METHUEN, MASS. — CBRE has negotiated the $13.8 million sale of Mill Falls Apartments, a 97-unit mixed-income apartment complex in Methuen, located north of Boston near the Massachusetts-New Hampshire border. The building was originally constructed in 1826 as a cotton mill and was redeveloped into a multifamily property in 2001. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, Methuen Mills LP, an affiliate of Silver Street Development Corp, in the transaction. The team also procured the buyer, Standard Communities.
WATERTOWN, MASS. — Engineering and construction management firm DPS Group has completed Phase I of an 80,000-square-foot life sciences project at 650 Pleasant St. in the western Boston suburb of Watertown. The facility will be used as a manufacturing plant for biotechnology firm Arranta Bio. Architecture firm TRIA designed the project.
BREWSTER, MASS. — Private equity firm Elevation Financial Group has purchased Wingate Residences at Brewster Place, a 121,000-square-foot seniors housing property in Brewster, located on Cape Cod. The sales price was $4 million. The property was originally built in 1973, expanded in 1995 and offered skilled nursing and assisted living services before it closed in 2019. Elevation will reposition the site to serve as an independent living community with affordable housing for adults age 55 and above that will be rebranded as Serenity Apartments at Brewster. The seller was not disclosed.
BELMONT, MASS. — Apartment developer Toll Brothers Inc. has completed The Bradford, a 112-unit multifamily project that includes 38,000 square feet of retail space in Belmont, located east of Boston. The three-building complex is located at 525 Common St. near the Waverly Commuter Rail station. The Bradford’s unit mix consists of nine studios, 47 one-bedrooms and 56 two-bedrooms that are furnished with stainless steel appliances, quartz countertops and walk-in closets. Amenities include a rooftop deck with grills and fire pits, a resident lounge and a library room. Peter Quinn Architects designed the project, and Nauset Construction served as the general contractor.
BOSTON — A partnership between locally based investment firm Oliver Street Capital and Bain Capital Real Estate has purchased a 113,000-square-foot industrial building located at 44-48 Garden St. near downtown Boston. The sales price was $15 million. The property is situated on 3.4 acres near Encore Casino and Boston-Logan International Airport and contains both warehousing and light industrial space. The seller was not disclosed.
WORCESTER, MASS. — JLL has negotiated the $14.5 million sale of a 333,302-square-foot historic office building located at 340 Main St. in Worcester, located in the central part of the state. The property was built in 1897 and is currently leased to a roster of legal, financial services and government tenants. Adam Dunn, Mike Restivo and Chris Phaneuf of JLL represented the seller, Commerce Associates LLC, in the transaction. The buyer, Silverbrick Group, plans to convert the nine-story building into a mixed-use development with office, retail, multifamily and self-storage uses.
CAMBRIDGE, MASS. — Blackstone (NYSE: BX) has acquired a 2.3 million-square-foot life sciences portfolio in Cambridge, located across the Charles River from Boston, for approximately $3.4 billion. The seller was Brookfield Asset Management. The majority of the properties in the portfolio are located in East Cambridge, adjacent to the Massachusetts Institute of Technology (MIT) campus, and are leased to investment-grade tenants with both traditional office and lab requirements. Following the closing of the deal, which is scheduled for the first quarter of 2021, Blackstone will be the largest owner of life sciences space in Cambridge. Blackstone is acquiring the portfolio through BioMed Realty, its $20 billion subsidiary that launched in 2018 and is focused on life sciences properties. “This transaction illustrates Blackstone’s continued conviction in the life sciences space, both broadly and within real estate, and in investing in best-in-class assets located adjacent to top-tier research and education institutions,” says Nadeem Meghji, head of real estate in the Americas for Blackstone. Cambridge continues to be a hub for development and leasing of life sciences properties. In November, locally based developer King Street Properties partnered with California-based Healthpeak Properties to break ground on a $170 million life sciences facility that will …
WILMINGTON, MASS. — CBRE has negotiated the $55 million sale of an industrial portfolio in Wilmington, located on the northern outskirts of Boston. The portfolio consists of four buildings totaling 255,678 square feet and was 88 percent leased at the time of sale to a tenant roster that includes Bimbo Bakeries, Aramark and Tesla. New Hampshire-based Carlisle Capital sold the portfolio to a joint venture between Boston-based Oliver Street Capital and Bain Capital Real Estate. Scott Dragos, Chris Skeffington, Doug Jacoby, Tim Mulhall, Tony Hayes, Roy Sandeman and Daniel Hines of CBRE represented both parties in the transaction.
FRAMINGHAM, MASS. — Locally based investment firm RK Centers has acquired an 80,000-square-foot grocery-anchored shopping center in the western Boston suburb of Framingham for $23 million. Stop & Shop is the grocer that anchors the property, which is located just off Exit 13 of the Massachusetts Turnpike. Geoffrey Millerd of Newmark represented the seller, a joint venture led by Florida-based shopping center REIT Regency Centers, in the transaction.
TAUNTON, MASS. — CBRE has negotiated the $28.6 million sale of a 181,900-square-foot warehouse in Taunton, about 40 miles south of Boston. Built in 2002, the property was fully leased to third-party logistics provider DHL Supply Chain at the time of sale. The facility sits on 11.3 acres and offers a clear height of 32 feet, two-sided loading that allows for multi-tenant functionality, an ESFR sprinkler system and truck courts for excess trailer storage. Chris Skeffington, Scott Dragos, Doug Jacoby, Roy Sandeman, Tim Mulhall, Daniel Hines and Tony Hayes of CBRE represented the seller, Invesco Real Estate, in the marketing and sale negotiations.