BILLERICA, MASS. — Marcus & Millichap has arranged the $5.7 million sale of a 40,000-square-foot industrial flex building in Billerica, a northwestern suburb of Boston. The building sits on a 2.9-acre site at 4 Federal St. and was fully leased at the time of sale to Boston Semi Equipment. Harrison Klein, Luigi Lessa and Mattias Edenkrans of Marcus & Millichap represented the seller in the transaction. Peter Kim of Berkshire Hathaway procured the buyer. Both parties requested anonymity. Miguel Encarnacion of NAI | Parsons Commercial Group was also involved in the transaction.
SAUGUS, MASS. — Chicago-based investment firm Waterton has purchased Residences at Stevens Pond, a 326-unit community in Saugus, approximately 10 miles north of Boston. Constructed in 2003, Residences at Stevens Pond consists of 25 three-story residential buildings and a clubhouse building. The community features one-, two- and three-bedroom units, including apartments, lofts and townhomes. Amenities include a pool and spa, outdoor pavilion with fireplace, fitness center, arcade, indoor half-basketball court and a golf simulator. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, Los Angeles-based investment firm JRK Property Holdings, in the transaction and procured Waterton as the buyer. The new ownership plans to renovate the unit interiors and common areas at the community. Planned updates include new quartz countertops, backsplashes and cabinets, as well as lighting and plumbing fixtures throughout.
MALDEN, MASS. — Locally based brokerage firm Atlantic Capital Partners has arranged the sale of a 79,299-square-foot Stop & Shop grocery store in the northern Boston suburb of Malden. The sales price was $26.2 million. The store is located within immediate proximity of the Malden Center MBTA station. Justin Smith, Chris Peterson, Sam Koonce and Danielle Donovan of Atlantic Capital Partners represented the seller in the transaction and procured the buyer. Both parties requested anonymity.
BURLINGTON, MASS. — Simon Property Group has completed a 130,000-square-foot redevelopment at Burlington Mall, located on the northern outskirts of Boston. The multimillion-dollar project added an outdoor park with green space and amenities, elevated wood elements and porcelain tile finishes throughout the center, as well as new seating and signage. The park features 30,000 square feet of space dedicated to wellness, beauty and dining for concepts including Sweetgreen, Sweathouz, All Eye Care Doctors, SkinMD and Caffe Nero. Almost 50 retailers and eateries were also added to the tenant roster during the redevelopment, including Uniqlo, lululemon, Vineyard Vines, Aritzia and Marc Jacobs.
SOMERVILLE, MASS. — Coldwell Banker Commercial Realty has arranged the $5.7 million sale of a multifamily development site at 13-17 Allen St. in Somerville, located just outside of Boston. The site spans a quarter-acre and is fully approved for the development of 40 rental units. Todd Glaskin and Gregg Leppo of Coldwell Banker represented the buyer, a local developer doing business as Somerville Allen Street LLC, in the transaction. Michael Kuritnik and Boris Kuritnik of Greenville Real Estate Group represented the seller, Kumo Capital.
NEWBURYPORT, MASS. — Marcus & Millichap has brokered the $4.2 million sale of a 38,500-square-foot industrial building in Newburyport, a northern suburb of Boston. The building at 11 Malcolm Hoyt Drive was originally constructed in 1986 and later expanded and was fully leased to Journeyman Press at the time of sale. Harrison Klein, Mattias Edenkrans and Luigi Lessa of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
REVERE, MASS. — A partnership between New York City-based Link Logistics Real Estate and locally based investment firm Saracen Properties has broken ground on a 367,000-square-foot industrial project in the eastern Boston suburb of Revere. The project represents Phase I of Trident Logistics Center, a 635,000-square-foot development that will be constructed on a speculative basis on a 23-acre site that is located about two miles from Logan International Airport and originally functioned as an oil tank farm. The Phase I building will feature a clear height of 40 feet and 60 loading docks. Gilbane Building Co. is handling construction, which is slated for a late 2025 completion.
DEVENS, MASS. — JLL has arranged the sale and financing of two hotels totaling 238 rooms in Devens, about 35 miles northwest of Boston. The 118-room Hilton Garden Inn Devens and 120-room SpringHill Suites Devens both offer indoor pools, fitness and business centers and meeting/event space. Alan Suzuki, Matthew Enright and Emily Zhang of JLL represented the seller, RA Ventures, in the transaction. Amy Lousararian and Hugh Doherty of JLL arranged acquisition financing on behalf of the undisclosed buyer(s). BankProv provided the loan for the Hilton Garden Inn, and Avidia Bank funded the acquisition of the SpringHill Suites.
WESTBOROUGH, MASS. — Marcus & Millichap has brokered the $4.8 million sale of Westmeadow Plaza, a retail center located in Westborough, roughly 35 miles west of Boston. Tenants at the 27,867-square-foot center include Papa Gino’s, H&R Block, Westborough Dentistry and Spices of India. Westmeadow Plaza’s tenant roster spans 15 users, and the property was fully leased at the time of sale. Evan Griffith, Tony Pepdjonovic and Brett Kilar of Marcus & Millichap represented the seller and procured the buyer in the transaction.
SALEM, MASS. — MassHousing has provided $22 million in financing for two affordable housing redevelopment projects in Salem, located north of Boston. The borrower, North Shore Community Development Coalition, will convert two former school buildings near the downtown area into affordable housing complexes that will add 61 units to the local supply. The building at 160 Federal St. will have 32 age-restricted units that will come in studio, one- and two-bedroom floor plans and will be reserved for renters earning between 30 and 60 percent of the area median income (AMI). The building at 13 Hawthorne Blvd. will house 29 units in the same formats that will be earmarked for households earning between 30 and 80 percent of AMI. ICON Architecture is leading design of the redevelopments, which will be known as Residences at St. James Place and Hawthorne Lofts, respectively. NEI General Contracting is leading construction, which is slated for a late 2025 completion.
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