Harmon Cove Building Draws Over 50 Offers, Sells for $11.5M

One Harmon Plaza, a nearly 200,000-square-foot office building in Secaucus, NJ officially sold a couple of weeks ago as a group headed by Woodland Park-based Mountain Development Corp. purchased the property for $11.5 million. Mountain Development acquired the 10-story property from New Boston Fund Inc., Mountain Development President Michael Seeve said in a statement. Mountain Development bought the property with a partner, a fund managed by PCCP LLC, a Los Angeles-based real estate investment firm. There were more than 50 signed letters of interest before the recent sale, with 18 tours of the property and 11 firm offers made before Mountain Development's was accepted.

"One Harmon Plaza provides a solid value-add opportunity for new ownership in terms of the ability to lease up and re-position the building at competitive rents," said David Bernhaut of Cushman & Wakefield, which brokered the deal.

"The sponsor's business plan, the property's significant upside and the attractive basis drew considerable attention from a variety of institutional and private equity funds," added John Alascio of C&W's equity team.

The Jersey Journal, owned by Advance Publications, moved from its nearly 90-year-old headquarters at 30 Journal Square, Jersey City, to One Harmon Plaza in January. The newspaper relocated to the 10th floor of its new location, taking 10,000 square feet.

For more news and information visit Blumberg Capital Partners.

Cambridge Office Property Sold for $13.6M

An investment fund run by New York-based O’Connor Capital Partners has purchased 70 Fawcett Street in Cambridge, Mass. for $13.6 million according to a Boston Business Journal article. New Boston Fund originally acquired 70 Fawcett Street through its Fund VI in two phases. In 2003, Level 3 Communications sold New Boston the 4.9 acres of land and its interest in a ground lease. In 2005, New Boston then acquired the leasehold interest which included the 141,000-square-foot building.

"The sale of 70 Fawcett Street to O’Connor Capital Partners aligns perfectly with our disposition strategy," said Tim Medlock, President of New Boston Fund. "We felt it was an appropriate time to sell this property and we are confident that it will provide the perfect site for their planned residential development."

The sale was negotiated between New Boston Fund and Cabot, Cabot & Forbes on behalf of the buyer.

For more news and information visit Blumberg Capital Partners.

KS Partners Buys Building from New Boston Fund

KS Partners announced this month that is had successfully acquired 33 Boston Post Road in Marlborough, MA for $8.15 million from New Boston Fund according to a Boston Business Journal article. The purchase price reflects a value of $72 per square foot on the 6-story, 113,050 foot office buiding. Avidia Bank, a community bank based in Hudson MA, provided the acquisition financing and a funding facility for future capital improvements & leasing costs. The property was last purchased in 2000 for $12 million.

33 Boston Post Road , at the intersection of Boston Post Road and Northboro Road just west of the intersection of Route 495 and Route 20, was constructed in 1986 and caters to small to medium-sized tenants. The property is supported by strong retail, restaurant and hotel amenities, along with on-site amenities including a cafe and fitness center. The property also includes two annex buildings totaling 6,702 square feet. The building is currently 70% leased with major tenants including ECC, BayPath, Forefield and the Law Offices of Gary H. Kreppel.

"What we're seeing in the market is small-tenant growth," said Richard M. Griffin, senior vice president and director of investments at KS Partners. Most are companies already in the market that "are in need of expansion space," he said.

For more news and information visit Blumberg Capital Partners.