SPRINGFIELD, MASS. — Regional brokerage firm Atlantic Capital Partners (ACP) has negotiated a $10.2 million sale of Boston Commons Plaza, a 103,494-square-foot shopping center in the Western Massachusetts city of Springfield. Boston Commons Plaza was 98 percent leased to six tenants at the time of sale, with Kohl’s serving as the anchor. Justin Smith, Chris Peterson, Danielle Turpin and Matt Ericson of ACP brokered the deal. The buyer and seller were not disclosed.
BILLERICA, MASS. —Berkeley Garbe, a Boston-based developer that is a joint venture between Berkeley Investments and German real estate company GARBE, is underway on construction of a 150,000-square-foot life sciences project in Billerica, located northwest of the state capital. The site spans 23 acres at 161 Concord Road, and the new building will support manufacturers in industries such as aerospace, robotics, medical devices, semiconductors, computer hardware and battery technologies. Building features will include a clear height of 28 feet and 264 car parking spaces. Avison Young is the leasing agent for the project. Construction began in June and is expected to be complete next spring, and Berkeley Garbe has since received an additional $35.4 million in financing for the project from MetLife Investment Management. Andrew Kaeyer led a capital markets team at Hunneman that arranged the debt of behalf of the developer.
BOSTON — The Community Builders (TCB) and the Boston Housing Authority (BHA) have completed a 223-unit multifamily redevelopment project in the state capital’s Jackson Square neighborhood. The project represents Phase I of the redevelopment of the Mildred C. Hailey Apartments and replaced 253 existing units with two six-story buildings that house 223 units. Specific income restrictions were not disclosed, but the residences comprise 91 “deeply affordable” units and 132 units of “affordable and moderate income housing.” The first phase of the redevelopment also featured the construction of a new, 6,800-square-foot community center named in honor of Anna Mae Cole, a transformational tenant leader, as well as 1,520 square feet of commercial space.
PROVINCETOWN, MASS. — Nonprofit developer The Community Builders (TCB) has broken ground on Province Post, a 65-unit mixed-income housing project that will be located in Provincetown, situated at the tip of Cape Cod. The building’s affordable housing component will be for renters earning from 80 percent to below 30 percent of the area median income. Units will come in studio, one-, two- and three-bedroom floor plans. A tentative completion date was not announced.
MEDFORD, MASS. — Locally based brokerage firm ABG Commercial Realty has negotiated the $8 million sale of a 28,600-square-foot industrial building in Medford, a northern suburb of Boston. The building at 118 Mystic Ave. was fully leased to Verizon at the time of sale. Bernard Gibbons of ABG Commercial represented the buyer, Empire Management, in the transaction. The seller was local development and investment firm Marcus Partners.
ANDOVER, MASS. — AdvanCell has signed a 128,000-square-foot life sciences lease in the northern Boston suburb of Andover. The clinical-stage radiopharmaceutical company will occupy the entirety of the building at 1 Corporate Drive, which is located within Innovation Park, a 340,000-square-foot development. The deal brings Phase II of Innovation Park, which is owned by life sciences REIT IQHQ, to full occupancy. Information on third-party brokers who were involved in the lease negotiations was not disclosed.
WOBURN, MASS. — Kadima Industrial Partners has purchased a 62,500-square-foot building in Woburn, a northern suburb of Boston. The shallow-bay building at 215 Salem St. features 16 loading docks, a clear height of 17 feet and 90-foot truck court depths. Tommy Hovey, David Coffman and Michael Restivo of JLL represented the undisclosed seller in the transaction. Ryan Parker, also with JLL, arranged acquisition financing for the deal through Webster 5 Cent Savings Bank. The building was leased to eight tenants at the time of sale.
BEDFORD, MASS. — Affinity Group Food Service NE has signed a 13,000-square-foot office lease in Bedford, a northwestern suburb of Boston. The food-and-beverage sales and marketing company will relocate its headquarters this fall from Lawrence to Bedford Woods, a two-building, 330,000-square-foot complex that was developed in 2001. Cummings Properties owns Bedford Woods.
NORWOOD, MASS. — Colliers has arranged the $44.5 million construction loan for a 145-unit multifamily project in Norwood, located southwest of Boston. The site is located at 259 Lenox St., and the new five-story building will offer studio, one- and two-bedroom units, 20 percent of which will be earmarked as affordable housing. Amenities will include an outdoor pool, fitness center, golf simulator, coworking spaces and grilling and dining stations. Patrick Boyle, Matt Lombardi Jr. and Rose Liu of Colliers arranged the loan through Beacon Bank on behalf of the developer, Tremont Asset Management.
SHREWSBURY, MASS. — Industrial Commercial Properties (ICP) has acquired a 680,000-square-foot industrial campus in Shrewsbury, located in Worcester County. The development at 65 Chestnut St. consists of two buildings that were built in the 1980s. According to LoopNet Inc., the buildings feature clear heights of roughly 21.5 to 28.5 feet. In addition, the campus has the electrical capacity to support up to 15 megawatts of power. ICP plans to reposition the campus to support manufacturing usage and has already received zoning approval for that initiative. The seller and sales price were not disclosed.
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