Massachusetts

IQHQ Begins Construction on $1B Fenway Center Life Sciences Project in Boston

by Taylor Williams April 19, 2021

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 …

April 19, 2021

Acquisitions Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

Cambridge Housing Authority Buys, Renovates Affordable Housing Community Near Boston

by Taylor Williams April 16, 2021

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.

April 16, 2021

Acquisitions Massachusetts Northeast Office

Newmark Arranges $105M Sale of Office Campus Near Boston

by Taylor Williams April 14, 2021

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.

April 14, 2021

Acquisitions Industrial Massachusetts Northeast

Davis Cos. Buys 156,276 SF Industrial Flex Portfolio in Metro Boston for $44.2M

by Taylor Williams April 14, 2021

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.

April 14, 2021

Acquisitions Massachusetts Northeast Retail

IPA Negotiates $15.8M Sale of Retail Space in Boston’s Jamaica Plain Neighborhood

by Taylor Williams April 13, 2021

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.

April 13, 2021

Development Massachusetts Multifamily Northeast Seniors Housing

Salmon Health Prepares to Open 57-Acre Campus in Medway, Massachusetts

by Taylor Williams April 13, 2021

MEDWAY, MASS. — Salmon Health & Retirement has started taking reservations at Salmon at Medway, a 57-acre seniors housing campus in the Boston suburb of Medway. The community will offer cottage and apartment-style independent living together with apartment-style assisted living and memory care. The number of units was not disclosed.

April 13, 2021

Acquisitions Massachusetts Northeast Office

Brady Sullivan Sells 185,227 SF Office Complex in Chelmsford, Massachusetts

by Taylor Williams April 9, 2021

CHELMSFORD, MASS. — New Hampshire-based investment firm Brady Sullivan Properties has sold 199 and 201 Riverneck Road, a 185,227-square-foot office complex in Chelmsford, located north of Boston. The sales price was $15 million. The two buildings are situated on a combined 15 acres and formerly served as the headquarters of defense and aerospace contractor Mercury Systems. Boston-based investment firm The Davis Cos. purchased the property for an undisclosed price.

April 9, 2021

Bohler Development Massachusetts Multifamily Northeast

Trinity Financial Completes 118-Unit Multifamily Redevelopment Project in Worcester, Massachusetts

by Taylor Williams April 8, 2021

WORCESTER, MASS. — Regional developer Trinity Financial has completed Worcester Courthouse Lofts, a 118-unit multifamily project in Central Massachusetts that is a redevelopment of the historic Worcester Courthouse. The building was originally constructed in the 1840s. Valued at $60 million, the project was partially financed with federal and state historic tax credit equity and features studio, one-, two- and three-bedroom units. Amenities include a fitness center, pet spa, lounge and a game room. MassHousing provided the majority of the construction debt. Tocci Building Corp. served as the general contractor for the project, and Bohler served as the civil engineer.

April 8, 2021

Acquisitions Industrial Massachusetts Northeast

Berkeley Investments Buys Two Industrial Buildings Totaling 340,000 SF in Lawrence, Massachusetts

by Taylor Williams April 6, 2021

LAWRENCE, MASS. — Boston-based Berkeley Investments has purchased two light industrial buildings totaling 340,000 square feet at 246 and 250 Canal St. in Lawrence, a northern suburb of Boston. Andrea Management sold the assets, which were originally built as commercial mills, to Berkeley Investments for an undisclosed price.

April 6, 2021

Acquisitions Healthcare Massachusetts Northeast

Newmark Arranges Sale of 52,337 SF Medical Office Building in Downtown Boston

by Taylor Williams April 5, 2021

BOSTON — Newmark has arranged the sale of a 52,337-square-foot medical office building located at 147 Milk St. in downtown Boston. The 10-story property was fully leased at the time of sale to Atrius Health/Harvard Vanguard Medical Associates, the largest independent physicians’ group in New England. Robert Griffin, Frank Nelson and Michael Greeley of Newmark represented the seller, New York City-based institutional investment firm BentallGreenOak, in the transaction. The trio also procured the buyer, KanAm Grund, an investment firm based in Frankfurt, Germany.

April 5, 2021

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