LOWELL AND BILLERICA, MASS. — A partnership between Marcus Partners and Rhino Capital Advisors has acquired a 180,000-square-foot industrial portfolio in metro Boston. The portfolio consists of two buildings, one in Lowell and the other in Billerica, both of which are northern suburbs of Boston. The sales price was $13.5 million. The seller was not disclosed. Brett Paulsrud, Amy Lousararian and Madeline Joyce of JLL arranged $9.1 million in fixed-rate acquisition financing through Webster Five Cents Savings Bank for the deal.
MASSACHUSETTS — Blueprint Healthcare Real Estate Advisors has arranged the sale of two assisted living communities totaling 195 units in Massachusetts. The properties were over 96 percent occupied at the time of sale. The buyer was a partnership between a New York-based operator and an investor with a home health business in the state. Further details on the seller, price and properties were not disclosed.
WESTWOOD, MASS. — Standard Communities, a division of Los Angeles- and New York-based Standard Cos., has acquired Westwood Glen Commons, a 156-unit affordable housing property for residents age 55 and above that is located on the southern fringe of Boston. The community was built on 13.5 acres in 1972. According to Apartments.com, Westwood Glen Commons offers one- and two-bedroom units and amenities such as grilling stations, a clubhouse and onsite laundry facilities.
SOMERVILLE, MASS. — BioMed Realty, a subsidiary of Blackstone that focuses on life sciences real estate, has acquired a 162,000-square-foot office building and a 7.5-acre development tract within the Assembly Row mixed-use destination. The property is located in Somerville on the northern fringe of Boston. The site will be developed in phases and ultimately add 1.3 million square feet of life sciences space to the local supply. A construction timeline was not disclosed.
CANTON, MASS. — A subsidiary of Joyal Capital Management (JCM) has sold a portfolio of 14 Dunkin’ stores located throughout the Boston area in a transaction valued at $44 million. The buyer was Northern Management Group, a franchisor of hotel, convenience store and restaurant concepts that operates more than 100 properties in the Northeast. JCM also recently closed on the sale of 61 Dunkin’ stores in Southeast Florida to an undisclosed purchaser.
METHUEN, MASS. — Standard Communities, the affordable housing division of Los Angeles- and New York-based Standard Cos., has acquired Mills Falls Apartments, a 97-unit mixed-income community in the northern Massachusetts city of Methuen. The building was originally constructed in 1826 as part of the Methuen Cotton Mills facility and converted to a residential use in 2001. Communal amenities include a lobby, community rooms, a fitness center and laundry rooms, each of which will receive upgrades. Standard’s acquisition was completed in partnership with the Massachusetts Housing and Finance Agency (MassHousing), the Department of Housing and Community Development (DHCD) and the Methuen Housing Authority.
PEABODY, MASS. —Locally based investment firm Longpoint Realty Partners has acquired a 217,592-square-foot industrial property located at 11 Centennial Drive in Peabody, a northern suburb of Boston. The property is situated within the 300-acre Centennial Park mixed-use campus and was fully leased to drug wholesaler Cardinal Health (NYSE: CAH) at the time of sale. Robert Griffin, Tony Coskren, Ed Jarosz, Matthew Pullen, Rick Schuhwerk, Samantha Hallowell, Lizzie Kusbit and Dominick Romano of Newmark represented the seller and the buyer in the transaction.
HANOVER, MASS. — Cushman & Wakefield has arranged a $29.8 million loan for the construction of Benchmark of Hanover, a seniors housing project that will be located approximately 20 miles south of Boston. The borrower is a joint venture between Benchmark Senior Living and Iron Point Partners LLC. The property will feature 97 units of assisted living and memory care. Rick Swartz, Jay Wagner, Sam Dylag, Jack Griffin and Joseph Carbone of Cushman & Wakefield placed the debt through an undisclosed lender.
LYNN, MASS. — A partnership between Boston-based investment firm A.W. Perry and Novaya Real Estate Ventures has acquired a 250,000-square-foot industrial facility located in the northern Boston suburb of Lynn. The sale included an adjacent 10-acre parcel, an assemblage that formerly housed a manufacturing operation for dairy producer Garelick Farms. Now called Lynnway Park, the facility houses 60,000 square feet of cold storage space and can also support light industrial and biomanufacturing uses. Cushman & Wakefield represented the seller, Dean Foods, and procured the buyer in the transaction.
KINGSTON, MASS. — Trammell Crow Residential, the multifamily development arm of Crow Holdings, has closed on land and construction financing for the development of Alexan Kingston, a 282-unit multifamily project that will be located about 35 miles south of Boston. The property will offer studio, one-, two- and three-bedroom floor plans ranging in size from 620 to 1,500 square feet. Units will feature granite countertops and individual washers and dryers, while select units will have private balconies or porches. Communal amenities will include a pool, fitness center, private workspaces, conference rooms, an event room, outdoor grilling areas and Amazon package lockers. Completion is slated for summer 2023. Pyramid Management Group will manage the property.