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The property was part of a multi-property acquisition strategy, across multiple states, to fulfill the buyer's 1031 exchange requirement, Hanley Investment Group Real Estate Advisors states.
CBRE/New England, combined with the Purpura-led team, manages more than 100 million square feet of commercial property and corporate facilities and has more than 1,200 employees.
North Ranch Gateway was originally built in 1989 and recently underwent significant renovations, according to the Sterling Organization. The property was purchased on behalf of Sterling Organization's recently launched institutional fund, Sterling Value Add Partners III, LP.