Massachusetts

BDG Receives Zoning Approval for 234,000 SF Life Sciences Project in Metro Boston

by Taylor Williams February 2, 2021

WATERTOWN, MASS. — Boston Development Group (BDG) has received approval from the Watertown Zoning Board of Appeals to move forward with construction of a new life sciences project in the western Boston suburb. Elkus Manfredi Architects is designing the project, which will be built in two phases and will include traditional office, lab and research and development uses. Construction of Phase I, which will feature 200,000 square feet of office and lab space and open green space, is scheduled to begin during the first quarter.

February 2, 2021

Acquisitions Industrial Massachusetts Northeast

ABG Commercial Arranges $21.5M Sale of Industrial Flex Building Near Boston

by Taylor Williams February 2, 2021

WATERTOWN, MASS. — Locally based brokerage firm ABG Commercial has arranged the $21.5 million sale of a 145,000-square-foot industrial flex building located at 580 Pleasant St. in Watertown, a western suburb of Boston. Bernard Gibbons and Stephanie Deering of ABG Commercial represented the seller and occupant, Fluid Management Systems Inc., in the transaction. The duo also procured the buyer, a partnership between Griffith Properties and a fund controlled by New York-based DRA Advisors. The new ownership plans to convert the building into a life sciences facility that is slated to be complete in summer 2022.

February 2, 2021

Development Healthcare Massachusetts Northeast

Dana-Farber Opens 140,000 SF Cancer Treatment Center at Former Atrium Mall in Metro Boston

by Taylor Williams February 1, 2021

NEWTON, MASS. — Dana-Farber has opened a 140,000-square-foot cancer treatment center at the site of the former Atrium Mall, located at 300 Boylston St. in Newton, a western suburb of Boston. The Bulfinch Companies led the redevelopment of the two-story facility, which offers a range of cancer therapy practices, clinical trials and supportive services for adult patients and families throughout the region. Bulfinch acquired the property in 2012 with plans to convert it into a medical and wellness facility.

February 1, 2021

Acquisitions Massachusetts Northeast

RK Centers Buys Retail Building Leased to BJ’S Wholesale Club in Metro Boston for $20M

by Taylor Williams February 1, 2021

STONEHAM, MASS. — RK Centers, a retail investment firm with offices in New England and Florida, has acquired a 119,568-square-foot building leased to BJ’s Wholesale Club in the northern Boston suburb of Stoneham. The sales price was $20 million. The building is situated on a 9.2-acre site near the junction of Interstates 93 and 95. Eastern Retail Properties represented the locally based seller, IYH Corp., in the transaction.

February 1, 2021

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $14.8M Acquisition Loan for Multifamily Property Near Boston

by Taylor Williams February 1, 2021

RANDOLPH, MASS. — Cornerstone Realty Capital has arranged a $14.8 million acquisition loan for Reed Street Apartments, an 88-unit multifamily property in Randolph, a southern suburb of Boston. The property’s unit mix consists of 15 studios, 49 one-bedroom apartments and 24 two-bedroom residences. The borrower, True North Capital Partners, plans to upgrade unit interiors, common areas and amenity spaces. The financing was structured with a fixed interest rate, a 30-year amortization schedule and 36 months of interest-only payments.

February 1, 2021

Acquisitions Industrial Massachusetts Northeast

Marcus Partners, Rhino Capital Acquire 180,000 SF Industrial Portfolio in Metro Boston

by Taylor Williams January 27, 2021

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.

January 27, 2021

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Blueprint Brokers Sale of Two Assisted Living Communities in Massachusetts

by Taylor Williams January 25, 2021

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.

January 25, 2021

Acquisitions Massachusetts Multifamily Northeast

Standard Communities Buys 156-Unit Affordable Housing Property Near Boston

by Taylor Williams January 22, 2021

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.

January 22, 2021

Acquisitions Development Healthcare Massachusetts Northeast Office

BioMed Realty Acquires 162,000 SF Office Building, 7.5 Acres in Metro Boston

by Taylor Williams January 19, 2021

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.

January 19, 2021

Acquisitions Massachusetts Northeast Restaurant Retail

Joyal Capital Management Sells 14-Store Dunkin’ Portfolio in Metro Boston

by Taylor Williams January 19, 2021

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.

January 19, 2021

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