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NORWOOD, MA-National Amusements, one of the world's largest movie theater owners, has inked a $9.4-million acquisition deal on a 64,542-sf building here. The transaction will allow the movie chain to temporarily relocate its corporate headquarters until construction is completed on its own facility at Legacy Place in Dedham.
Nat Kessler, with CB Richard Ellis/New England, tells GlobeSt.com the off-market transaction between National Amusements and Needham seller, Maric, Inc. provided the movie chain with a move-in condition building just miles from their present Dedham location.
"Their relocation provided an excellent opportunity for this corporate headquarters," says Kessler, adding that the property was vacant and available for lease when the deal was struck. The three-story class A office building at 846 University Ave. previously served as the corporate headquarters for New York Life Investment Management, which relocated to Westwood about 18 months ago.
National Amusements is expected to move into the property later this year prior to the start of demolition on its current headquarters at 200 Elm St. in Dedham. That building will be demolished to make room for Legacy Place, a $90-million, 735,000-sf lifestyle center set to be built on 40 acres of land at the junction of Routes 1 and 128. About 70 shops and boutiques along with at least eight restaurants and a 90,000-sf, 16-screen Cinema de Lux, which is National Amusement's premium theater brand, will be part of that development. The complex will also include a new 80,000-sf office complex for National Amusement's world headquarters.
"In looking for a temporary relocation in the interim, 846 University Ave. proved to be a great fit for a relatively seamless move, especially considering its close proximity in neighboring Norwood," says Joseph Flynn, with NAI Hunnemann Commercial, who negotiated the transaction on behalf of the buyer. Kessler and Steve Clancy, also with CB Richard Ellis/New England, handled the deal for the seller.
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