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Massachusetts

Elysian-Watertown-Square
DevelopmentMassachusettsMultifamilyNortheast

Joint Venture Breaks Ground on 142-Unit Multifamily Project in Watertown, Massachusetts

by Taylor Williams

WATERTOWN, MASS. — A joint venture between New York City-based developer O’Connor Group, real estate private equity firm FrontRange Capital Partners and Japanese construction company Takenaka Corp. has broken ground on a 142-unit multifamily project in Watertown, a western suburb of Boston. Elysian Watertown Square will be a five-story building with retail space, and 15 percent of the units will be reserved for households earning between 65 and 80 percent of the area median income. Amenities will include a fitness center, coworking space, pet care spa and two rooftop terraces. ICON Architecture designed the project, and Dellbrook | JKS will be the general contractor. Completion is slated for summer 2026.

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Affordable HousingDevelopmentLoansMassachusettsMultifamilyNortheast

MassHousing Provides $25M in Financing for Consolidation, Renovation of Boston Affordable Housing Properties

by Taylor Williams

BOSTON — MassHousing has provided $25 million in financing for the consolidation and renovation of two affordable housing properties in Boston. The borrower, Affordable Housing & Services Collaborative Inc., will combine the 46-unit Columbia West Apartments and the 45-unit Uphams Corner Market in the city’s Dorchester neighborhood into a 91-unit property that will be known as Columbia Uphams Apartments. The properties were built in 2005 and 1926, respectively. The financing includes $3.9 million in permanent debt, a $20 million construction loan and $1.1 million in subordinate financing. Planned improvements include upgrades to building envelopes via new windows and doors, as well as new roofs, HVAC systems, appliances, faucets, showerheads, toilets, lighting and security systems. Units will also receive new kitchen and bathroom cabinets, countertops and flooring, and elevator systems will be modernized.

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AcquisitionsIndustrialMassachusettsNortheast

Marcus & Millichap Arranges $5.7M Sale of Industrial Flex Building in Greater Boston

by Taylor Williams

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.

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Residences-at-Stevens-Pond-Saugus-Massachusetts
AcquisitionsMassachusettsMultifamilyNortheast

Waterton Buys 326-Unit Apartment Community in Saugus, Massachusetts

by Taylor Williams

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.

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AcquisitionsMassachusettsNortheastRetail

Atlantic Capital Partners Arranges Sale of 79,299 SF Grocery Store in Metro Boston

by Taylor Williams

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.

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Burlington-Mall
DevelopmentMassachusettsNortheastRetail

Simon Completes 130,000 SF Redevelopment Project at Burlington Mall in Metro Boston

by Taylor Williams

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.

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AcquisitionsMassachusettsMultifamilyNortheast

Coldwell Banker Arranges $5.7M Sale of Multifamily Development Site in Somerville, Massachusetts

by Taylor Williams

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.

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11-Malcolm-Hoyt-Drive-Newburyport-Massachusetts
AcquisitionsIndustrialMassachusettsNortheast

Marcus & Millichap Brokers $4.2M Sale of Industrial Building in Newburyport, Massachusetts

by Taylor Williams

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.

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Trident-Logistics-Center-Revere-Massachusetts
DevelopmentIndustrialMassachusettsNortheast

Link Logistics, Saracen Properties Break Ground on 367,000 SF Industrial Project in Metro Boston

by Taylor Williams

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.

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AcquisitionsHospitalityLoansMassachusettsNortheast

JLL Arranges Sale, Financing of Two Hotels Totaling 238 Rooms in Devens, Massachusetts

by Taylor Williams

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.

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