WELLESLEY, MASS. — The Vascular Care Group has signed a 9,843-square-foot healthcare lease at 981 Worcester St. in Wellesley, a western suburb of Boston. The two-story building spans 28,120 square feet. Dan Krysiak and Michael Greeley of Newmark represented the landlord, CEA Wellesley Trust, in the lease negotiations. Michael Milano of Spinnaker Healthcare Advisors represented the tenant.
BEDFORD, MASS. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $54.5 million sale of Bedford Marketplace, a 153,000-square-foot shopping center in the northwestern Boston suburb of Bedford. The sales price equates to $355 per square foot. Whole Foods Market anchors the center, which also houses tenants such as Marshalls, Cambridge Savings Bank, Bank of America, Brookline Bank, U.S. Post Office, AFC Urgent Care and Lincoln Liquors. Jim Koury of IPA represented the seller, RFPS 181 Owner LLC, and procured the buyer, Ramco Property Acquisitions LLC. Bedford Marketplace was 97 percent leased at the time of sale.
CAMBRIDGE, MASS. — Nauset Construction, a locally based design-build firm, has completed 77 Park, a 93-unit multifamily project located in the Alewife area of Cambridge. Designed by Piatt Architects, the transit-served property rises four stories and spans 96,000 square feet. Units feature studio, one- and two-bedroom floor plans ranging in size from 595 to 1,265 square feet. Amenities include a terrace with grilling stations, a café with a full kitchen, multimedia room, sky lounge, fitness center and a dog washing and grooming station. Rents start at $2,200 per month for a studio unit.
CHICAGO — Chicago-based Ziegler has arranged $85.5 million in bond financing for a trio of senior living properties in New England. The properties include the 147-bed Quaboag Rehabilitation and Skilled Care Center in West Brookfield, Mass.; the 150-bed Lutheran Rehabilitation and Skilled Nursing Center in Worcester, Mass.; and the 120-bed Lutheran Home of Southbury (LHS) in Southbury, Conn. The borrower was Ascentria Care Alliance, a Worcester-based skilled nursing operator. Proceeds of the bonds issued through the National Finance Authority will be used to acquire the real estate assets of LHS, fund various capital expenditures across the LHS campus, fund a debt service reserve fund and pay costs of issuance associated with the financing. Proceeds of bonds issued through the Massachusetts Development Finance Agency will be used by Ascentria to acquire the Brookfield and Worcester locations, refinance existing debt obligations in connection with the acquisition and fund improvements to the properties.
CAMBRIDGE, MASS. — Developers DivcoWest and LCOR have topped off Park 151, a 468-unit apartment community located within Cambridge Crossing, a 43-acre mixed-use development located at the convergence of Boston, Cambridge and Somerville. Approximately 12 percent (56 units) of the residences will be earmarked as affordable housing, and the building will also house 18,000 square feet of retail space. Amenities will include a pool, terrace with cooking stations, lounge areas and a fitness center. Project partners include architect CBT and general contractor John Moriarty & Associates. Park 151 represents the first of multiple phases of residential development within Cambridge Crossing. Completion is slated for the third quarter of 2022.
By Brendan Carroll, director of research, Cushman & Wakefield The rapid emergence of greater Boston in the first two decades of the 21st century as a global center of advanced, technology-assisted biology has been followed by an even faster rate of growth since the start of the new decade. We have reached a critical mass in the greater Boston market, where we have developed a combination of skills, institutions and collaboration between companies that is supported and financed by an investor base that is qualified to evaluate the potential efficacy of new innovations. This landscape has created a self-propagating ecosystem for development and absorption of life sciences properties. The region’s large inventory of lab space has also evolved as a driver of new users into the market as biotechnology groups increasingly focus on speed to market for promising scientific breakthroughs. In response to these drivers, the inventory of biotechnology-focused laboratory space in greater Boston, which eclipsed 20 million square feet in 2016, is now on pace to reach 30.7 million square feet by 2023. Furthermore, the current inventory levels will likely approach and surpass 40 million square feet this decade, as a sizable set of projects are expected to move …
WOBURN, MASS. — Horvath & Tremblay, a national brokerage firm based in metro Boston, has negotiated the $11 million sale of a 10,646-square-foot, newly built retail property in the northern Boston suburb of Woburn. Walgreens occupies the property and has 14 years remaining on its lease. Peter Butler and Brendan Conway of Horvath & Tremblay represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The deal traded at a cap rate of 5.37 percent.
SOMERVILLE, MASS. — US2, a joint venture between Magellan Development, RAS Development LLC, Cypress Equity Investments and USAA Real Estate, has broken ground on a $2 billion mixed-use project known as USQ in Somerville, just northwest of Boston. The 15-acre, transit-oriented development is situated in the city’s historic Union Square neighborhood at the southeast corner of Somerville Avenue and Prospect Street. An official groundbreaking ceremony took place this morning. Totaling 2.4 million square feet, USQ has been in the making for decades, according to the development team. Plans call for 1.2 million square feet of office and life sciences space, 1,000 apartment units and 140,000 square feet of ground-floor retail space. There will also be 3.6 acres of public space encompassing 11 new parks and two new Massachusetts Bay Transportation Authority (MBTA) stations. The first office building, 10 Prospect Street, is slated for completion in the fourth quarter of 2022. Rising seven stories and spanning 194,000 rentable square feet, the LEED Gold building will include an outdoor terrace and onsite parking. Leasing is currently underway. In the Somerville community, there are 18,000 residents who work in the scientific, technology or healthcare industries, according to the project website. Of the current …
BILLERICA, MASS. — Alliance Residential has completed the 110-unit first phase of The Val, a multifamily community in the northwestern Boston suburb of Billerica that will ultimately consist of 211 units. Alliance Residential is developing The Val in partnership with GID Real Estate Investments. Units feature one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, outdoor grilling stations, coworking space, a library and a social lounge. Locally based architecture firm Cube3 designed the property. Other project partners include Erland (general contractor), Allen & Major Associates (civil engineer) and Greystar (leasing agent and manager). Rents start at $2,410 per month for a one-bedroom unit.
MILLIS, MASS. — Anthology Senior Living has acquired land in Millis, located southwest of Boston, for the development of a new community. The facility will consist of 105 independent living, assisted living and memory care units that will be situated on a 7.7-acre site. Rick Swartz, Jay Wagner and Sam Dylag of Cushman & Wakefield brokered the land deal between seller Barberry Homes and Anthology Senior Living. Cushman & Wakefield also arranged construction financing on behalf of the buyer from a regional bank.