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The Cleveland-based privately-held real estate investment management firm, is the new owner of the 417,513-square-foot complex that is currently 87% leased to nine tenants with a weighted average lease term of five to seven years.
Harbor, which is headquartered in Norfolk, VA and has offices in New York City, Baltimore and Israel, closed on the sale on the 100,700-square-foot three story office building on July 25, according to commercial brokerage firm CBRE.
The hotel investment and management firm has acquired and will operate the 127-room Courtyard by Marriott Madison East, the 130-room Fairfield Inn & Suites Madison East and the 115-room Hampton Inn Madison East Towne Mall Area.
Brechner joins Colliers with more than 35 years of experience leading companies with revenues in excess of $10 million. For the past 20 years he led ventures within the analytical laboratory and quality assurance industry.
Constructed in 1987, Morristown North Commerce Center is a two-story property that spans 14 acres. It currently has 32,997 square feet of office/lab/cleanroom space and 14,322 square feet of office space available for lease.
The property is located in the Saint Paul Opportunity Zone segment and when completed Waterford Bay will be one of the first Opportunity Zone projects in St. Paul.