BURLINGTON, MA—The Gutierrez Co. has sold the second fully-leased office building leased by Keurig Green Mountain, Inc. here to Cole Office & Industrial REIT Inc. of Phoenix for $119.8 million.

The 53 South Ave. building is the second phase of a two-phased project. The property also includes 63 South Ave. Both buildings are fully leased and occupied by Keurig Green Mountain. Phase I, 63 South Ave., was completed in 2013 and totals 150,700 square feet of office/R&D space. Phase II, 53 South Ave., encompasses 280,560 square feet of office space and an 875-space parking structure. The 63 South Ave. building was also sold to the Cole Office & Industrial REIT (CCIT II) last year for $39.4 million.

A Cushman & Wakefield team, led by president Robert Griffin, vice chairman Edward Maher, executive director Matt Pullen and executive vice president Michael Frisoli, oversaw the transaction of the recently constructed facility. VEREIT, Inc., formerly American Realty Capital Properties, completed the transaction on behalf of CCIT II. VEREIT owns and actively manages a portfolio of retail, restaurant, office and industrial real estate assets with a total asset book value of $20.3 billion, including approximately 4,650 properties totaling 102 million square feet. Additionally, VEREIT manages $6.1 billion of gross real estate investments on behalf of Cole Capital's non-traded REITs.

Cushman & Wakefield also brokered the 2014 sale of 63 South Ave. Earlier this year, Keurig Green Mountain signed a nearly 42,000-square-foot lease at 201 Burlington Road in Bedford, MA for its office, research and development functions. C&W was a broker in that transaction along with Transwestern | RBJ.

The company that specializes in the manufacturing and sales of specialty coffee, coffee makers, teas and other beverages, is headquartered in Waterbury, VT. However, it previously relocated its brewer research and development and professional services operations from Vermont to Burlington, MA.

“Prominently located at the juncture of Route 128 and Route 3, the campus offers a desirable combination of exceptional access and high visibility,” says Cushman & Wakefield's Pullen, who says the 53 South Ave. property was under contract since last summer while it was still under construction. The property boasts LEED Gold certification and is the fourth project in Burlington that the Gutierrez Co. has completed under the LEED program.

Doug Fainelli, vice president of operations for the family-owned the Gutierrez Co. says the properties were initially built on spec, but were committed for by Keurig Green Mountain in total prior to completion of the first phase.

With the sale of the two properties, Fainelli says that the Burlington, MA-based firm, which currently owns and manages a portfolio of approximately 4 million square feet of predominately office product in suburban Boston, is now looking for new build-to-suit opportunities.

“The market in and around Boston is very strong right now and there are several opportunities that exist today,” he says. Fainelli adds that the firm is in negotiations with several groups about long-term build-to-suit arrangements on a number of sites.

“We hope to be in a position to announce some news later this year,” Fainelli says of the firm's discussions regarding build-to-suit deals.