WAYLAND, MASS. — Multifamily developer Wood Partners has broken ground on Alta at River’s Edge, a 218-unit apartment project in the western Boston suburb of Wayland. The property will offer one-, two- and three-bedroom units with stainless steel appliances, smart thermostats and private balconies. Amenities will include a clubroom, game lounge, fitness center, indoor golf simulator, a pool, fire pits and outdoor grilling stations. The opening is scheduled for summer 2022.
LAWRENCE, MASS. — Marcus & Millichap has brokered the sale of a 106,693-square-foot industrial building located at 65 Manchester St. in Lawrence, a northern suburb of Boston. The sales price was $3 million. The property is situated within a qualified opportunity zone about 1.7 miles from Interstate 93. Harrison Klein and Luigi Lessa of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties requested anonymity. The property, which was built around the turn of the 20th century and renovated in 2002, was sold via online auction in conjunction with Evan Koransky at Ten-X.
BRIDGEWATER, MASS. — Massachusetts-based design/build firm Dacon has completed a 23,500-square-foot cannabis cultivation facility in Bridgewater, located south of Boston. The project is a build-to-suit for Theory Wellness, a provider of medical and recreational cannabis products with operations in Maine and Massachusetts. The space includes two climate-sensitive growth labs, two extraction labs and a manufacturing area.
BOSTON — Bristol Myers Squibb has signed a 113,000-square-foot life sciences lease expansion at 250 Water St. at Cambridge Crossing, a 43-acre mixed-use project at the intersection of Cambridge, Somerville and Boston. The global pharmaceutical company is adding the remaining available space to its initial lease, which was announced in August of last year. Developer DivcoWest recently topped off the 480,000-square-foot building and expects to deliver it in 2022.
CHESTNUT HILL, MASS. — Berkadia has provided a $42.9 million Freddie Mac loan for the refinancing of Hancock Estates, a garden-style apartment community located in the western Boston suburb of Chestnut Hill. The property totals 88 units, according to Apartments.com. Hancock Estates offers one- and two-bedroom floor plans and amenities such as a community garden, resident lounge, fitness center and outdoor picnic areas. Robert Lipson of Berkadia originated the 15-year loan on behalf of the borrower, Massachusetts-based Chestnut Hill Realty.
BOSTON — IQHQ Inc., a developer of life sciences real estate with offices in Boston and San Diego, has begun construction on Fenway Center, a $1 billion project in Boston. IQHQ is co-developing the project with locally based firm Meredith Management. The initial phase of construction centers on the development of a 90,000-square-foot air rights deck that overlooks the Massachusetts Turnpike between Beacon Street and Brookline Avenue. The construction of the air rights deck will be the largest air rights structure built in Boston since Copley Place in 1980 and will take approximately 24 months to complete. Upon completion, Fenway Center will consist of more than 960,000 square feet of life sciences space with 10,000 square feet of retail space across two towers. Construction of the life sciences buildings is expected to be complete in early 2025. The campus will also feature 1.6 acres of landscaped green space and a parking garage that will be accessible from both buildings. The green space will include a large plaza and a public pedestrian walkway. The site is adjacent to BOWER, a new 312-unit luxury apartment complex that contains 38,000 square feet of amenity-oriented retail, the Lansdowne MBTA Commuter Rail Station, Fenway Park …
CAMBRIDGE, MASS. — MassDevelopment has issued $18.7 million in tax-exempt bond financing for Cambridge Housing Authority’s acquisition and renovation of Harry S. Truman Apartments, a 59-unit affordable seniors housing community in Cambridge. In addition to the tax-exempt bond financing, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $13.8 million in equity for the project. Boston Private Bank purchased the bonds.
NORWOOD, MASS. — Newmark has arranged the $105 million sale of One Investors Way, a 54-acre office campus in Norwood, located southwest of Boston. The site houses a 236,566-square-foot office building that is primed for repositioning, as well as land for new development. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and Will Sleeper of Newmark represented the seller, a partnership between U.S. Realty Advisors and Bain Capital Real Estate, in the transaction. The buyer was not disclosed.
WILMINGTON AND METHUEN, MASS. — Locally based investment firm The Davis Cos. has purchased a portfolio of four industrial flex properties totaling 156,276 square feet in Wilmington and Methuen, two northern suburbs of Boston, for $44.2 million. The sale also included a fully entitled development site that can support up to 235,000 square feet of new product. Kerry Hawkins of JLL represented the seller, PGA Realty Co., a family-owned investment firm based in Massachusetts. The portfolio was 100 percent leased at the time of sale.
BOSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $15.8 million sale of a 25,349-square-foot retail space within Vita, a luxury condo building in Boston’s Jamaica Plain neighborhood. The sales price equates to $626.72 per square foot. James Koury of IPA represented the seller, J.P. Property One LLC, in the transaction and procured the undisclosed buyer. The retail space is fully leased to Beth Israel Hospital, Pure Dental, Third Cliff Bakery, The Cooperative Bank and Planet Fitness.
