%-leased commercial building located in Harvard Square, to Intercontinental Real Estate Corporation for $45.15 million. The sale amounts to approximately $1,047 per square foot. CBRE/New England's Capital Markets team represented Boston Residential Group in the transaction and procured Intercontinental as 1280 Massachusetts Avenue's buyer.
Originally developed by Boston Residential Group in 1985, 1280 Massachusetts Avenue is located in the heart of the booming Cambridge market, which boasts rapidly growing rents, an office vacancy rate of just 2.4% and an average office rent of over $68 per square foot per Lincoln Property Company's latest Cambridge Office & Lab Market Report. “[Cambridge] is arguably the center of the universe for Life Sciences and the home obviously of Harvard and MIT universities, said Peter Palandjian, Chairman & CEO of Intercontinental, in a prepared statement. “Now more than ever, it has become an incredibly vibrant and energetic market.”
Oxford Properties acquiring Leather District garage for nearly $40 million
Oxford Properties will reportedly acquire the parking garage at 125 Lincoln Street in the Leather District, a 0.64-acre property with significant development potential located steps to South Station, for nearly $40 million. According to The Real Reporter, Oxford has emerged as the winning bidder amongst a number of developers who bid to acquire the garage, brokered for sale by Newmark Grubb Knight Frank and sold by Intercontinental Real Estate Corporation. The sale would amount to nearly $345.95 per existing building square foot and $62.5 million per acre. Intercontinental acquired the garage in August 1996 for $6 million, amounting to $51.89 per existing building square foot and $9.375 million per acre. Oxford has not yet closed on its' acquisition of 125 Lincoln Street.
Intercontinental expands Allston campus with $3.7 million land acquisition
Real estate developer and investor Intercontinental Real Estate Corporation has expanded its’ Allston headquarters campus to 1.1 contiguous acres with the acquisition of 0.8 acres from Harvard University for nearly $3.7 million. The land’s exact sale price is $3,665,000, amounting to over $4.5 million ($4,581,250) per acre. The land acquired, located between Soldiers Field Road and Western Avenue, is primarily comprised of surface parking, with an 8,550 square foot commercial building facing Western Avenue.
Leather District garage with prime redevelopment potential offered for sale
Intercontinental Real Estate Corporation is selling the existing 115,625 square foot parking garage at 125 Lincoln Street in the Leather District, a site at which existing zoning would permit up to 223,880 square feet of mixed-use development. Existing lease termination options would allow a potential development to begin in 2018.
According to a report by The Real Reporter, 125 Lincoln Street's sale price could approach $40 million. Intercontinental acquired the garage in August 1996 for $6 million. The garage includes upper-floor office and ground-floor retail space in addition to parking. 125 Lincoln Street yields a Net Operating Income (NOI) of $2 million; office and retail space is 100% leased.
Intercontinental Real Estate Corporation buys East Cambridge buildings for $304 million
Canal Park Cambridge, a 428,000 square foot development consisting of three office and retail buildings located along Lechmere Canal Park in East Cambridge, has reportedly sold for $304 million. The sale was reported this morning by The Boston Globe. Deeds were recorded in the Middlesex South Registry of Deeds this afternoon for 1 and 2 Canal Park; the sale of 10 Canal Park has not yet closed. 1 Canal Park sold for $72,260,800; 2 Canal Park sold for $154,371,200. A locus map of Canal Park Cambridge is posted above.
Canal Park Cambridge's buyer is Intercontinental Real Estate Corporation of Boston. The seller, Beacon Capital Partners, acquired the development in 2014 for nearly $170 million. Key tenants at Canal Park Cambridge include CarGurus (48,000 square feet), HubSpot (60,000 square feet) and Philips (48,000 square feet).
The following is the deed for today's sale of 1 Canal Park:
The following is the deed for today's sale of 2 Canal Park:
More information about Canal Park Cambridge is posted below.