Construction
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| The Carle Foundation Hospital started construction in Urbana, Il on its $220M, 375,350 SF patient care tower for the Carle Heart and Vascular Institute designed by Boston's Shepley Bulfinch to be built by Pepper Construction. The new facility will include space for advanced technology, better direct patient care, and most importantly, a modern, comfortable environment for patients and their families. The tower will replace buildings from the ?60s and ?70s.***Philadelphia University broke ground Friday on the new $20M, 38.5k SF College of Design, Engineering, and Commerce designed by Boston-based Shepley Bulfinch. The technology-rich facility will include flexible space for studios, seminars, conference meetings, and team projects that can be reconfigured as projects and curricula evolve. The building features a two-story forum for design exhibits, presentations, large lectures, and social events. The metallic clad structure will be LEED Silver. Sales Federal Partners, operated by Boston-based Spaulding & Slye, is an affiliate of Jones Lang LaSalle, purchased 540 Gaither Rd in Rockville, Md for $35.2M from Seaton Benkowski & Partners. The 134k SF building, known as The Eisenberg Building, was completed in ?03 and is the HQ for the Agency for Healthcare Research and Quality of the US Department of Health and Human Services. Fully leased, it is one of three buildings in the Redland Corporate Center next to the King Farm Development. *** |
| Dinosaur Capital Partners , in a JV with The Grossman Cos, acquired the Braintree Executive Park for a discounted payoff of $6.9M ($55/SF) just under 50% of the balance of the prior $14.3M mortgage with Brookline Savings Bank. The bank also provided a new $8.3M mortgage for acquisition, tenant improvements, and capital improvements. Dinosaur plans to upgrade lobbies, corridors, bathrooms, systems, exteriors, signage, and landscaping and hired Jones Lang LaSalle to handle the leasing. Even at 60% leased, Dinosaur says the asset has strong current cash flow.*** |
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| Parsons Commercial Group purchased 24 Joy St on Beacon Hill for $1.2M or $481/SF. The seller was 24 Joy Street LLC, controlled by Boston developer Joseph Fallon of The Fallon Co. Boston Realty Advisors represented both the buyer and the seller. The property, built in 1899, has six residential units and one retail space.Finance CIL Realty of Massachusetts, an affiliate of Corporation for Independent Living, has received $12M in tax-exempt bonds from MassDevelopment. It will use the proceeds to acquire, build, and/or renovate 13 properties to convert them into licensed community-based group homes for disabled individuals in Abington, Athol, Barre, Belchertown, Easthampton, Hadley, Holden, Monson, Tewksbury, Ware, and Westborough. People Jordanna Ferreira has joined The Davis Cos as CFO and chief compliance officer. A seasoned real estate fund management professional, Jordanna has deep experience working in growth-oriented companies such as Davis. She will oversee all aspects of the company's financial activities, including debt and equity financing, investor reporting, capital markets strategies, risk management, information technology, and human resources and will play a key role in supporting The Davis Cos? ongoing development. |
