Grander Capital Buys into MA Office Campus
- Oct 12, 2017
Campanelli has sold Heritage Point, a 160,912-square-foot office building in Quincy, Mass., to a joint venture of Grander Capital Partners and North Colony Asset Management. In a deal brokered by Newmark Knight Frank, the partnership paid $28.3 million for the property.
Built in 1988 and renovated in 2015, the property includes a reimagined boutique-like lobby, fitness center, conference areas and a full-service café with an exterior deck fronting the Neponset River. Additionally, the asset boasts floor plates ranging from 18,233 to 29,077 square feet.
Heritage Point is located at 108 Myrtle St., close to restaurants, banks, childcare and other businesses. The property is 85 percent occupied by seven different tenants and is anchored by healthcare union 1199SEIU. Other tenants include ClinEdge and GateHouse Media.
Newmark Knight Frank U.S. Head of Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen, Director James Tribble and Associate Director Samantha Hallowell, along with Executive Managing Director Michael Frisoli and Associate Director Tyler McGrail represented the seller in the transaction.
According to public records, the asset previously traded in 2014 for $8.6 million and is part of the three-building Heritage Landing complex.
“Heritage Landing’s dynamic location on the MBTA’s Red Line paired with our vision for a best-in-class office property proved to be a winning combination, appealing to transit-oriented tenants seeking a great value,” Campanelli Partner Dan DeMarco said in a prepared statement. “This is evidenced by the impressive percentage of tenants who relocated to Heritage Landing, including State Street Bank, ClinEdge and the Massachusetts Teachers Association, from Boston.”
Image courtesy of Campanelli