News: Front Section
Posted: September 22, 2017
JJManning Auctioneers to conduct auction of Reservoir Corporate Center - 9/27
Southborough, MA As part of a bid by Colony Realty Partners to restructure debt through the sale of an estimated $170 million in real estate held under Chapter 11 by their subsidiary CRP-2 Holdings AA LP, JJManning Auctioneers has been hired by U.S. Bank National Association as Trustee for the Registered Holders of J.P. Morgan Chase Commercial Mortgage Securities Trust to conduct an on-site Mortgagee’s Foreclosure Auction of the Reservoir Corporate Center at 144 Turnpike Rd./Rte. 9 at 11:00 a.m. on September 27. 
The 99,636 s/f Reservoir Corporate Center, tax assessed for $12.24 million, is the sole New England property in the $170 million portfolio comprised of 1.5 million s/f of real estate located in 6 office and 26 industrial buildings in the suburbs of Boston, Chicago, Northern New Jersey, and Washington, DC.
The 3-story Reservoir Corporate Center office building is set on 8.7 acres on Rte. 9 overlooking the Sudbury Reservoir and will be sold subject to all recorded leases. This commercial property is centrally located close to Rtes. 85, I-90/Mass.Turnpike and I-495 convenient to corporate offices, hotels, retail, Clark University, and more. Visit www.JJManning.com for property information and terms of sale.
Company president, Justin Manning said, “We are pleased at the level of activity on this particular asset. The CRE climate is extremely hot and shows no signs of decline. Our firm is excited to work on this project as the objective is to sell the asset to a third party and raise capital to pay down the overall debt.”
JJManning Auctioneers is currently accepting consignments for fall & winter of 2017 of commercial, industrial, and residential properties.
JJManning Auctioneers of Boston & Yarmouth Port has sold more than 16,000 commercial and residential properties across America since 1976. The firm provides expert marketing and transparent accelerated real estate sales at true market value, earning a reputation for integrity and results with satisfied sellers ranging from single individuals to Fortune 500 companies.
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