EASTON, MASS. — Markward Group has brokered the sale of an 83,320-square-foot industrial property in Easton, located on the southern outskirts of Boston. The property was built on 6.6 acres in 1990 and was leased to CADCo Distribution, which services the outdoor power equipment industry, at the time of sale. Matt Macdonald of Markward Group represented the seller, Asbeshaus Trust, which sold the asset to Congdon Investments for an undisclosed price.
MAYNARD, MASS. — Market Basket has opened a 69,374-square-foot grocery store within Maynard Crossing on the western outskirts of Boston. The 730,000-square-foot mixed-use development is home to other retail tenants such as Eco Nails & Spa, Planet Fitness and Maynard Wine & Spirits. Capital Group Properties broke ground on the property in 2019. Other uses include The Vue at Maynard Crossing, a 180-unit multifamily community; Camellia Gardens, a 143-unit seniors housing community; Emerson Hospital Urgent Care; and outdoor spaces such as a dog park, walking paths and green space.
BOSTON — Skanska, an international developer based in Sweden, has paid $177 million to acquire land in Boston’s Back Bay neighborhood for the development of a 27-story office building. The building will be located at 380 Stuart St. and will also house street-level retail space and a below-ground parking deck. The seller of the land was John Hancock Life Insurance Co. A construction timeline was not disclosed.
CAMBRIDGE, MASS. — Harrison Street and its investment partners The Bulfinch Cos. and National Real Estate Advisors have sold three life sciences buildings at Cambridge Discovery Park for a gross sale price of $720 million. Denver-based REIT Healthpeak Properties Inc. (NYSE: PEAK) purchased the properties, which are situated in Boston’s West Cambridge submarket. For Bulfinch, the master developer of Cambridge Discovery Park, the transaction with Healthpeak was a recapitalization of its stake in the development. The Boston-based firm entered into a joint venture transaction with Healthpeak whereby Bulfinch will retain a majority ownership stake in one of the buildings. Additionally, Bulfinch will continue to manage the property. The Cambridge Discovery Park acquisition, which also includes two parking garages, totals approximately 620,000 square feet. The buildings, called 100 CDP, 200 CDP and 400/500 CDP, were 94 percent leased at the time of sale to biotechnology, pharmaceutical and research companies with a weighted average remaining lease term of approximately 7.5 years. According to Healthpeak, the acquisition also includes an approximately 100,000-square-foot site for a future densification opportunity that the REIT plans to co-develop with Bulfinch. Cambridge Discovery Park includes six life sciences buildings and an AC Hotel by Marriott. The campus is …
WALTHAM, MASS. — Dallas-based Lincoln Property Co. has broken ground on a 139,000-square-foot life sciences project that will be located at 300 Third Ave. in the western Boston suburb of Waltham. Designed by local architecture firm DiMella Shaffer, the building will offer traditional office and lab space, as well as five levels of parking. Callahan Construction Managers is the general contractor for the project, which is expected to be complete in January 2022.
BOSTON — Locally based investment firm Griffith Properties has acquired Boston Dedham Commerce Park, a 632,188-square-foot industrial complex in Boston, for $76 million. The five-building property is situated on 22 acres inside Route 128 adjacent to the Readville commuter rail stop. Griffith Properties, which will enter into a joint venture with affiliates of Dune Real Estate Partners LLC to operate the complex, acquired the asset from First Highland in an off-market deal. Robert Griffin, J.R. McDonald, Mike Frisoli, Tyler McGrail and Caroline Collett of Newmark represented both parties in the transaction and will market the available space for lease.
AGAWAM AND WEST SPRINGFIELD, MASS. — Connecticut-based brokerage firm Chozick Realty has arranged the $9.2 million sale of Elizabeth Manor and Imperial Apartments, two multifamily assets totaling 115 units in Western Massachusetts. Elizabeth Manor is a 40-unit property in Agawam that was built in 1966, and Imperial is a 75-unit complex that was built in 1970. Tom Boyle and Steve Pappas of Chozick Realty represented the seller, Dow Management LLC, and procured the New York-based buyer in the transaction.
Regency Centers Sells Retail Building Leased to Whole Foods in Swampscott, Massachusetts, for $19.2M
SWAMPSCOTT, MASS. — Regency Centers, a Florida-based shopping center REIT, has sold a 35,907-square-foot retail building leased to Whole Foods Market in Swampscott, about 30 miles northeast of Boston. The sales price was $19.2 million. Whole Foods has occupied the building, which sits on roughly five acres, for more than 15 years. Chris Angelone, Nat Heald and Eric Suffoletto of JLL represented Regency Centers in the transaction and procured the buyer, locally based investment firm Academy Hill Realty.
BILLERICA, MASS. — Newmark has negotiated the sale of Concord Road Corporate Center, a 362,550-square-foot office complex located approximately 25 miles northwest of Boston in Billerica. The three-building, Class A property offers a fitness center with lockers and showers, a conference center, game room, outdoor patio with seating areas and a bocce court. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and Torin Taylor of Newmark represented the undisclosed seller in the transaction and procured KS Partners as the buyer. Dominick Romano of Newmark provided financial analysis support. The property received upgrades to its exteriors, lobbies and amenity spaces in recent years.
FOXBORO, MASS. — Benchmark Senior Living will expand New Pond Village, a seniors housing community located in the Boston suburb of Foxboro. The project will add 19 assisted living units, bringing the community’s total to 36 units. SEO Construction is building the project, which Udelsman Associates designed. StudioSix5 is handling the interior design. Since Benchmark acquired New Pond Village in May 2017, the property has undergone extensive renovations, including an $8 million project in 2018 to add new and refreshed common areas.