Southborough, MA Reservoir Corporate Center Auction
As part of a bid by
Colony Realty Partners to restructure debt through the sale of an estimated
$170 million in real estate held under Chapter 11 by their subsidiary CRP-2
Holdings AA LP, JJManning Auctioneers has been hired by U.S. Bank National
Association as Trustee for the Registered Holders of J.P. Morgan Chase
Commercial Mortgage Securities Trust to conduct an on-site Mortgagee's
Foreclosure Auction of the Reservoir Corporate Center at 144 Turnpike Rd./Rt. 9
in Southborough, MA at 11:00 a.m. on Wednesday, September 27, 2017.
The 99,636+/- square foot Reservoir Corporate Center, tax
assessed for $12,240,300, is the sole New England property in the $170 million
portfolio comprised of 1.5+/- million
square feet of real estate located in 6 office & 26 industrial buildings in
the suburbs of Boston, Chicago, Northern New Jersey, and Washington, DC.
The 3-story Reservoir Corporate Center office building is set
on 8.7+/- acres on busy Route 9 overlooking the Sudbury Reservoir and will be
sold subject to all recorded leases. This
high-profile commercial property is centrally located close to Routes 85,
I-90/MA Turnpike & I-495 convenient to corporate offices, hotels, major
retail, Clark University, and more. Visit
www.JJManning.com for property information and terms of sale.
Company President,Justin J. Manning reports, "We are
pleased at the level of activity on this particular asset. The CRE climate is extremely hot and shows no
signs of decline. Our firm is excited to
work on this project as the objective is to sell the asset to a third party and
raise capital to pay down the overall debt."
JJManning Auctioneersis currently accepting consignments for Fall & Winter of 2017 of commercial,
industrial, and residential properties. Visit
www.JJManning.com or call 800-521-0111 for details.
About The Company
JJManning Auctioneers of Boston & Yarmouth Port has
successfully sold more than 16,000 commercial & residential properties across
America since 1976. The firm provides expert marketing and transparent
accelerated real estate sales at true market value, earning a reputation for
integrity and results with satisfied sellers ranging from single individuals to
Fortune 500 companies.