WRENTHAM, MASS. — Simon Property Group has welcomed four new tenants to Wrentham Village Premium Outlets, located near the Massachusetts-Rhode Island border. Shaquille O’Neal’s Big Chicken and bubble tea concept Gong Cha are now open, and athletic apparel brand Fabletics and children’s retailer Gymboree will open this summer. The roster at Wrentham Village Premium Outlets now totals more than 170 tenants.
LEOMINSTER, MASS. — Marcus & Millichap has brokered the $4 million sale of a 62,259-square-foot industrial building in Leominster, about 50 miles west of Boston. The building at 44 Mead St. features clear heights of 14 to 16 feet, eight loading docks and two grade-level doors. Harrison Klein of Marcus & Millichap represented the undisclosed seller in the deal. Nate Nickerson of Fieldstone Commercial represented the buyer, The Lexvest Group.
BOSTON — An affiliate of Wingate Cos. has completed the renovation of Forte at 1440 Beacon, a 136-unit apartment building in Boston’s Brookline neighborhood. The property was originally built in 1949, and the renovation entailed upgrades to the lobby, common areas, building exterior and mechanical and utility systems. The project team also enhanced existing amenities and added some additional recreational spaces and features. Dario Designs was the project architect, and Nauset Construction was the general contractor.
MEDFORD, MASS. — Locally based owner-operator The Davis Cos. has sold a 922-unit self-storage facility in Medford, a northern suburb of Boston. Davis acquired the facility at 970 Fellsway, which spans 80,995 net rentable square feet, in 2019 and subsequently implemented capital improvements, as well as a 297-unit expansion. Extra Space Storage operates the facility, which was 84 percent occupied at the time of sale. The buyer was a joint venture between Invesco Real Estate and Baranof Holdings.
BOSTON — Locally based owner-operator The Davis Cos. has sold a 491-unit self-storage facility in Boston’s Brighton neighborhood. Davis acquired the facility at 235 N. Beacon St., which spans 28,885 net rentable square feet, in April 2018 and subsequently implemented capital improvements, as well as a 56-unit, second-story expansion. Extra Space Storage operates the facility, which was 90 percent occupied at the time of sale. The buyer was a joint venture between Invesco Real Estate and Baranof Holdings.
BROCKTON, MASS. — MassHousing has provided $50 million in financing for an affordable housing redevelopment project in Brockton, a southern suburb of Boston. The financing consists of $28.2 million in permanent debt, $20.7 million in tax credit bridge financing and $1 million in Capital Magnet Fund financing. Santander Bank is financing construction. The property in question is Campello Apartments, a distressed public housing project that was originally built in 1972, and the redevelopment will involve the demolition of a single-story building and two existing Campello high-rise buildings totaling 398 units. The first of the project’s three planned phases will feature a seven-story building with 144 units that will be reserved for households earning between 30 and 60 percent of the area median income. Amenities will include a main lounge on the ground floor, as well as laundry, fitness and social gathering spaces. The Brockton Housing Authority and Cambridge Housing Authority are leading the redevelopment, with BWA Architecture handling design and Shawmut Construction serving as the general contractor. An expected completion date was not announced.
WESTWOOD, MASS. — Locally based investment firm The Grossman Cos. has purchased a 119,500-square-foot healthcare building in Westwood, located southwest of Boston. The building at 80 Wilson Way is fully leased to Beth Israel Lahey Health Inc. Grossman has appointed local brokerage and advisory firm KeyPoint Partners to manage the building. The seller and sales price were not disclosed.
MassHousing Provides $17.8M in Financing for Affordable Housing Project in Somerville, Massachusetts
SOMERVILLE, MASS. — MassHousing has provided $17.8 million in financing for a 43-unit affordable housing project in Somerville, located just outside of Boston. MassHousing also issued tax-exempt housing revenue bonds to finance the project, with TD Bank providing another $22.8 million in construction financing. The capital stack also includes $21.2 million in federal and state tax credits. The site at 24 Webster Ave. previously housed a vacant commercial building, which has since been demolished to make way for a six-story building that will have studio, one-, two- and three-bedroom units. Residences will be reserved for households earning between 30 and 60 percent of the area median income. The borrower is nonprofit organization Just A Start.
BOSTON — Newmark has arranged the $113.5 million sale of two retail properties in Boston’s Back Bay neighborhood. The properties are located at 4-6 and 28 Newbury St. and were custom-designed to house flagship stores of luxury retailers Chanel and Cartier, respectively. The Chanel store spans 10,328 square feet across two stories, and the Cartier store totals 18,942 square feet. Robert Griffin, Geoffrey Millerd and Paul Penman of Newmark represented the seller, ASG Equities, in the transaction. The team also procured the buyer, a joint venture between Acadia Realty Trust and Osiris Ventures. Alex Foshay, Victoria Radman, Casey O’Brien and Christian Reenstierna, also with Newmark, provided support on the deal.
EAST CAMBRIDGE, MASS. — Chicago-based financial services firm Mesirow has purchased a 20-story apartment building in East Cambridge, located across the Charles River from Boston. Built in 2015 within the 4.5 million-square-foot Cambridge Crossing mixed-use development, the building is known as Twenty20 and houses 355 units with an average size of 807 square feet, as well as 8,625 square feet of retail space. Residences come in studio, one-, two-, three- and four-bedroom floor plans. Amenities include a rooftop terrace, fitness center, yoga sundeck, a pet wash station, clubroom and a library. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, an undisclosed institutional investment firm, in the transaction and procured Mesirow as the buyer.
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