News:
Brokerage
Posted: April 23, 2008
Filippakos of Delta R.E. brokers $12.6m sale
Nick Filippakos of Delta Real Estate LLC negotiated the sale of Crossroads East located at 850-860-900-930 Straits Tpke.
The multi-tenanted retail/office complex is anchored by Bally's Total Fitness on one end, and UBS Financial Services on the other. It is located on 8.2 acres and is improved with four brick office/retail buildings that in total comprise 72,925 s/f.
The buyer, Anzaroot Acquisitions, LLC of N.J., purchased the property from CLPV, LLC on March 24th for $12.6 million.
Filippakos was the sole broker involved and the sale took 14 months to be completed.
The seller and buyer with the assistance of Filippakos went through a major fine tuning and restructuring within the complex and the sale further involved a commercial defeasance by the seller.
Crossroads East is nearly 90% occupied.
Delta Real Estate, LLC has been retained as the exclusive leasing agent for the property with 6,367 s/f office and 1,947 s/f retail space now available.
MORE FROM Brokerage
Goldberg of Spire Investments purchases Beverly portfolio for $9.2m
Beverly, MA Jay Goldberg, president and owner of Spire Investments has completed the purchase of four multifamily buildings. The 33-unit purchase amounted to a sale price of $9.2 million or $278,788 per unit. The properties are all located in downtown and consist of one- and two-bedroom units.
Quick Hits
Columns and Thought Leadership
The rise of AI in CRE - And what it means for every skilled profession - A broker & appraiser weighs in - by Bryan Plourde
This may seem self-serving, and I’ll be the first to admit it. But unlike some of the artificial intelligence tools now reshaping our industry, I am fully aware of my own bias. So, hear me out. The rise of AI in commercial real estate is not a distant threat or a speculative headline.
End of the year retail thoughts - by Carol Todreas
Now what? As the year comes to a close, the state of retail is always in the news. The answers vary greatly depending on who in the various related industries you ask, each offering a unique lens on the challenges and opportunities ahead.