A joint venture of National Development and Angelo Gordon purchased an eight story, 61,783 s/f building at 263 Summer St. in the Fort Point Channel District from Paradigm Properties for $16.1 million. The acquisition adds to a portfolio of five buildings and a parking lot for a total of 394,000 s/f owned by National Dev. and Angelo Gordon thereby making the venture partners among the largest owners in the Fort Point Channel area.
The building is located on the corner of Summer and Melcher St. within one-half mile of South Station and has the landmark "Boston Wharf Co." sign on its roof.
The building is occupied by five tenants including International Racquet and Sports Club Asson., Millennium Computer, Clark Const., Vaultus Mobile, and Teknion. The leasing agent for the building is RBJ & Partners.
National Dev. has a capital improvement program targeted for the building which will include upgrades to the HVAC system and common areas, and repairs to the façade.
"This is a very complimentary building to the portfolio previously purchased in the Fort Point area and allows us to accommodate a wide range of tenant needs both from within our portfolio and from the market in general," said Brian Barringer, VP of acquisitions for National Dev.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid: