Worcester Business Journal

wbjournal.com | November 21, 2016 | Worcester Business Journal 7 W R E A L D E A L Real Deal highlights recent commercial property transactions in Central Massachusetts. Commercial real estate firms that want to submit information on transactions can send it to editorial@wbjournal.com. Source: Lowe Enterprises Investors — Compiled by Sam Bonacci, Worcester Business Journal digital editor ADDRESS: Residence Inn, 400 Staples Dr., Framingham. AREA: 125-suites, 87,725 square feet SALE PRICE: $18,051,600 SELLER: Hersha Hospitality Trust BUYER: Lowe Enterprises Investors (LEI) The five-story hotel in Framingham underwent a complete renovation in 2014. LEI will implement some additional infrastructure, common area and guest room upgrades. It was sold along with a second Residence Inn at 275 Norwood Park South in Norwood that went for $14,049,900. HOST YOUR HASSLE-FREE PARTY WITH AUSTIN LIQUORS DELIVERY VIA DRIZLY Order through the Drizly app or visit www.drizly.com Mercantile Center secures three leases Franklin Realty Advisors has been busy this month securing leases for Worcester's Mercantile Center, nabbing an extension, an expansion and a new tenant in the form of commercial real estate firm Kelleher and Sadowsky. Kelleher & Sadowsky Associates, Inc., the office-leasing agent for Mercantile Center, is moving its headquarters to 120 Front Street in early 2017. The firm will phase into 7,380 square feet over a three-year period, according to Franklin Realty. Sheehan's, the Rhode Island- based office furniture dealer, will take a portion of the KS space for a showroom. UMass Memorial Health Care has expanded its commitment to the down- town buildings by more than 20 percent, according to Franklin, expanding its 74,599-square-foot lease by an addi- tional 17,688 square feet in 2017. UMass Memorial Health Care had previously announced it would bring 500 informa- tion-technology employees downtown as part of the previous lease agreement. The Worcester District Registry of Deeds is located in 100 Front Street and is extending its lease for five years. Mercantile Center is a joint venture of Franklin Realty Advisors and Great Point Investors LLC. The project encom- passes the redevelopment of two office towers at 100 and 120 Front Street; three commercial or retail opportunities at 90 and 110 Front Street and 2 Mercantile Street; and a 1,647-space structured parking garage. The non-parking prop- erties total 636,000 square feet of space, including 200,000 vacant square feet. GE undertaking $7M Westborough expansion GE Healthcare Life Sciences, which this year moved its U.S. headquarters to Marlborough, will expand its single-use technology manufacturing facility in Westborough, which GE said will triple clean room capacity. The expanded site, a $7-million undertaking, will triple the produc- tion-dedicated clean room capacity at Westborough and include installation of automated production lines. The expansion will also include training for 300 employees. $2M Northborough non- profit project unveiled A $2-million expansion of a Northborough commercial property handled by a Boylston architecture firm has its grand opening in November. The 30,000-square-foot building is owned by Attleboro-based Amego will provide services for adults with disabili- ties. The company acquired the building two years ago for $1.65 million. William J. Masiello Architect Inc. of Boylston that handled the project. Sutton man fined $600K for foreclosure scam A Sutton man involved in the opera- tion of a group of businesses that falsely advertised themselves as nonprofit fore- closure prevention organizations has been ordered to pay more than $600,000 for soliciting and spending illegal advance fees received from distressed homeowners, Attorney General Maura Healey has announced. Gailon Arthur Joy of Sutton was found liable in court for 68 violations of the Massachusetts Consumer Protection Act. According to the AG's office, Joy induced homeowners to give deposits of up to 25 percent of their gross monthly incomes, claiming the deposits were nec- essary to be eligible for federal and other mortgage relief programs. The business- es portrayed themselves as tax-exempt, nonprofit organizations, according to the AG, but operated like for-profit busi- nesses, seeking financial gain for their officers and directors. The order requires Joy to pay more than $600,000, including $367,371 in restitution, $170,000 for civil penalties and $65,535 in attorneys' fees and costs. Joy is prohibited from providing foreclo- sure-related services, serving as an escrow agent or accepting deposits from consumers for any goods or services. GE Healthcare

• Cover