Calare Sells Leominster Industrial Building for $31.5M

Hudson, MA-based Calare Properties has sold 25 Tucker Drive in Leominster, MA to an entity listed as Key Mass LLC, according to Worcester County deed records. Calare originally purchased the single-story contiguous manufacturing, distribution and office space in December 2012 for $11.65 million; Calare's investment was a fraction of its replacement cost in a corporate disposition after sitting vacant for several years.

Located in the center of New England, the property has 28' ceiling heights, 43 dock doors and CSX rail service to the building providing direct loading into the distribution area. Bill Manley, Calare's Managing Partner and CIO, says, "It is a world class facility located in a very business friendly municipality, less than one mile from the interstate."

Built in 1982 with an addition in 1986, Calare invested $4 million in property upgrades after purchasing it in 2012, now selling the asset for nearly three times what it paid for the industrial building. Key Mass LLC bought the industrial building for $31.5 million this month, or roughly $53.57 per square foot. Key Mass LLC is managed by James Wiersma, a broker with Coldwell Banker Woodland-Schmidt in Holland, Michigan, according to Secretary of State records. Stan Johnson Co. represented Calare in the deal.

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Springfield Office Building Sold for $15.9M

Gladstone Commercial Corporation, a publicly-traded REIT based in McLean, VA, purchased a 78,421 square foot office building in Springfield, Missouri for $15.9 million this week. The property, built in 2006, was built-to-suit for T-Mobile, which has leased the property through 2021 with three options to renew for five year periods. Gladstone assumed an $11.6 million mortgage as part of the transaction. Stan Johnson Co. represented the buyer, an unnamed private investor, in the transaction.

"We are excited to add this property, and a strong tenant like T-Mobile, to our existing portfolio," said Buzz Cooper, the Gladstone's Managing Director responsible for the transaction. "This acquisition continues our plan for growth in 2011 and we are pleased to add this great property to our substantial list of quality investments," said Chip Stelljes, the Gladstone's President and Chief Investment Officer.

For more news and information visit Blumberg Capital Partners.

REIT Buys UN Building in NYC for $114M

Government Properties Income Trust, an REIT owning properties throughout the United States that are majorly leased to the government, has acquired the New York City building leased to the United Nations for $114 million according to a Bloomberg report. The 16-story property at 305 E. 46th St. was sold by Extell Development Corp. and the transaction was brokered by Stan Johnson Company and Williamson, Picket, Gross Inc.

"This property fits well within our business strategy of owning buildings leased to the government," said David Blackman, president and chief operating officer of Government Properties Income Trust. "We like it because of its Manhattan location and we believe that the UN will stay in this building long term."

The property, also known as the Albano Building, contains 187,060 square feet that is 100% leased to the United Nations per a deal inked in 2007. The building was designed by Frank S. Parker and built in the early 1950s, undergoing extensive renovations in recent years.

For more news and information visit Blumberg Capital Partners.