REBusinessOnline

Colliers Negotiates 62,000 SF Industrial Lease in Peabody, Massachusetts

PEABODY, MASS. — Colliers International has negotiated a 62,000-square-foot industrial lease in Peabody, a suburb of Boston. Needham-based contractor Bowdoin Construction will convert the warehouse property into a printing facility for the new tenant, Spire Printing. Greg Klemmer, Tim Brodigan, Tim Allen and Dan Driscoll of Colliers represented the landlord, Boston-based Novaya Ventures, in the lease negotiations. John Cremmen of Boston-based Denenberg Realty Advisors represented Spire, which …

Boston Properties Opens 272-Room Hotel in Boston

BOSTON — Boston Properties has opened a 272-room hotel at The Hub on Causeway, a 2 million-square-foot mixed use development in Boston. Dutch brand citizenM will operate the hotel. The Hub houses direct connections to several entertainment and retail destinations in Boston, including the North Station transit line and TD Garden sports arena. California-based architecture firm Gensler designed the hotel, citizenM’s first property in the United States outside of New

Bell Partners Purchases 148-Unit Multifamily Community in Salem, Massachusetts

SALEM, MASS. — Bell Partners Inc., a North Carolina-based property investment and management company, has purchased Vinnin Square Apartment Homes, a 148-unit multifamily property in Salem, a city located northeast of Boston. The property, which will be renamed Bell North Shore, comprises two five-story buildings, 16 townhomes and two additional buildings containing six units each. Amenities include a fitness center, walking trails, tennis courts and a pool. The seller and sales price were …

TMC Holdings to Develop 50,000 SF Industrial Property in Franklin, Massachusetts

FRANKLIN, MASS. — TMC Holdings & Development LLC will develop a 50,000-square-foot industrial property in Franklin, about 30 miles southwest of Boston. Formerly the site of a glass recycling facility, the property is located in the Marijuana Overlay District with frontage on I-495. TMC Holdings plans to demolish the facility and build a 50,000-square-foot warehouse with 22 to 24-foot clear heights. Construction is slated to begin in fall 2019. John Eysenbach of R.W. Holmes represented TMC …

Fantini & Gorga Arranges $12.6M Loan for Affordable Housing Property in Lynn, Massachusetts

LYNN, MASS. — Fantini & Gorga has arranged $12.6 million in permanent financing for Marian Gardens, a 94-unit affordable housing multifamily property in Lynn, about 12 miles northeast of Boston. The property was built in the 1960s and includes two-, three- and four-bedroom townhouse units. Tim O’Donnell, Jason Cunnane and Lindsay Feig of Fantini and Gorga arranged the loan. The borrower and lender in the transaction were

Foundation Medicine Signs 580,000 SF Office Lease in Boston

BOSTON — Foundation Medicine Inc., a manufacturer of medical tests and supplies, has signed a 580,000-square-foot lease for laboratory and office space at 400 Summer Street in Boston. Massachusetts-based WS Development is currently developing the 16-story building, which will total 625,000 square feet, including 30,000 square feet of ground-floor retail. Foundation Medicine will move its headquarters to the building and occupy all of the laboratory and office space. WS Development expects to …

Fortis Receives $87.5M Construction Loan for Multifamily Property in Boston

BOSTON — Fortis Property Group has received an $87.5 million construction loan for LaGrange Street Residential Development, a 170-unit multifamily property in Boston. The project will include street-level retail. Apollo Global Management provided the loan. The property will offer studio, one- and two-bedroom apartments, 22 of which will be rented at below-market rates. Construction is underway, slated for completion in late 2021. Stantec is the architect of the project and Zarifi is the …

Dacon Corp. Completes 62,000 SF Headquarters Renovation in Kingston, Massachusetts

KINGSTON, MASS. — Local design-build firm Dacon Corp. has completed a 62,000-square-foot renovation project at the headquarters of the Sheehan Family Cos., a distributor of beer and spirits in the Northeast region. The property is located in Kingston, a city on the southeast coast of Massachusetts. Renovations expanded the facility by 47,000 square feet, adding more temperature-controlled areas, storage space and efficient distribution capabilities. Renovations to the existing facility …

NKF Brokers $10.2M Sale of Retail Center in Springfield, Massachusetts

SPRINGFIELD, MASS. — Newmark Knight Frank (NKF) has brokered the $10.2 million sale of Springfield Commons, a 182,400-square-foot retail center located in the southwestern Massachusetts city of Springfield. Walmart anchors the property, which also houses tenants such as Dollar Tree and Sonic. Geoffrey Millerd, Justin Smith, Paul Penman, Samantha Torto and Robert Griffin represented the undisclosed seller and procured the buyer, Paramount Realty Services

JLL Brokers $33.2M Sale of Data Center in Marlborough, Massachusetts

MARLBOROUGH, MASS. ­— JLL has brokered the $33.2 million sale of a 206,000-square-foot data center in Marlborough, located northeast of Worcester. The property, which also offers some flex space, is located at 34 St. Martin Drive. At the time of sale, the center was 95 percent leased. Data center tenants TierPoint and Crown Castle lease 85 percent of the property’s rentable square footage with a weighted average lease term of well over 10 years. Frank Petz, Matt Sherry and Tom Ragno of JLL …

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