BOSTON — Illinois-based general contractor Cicero Construction Group has completed the renovation of the Staypineapple Boston, a 56-room boutique hotel in the city’s South End neighborhood. The project included a rebranding of the hotel, formerly known as the Chandler Inn, as part of Seattle-based Staypineapple chain, which purchased the property in February 2018. Renovations delivered upgraded beds and bathrooms to rooms, as well as new flooring, paint, wall coverings and other interior improvements to the lobby, hallways and common areas.
ANDOVER, MASS. — Tampa-based SkyView Advisors has arranged the sale of a 470-unit self-storage facility located at 17 Dundee Park Drive in Andover, a northern suburb of Boston. The property is situated on 1.5 acres and spans 65,836 net rentable square feet. Richard Riddle and Ryan Clark of SkyView Advisors represented the seller in the transaction. Additional terms of sale were not disclosed.
By Brian Pinch, managing director, Newmark On a national level, the industrial market continues to perform well amidst the coronavirus-induced market correction that has impacted other asset classes. Industrial fundamentals ended 2020 on solid footing, with outsized demand, rising rents and a healthy supply pipeline. Despite the impacts of COVID-19, key logistics hubs like Los Angeles and the Inland Empire are doing well, as are smaller metros like Boston. The continued shift towards e-commerce and online shopping, as well as a greater emphasis on strong distribution networks and supply chains, are driving activity within tertiary markets as well. Combined with sustained cap rate compression, such positive fundamentals have led to increased investor interest in the industrial asset class. Capital that was previously allocated for other property types is now flowing into the industrial market, and low interest rates are giving buyers increased purchasing power. As a result, pricing for industrial product continues to climb across many metros, including greater Boston. In fact, greater Boston’s industrial market maintains one of the most dynamic investment landscapes in the country, as historically tight vacancies and rapidly rising rents attract record levels of capital. Though the metro-wide vacancy rate is below 6 percent — …
BOSTON — MC Real Estate Partners LLC, in partnership with an undisclosed capital source, has purchased a 76,000-square-foot historic office building located at 110 Chauncy St. in downtown Boston. The property was originally built in the 1890s and will serve as the new headquarters for global design firm Sasaki, which has signed a 64,000-square-foot lease. MC Real Estate will work with Sasaki to redesign and renovate the space, which will house approximately 250 employees.
BOSTON — Locally based design firm Finegold Alexander Architects has unveiled the new design and renovation of the Eliot Innovation School in Boston. The school is part of a three-building campus in the city’s North End neighborhood and will serve students in grades 5-8. The building formerly served as an FDA testing facility and an office property before its latest conversion to a school. Construction of the $15 million project was completed in September 2019, but the coronavirus outbreak delayed the school’s opening.
CAMBRIDGE, MASS. — Pennsylvania-based Hersha Hospitality Trust has sold the 112-room Holiday Inn Express & Suites Boston, located at 250 Monsignor O’Brien Highway in Cambridge. Cyrus Vazifdar, Jay Morrow, Michael Tormey and Alex Yiankes of Hodges Ward Elliott (HWE) represented Hersha Hospitality in the transaction. Additionally, HWE’s capital markets team sourced acquisition financing for the undisclosed buyer.
WILMINGTON, MASS. — Lowe’s Home Improvement (NYSE: LOW) has signed a 178,757-square-foot industrial lease at 613 Main St. in the northern Boston suburb of Wilmington. Tony Coskren, Ed Jarosz, Richard Ruggiero, Torin Taylor, Rick Schuhwerk, Brian Pinch and Lizzie Kusbit of Newmark represented the landlord, a joint venture between The Seyon Group and Connecticut-based Wheelock Street Capital, in the lease negotiations. The name and representative of the tenant were not disclosed.
TAUNTON, MASS. — Cornerstone Realty Capital has arranged a $3.4 million acquisition loan for a 30-unit multifamily asset in Taunton, located south of Boston. The property was built in 1987 and offers an equal mix of one- and two-bedroom units. Patrick Brady of Cornerstone arranged the loan, which was structured with a fixed interest rate, 24 months of interest-only payments and a 30-year amortization schedule. The undisclosed borrower is planning a capital improvement program.
LOWELL, MASS. — SVN | Parsons Commercial Group has brokered the sale of a 44,472-square-foot industrial property in the northern Boston suburb of Lowell. The sales price was approximately $2.8 million. Marci Alvarado of SVN | Parsons Commercial Group represented the seller, Pagson LLC, and procured the buyer, 4th Corner LLC.
WILMINGTON, MASS. — Homans Associates, a distributor of HVAC supplies and equipment, has signed a 202,435-square-foot industrial lease at 613 Main St. in Wilmington, a northern suburb of Boston. Tony Coskren, Ed Jarosz, Richard Ruggiero, Torin Taylor, Rick Schuhwerk, Brian Pinch, and Lizzie Kusbit of Newmark represented the landlord, a joint venture between The Seyon Group and Connecticut-based Wheelock Street Capital, in the lease negotiations. The representative of the tenant was not disclosed.