X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NORWOOD, MA-Intercontinental Real Estate Corp., a Boston-based development firm, purchased 575 University Ave. for $8.6 million from Trammell Crow Co. The acquisition was made on behalf of Intercontinental Real Estate Investment Fund III LLC, a $300 million private equity real estate fund offered by Intercontinental.

Intercontinental says the property represents an opportunity to invest in an asset that is presently generating “attractive” current return and has the potential to appreciate capital through what it calls a “moderate degree” of asset repositioning.

Peter Palandjian, chairman and CEO of Intercontinental, says, “We are continually focused on our acquisition program to find the right property for our investors. 575 University Ave. is an excellent property and will provide our investors with attractive current returns.”

The building is 100% leased to three public-credit tenants and has averaged 94% occupancy over the past five years. Leases aren’t due to expire until mid-2006.

Intercontinental expects to invest approximately $600 million in Fund III’s core plus strategy targeting major US markets. This deal marks the seventh in a series of property acquisitions in areas such as Austin, Chicago, Boston, and Charleston, SC.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.