Center Court Partners Pays $80M for Boston Globe HQ

The Boston Globe announced that it is selling its 16.5 acres of offices in Dorchester, which currently serves as their headquarters, to move back to downtown Boston. According to a Boston Magazine report, New York-based Center Court Properties will pay $80 million for the 815,000-square foot facility. An earlier deal for the site with Winstanley Enterprises, a Concord development firm, fell through in February. Boston Globe Media Partners (BGMP) chief executive Mike Sheehan said that the company will move its editorial and business operations to the second and third floors of the Exchange Place complex at 53 State St. on Jan. 1, 2017. Terms and representation were not disclosed, but BGMP announced in 2014 that it had hired Colliers International to negotiate the sale and transition for the press giant.

"We believe, first and foremost, that there is a bright, shining future for high-quality journalism in the region," Sheehan said in an interview. "We're moving people to where they will be closer to the stories and where they can access the stories on foot. That sends an important message."

The 3-story property at 135 William T Morrissey Boulevard currently houses all of the paper's editorial, advertising and administrative departments, along with all of its production facilities and ample parking. The site is located not far from the University of Massachusetts at Boston and the John F. Kennedy Presidential Library and Museum, with visibility to commuters on the Southeast Expressway and a short walk to the Red Line.

A city master plan for Columbia Point has identified the Globe as a prime parcel for mixed-use redevelopment— a plan endorsed by Mayor Marty Walsh. "If it is tasteful and done right, mixed-use on that site would be important with a component of housing and a component of economic development, whether it's an office building or retail park," said Walsh.

For more news and information visit Blumberg Partners.

Albany Road Buys Industrial Portfolio

Boston-based Albany Road Real Estate Partners has purchased a portfolio of seven industrial properties in Connecticut from Massachusetts commercial landlord Winstanley Enterprises for $35.2 million. Totaling 330,000 square feet, the seven-building portfolio consisting of the Inwood and WinBrook business parks was purchased by Winstanley in 2003 and 2008 respectively. The CBRE Hartford Capital Markets team of Patrick Mulready and John McCormick represented Winstanley in the deal; Albany Road's representation was not disclosed.

The four buildings Winstanley sold at 30, 50, 65 and 70 Inwood Road total 161,883 square feet and are fully leased to tenants, including Henkel, HESCO, NuMotion, Physicians for Women's Health and ALARM New England, brokers said. Demian Gage, CFO of Winstanley Enterprises, commented on the disposition saying, "The team at CBRE did a great job conducting a thorough marketing process. They provided exceptional advisory services throughout the process and played a key role in closing a complicated, multi-building sale."

Pat Mulready, Senior Vice President at CBRE/New England, also commented on the sale saying, "The Portfolio was well-positioned for sale by Winstanley, with a diverse, strong credit-tenant rent roll; enabling Albany Road RE to acquire an institutional-quality group of assets to add to their growing Connecticut portfolio."

For more news and information visit Blumberg Partners.

Equity One Acquires 6 Properties for $303M

Equity One announced this week that it had acquired, or is under contract to acquire, four properties for a total investment of $260 million; today, The Commercial Observer reported two additional properties were under contract, bringing the total investment to $302.5 million for the shopping enters in he New York Metropolitan Region and Bethesda, Maryland. "These acquisitions are consistent with our strategy of owning retail properties in urban markets with visible growth through contractual rent increases, below market rents and redevelopment opportunities," said Jeff Olson, CEO of Equity One.

The properties include:

Westwood Complex, a 22-acre property located in Bethesda, Maryland under contract with Capital Properties. The transaction is initially structured as a $95 million mortgage loan which has been funded.

Clocktower Plaza, a 78,820 square foot shopping center located in Queens, NY, for $56 million from Winstanley Enterprises.

Equity One finalized the acquisition of a Heyman Properties portfolio of three properties in Connecticut: Darinor Plaza at 500 Connecticut Avenue in Norwalk, Post Road Plaza at 400 Boston Post Road in Darien and Compo Acres at 380-400 Post Road in East Westport.

The company also closed on the purchase of two previously announced acquisitions, Darinor Plaza and 1225 Second Avenue.

For more news and information visit Blumberg Capital Partners.