BOSTON — JLL has negotiated the $12.2 million sale of a 26,500-square-foot industrial property located at 202 Southampton St. near downtown Boston. The single-story building features 29-foot clear heights, six loading docks with four drive-in doors and 33,000 square feet of excess parking housing 150 spaces. Michael Restivo of JLL represented the seller in the transaction. Brett Paulsrud and Sam Campbell of JLL arranged fixed-rate acquisition financing through Webster Five Centers Savings Bank on behalf of the buyer, a partnership between Oliver Street Capital and Bain Capital Real Estate.
MATTAPAN, MASS. — Avanath Capital Management, an owner-operator of affordable and workforce housing properties, has acquired Morton Village, a 207-unit community located in the Boston suburb of Mattapan. The workforce housing property was built in 1965 and features an average unit size of 920 square feet. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, the Mirak family, which built and managed the property for 55 years. The deal marks Avanath’s entry into the Boston affordable housing market.
BOSTON — Concepts, an apparel and footwear retailer that was founded in 1996, has opened a global flagship store on Newbury Street in Boston’s Back Bay area. Designed by Bergmeyer and built out by Shawmut Design & Construction to resemble the layout of an art gallery, the space spans three floors and 47,000 square feet. The ground floor houses Concepts’ private label apparel, accessories and footwear, as well as a headwear customization space. The mezzanine space features a dedicated area for rotating special projects and collaborations and a disc jockey booth, while the top floor features women’s-only merchandise.
WALTHAM, MASS. — Translate Bio, an RNA therapeutics company, has signed a 10-year, 138,000-square-foot life sciences lease at 200 West St. in the western Boston suburb of Waltham. Boston Properties (NYSE: BXP) is currently redeveloping the site into a lab property that is slated for completion in 2021 and that is now 100 percent preleased. Building amenities will include a full-service café, fitness center and conferencing facilities. According to the Boston Business Journal, Translate Bio is working with the vaccine unit of pharmaceutical giant Sanofi to use messenger RNA to synthesize antibodies that can fight COVID-19.
BOSTON — Locally based biotechnology firm Ginkgo Bioworks has signed a 38,759-square-foot life sciences lease at 10 Wilson Road in the Cambridge area of Boston. The new space is located within The Quad, a four-building, 510,000-square-foot campus that is being developed in phases by The Davis Companies. McKenna Teague and Erick Smith of CBRE represented the developer in the lease negotiations. Anne Columbia and Patrick Downey of Columbia Group Realty Advisors Inc. represented the tenant.
LOWELL, MASS. — SVN | Parsons Commercial Group | Boston has brokered the sale of a 33,000-square-foot office building located at 81 Bridge St. in Lowell, which is located north of Boston. The sales price was approximately $2.5 million. According to LoopNet Inc., the two-story building was constructed in 1916. Marci Alvarado and Jake Parsons of SVN represented the seller, Bridge Street Business Center LLC, in the transaction. The duo also procured the buyer, Mill Bridge Residential LLC.
METHUEN, MASS. — CBRE has arranged the sale of two industrial buildings totaling 362,252 square feet in Methuen, located north of Boston near the Massachusetts-New Hampshire border. The sales price was approximately $64.1 million. One of the buildings is a 291,400-square-foot cold storage facility that was built in 1985 and renovated in 1990. The other is a 70,872-square-foot property that was built in 1989. The buildings were fully leased at the time of sale to Shaw’s Supermarkets and McCollister’s Transportation Group, respectively. Scott Dragos, Douglas Jacoby, Chris Skeffington and Daniel Hines of CBRE represented the seller, Equity Industrial Properties, in the transaction.
AMESBURY, MASS. — Marcus & Millichap has brokered the sale of two multifamily assets totaling 183 units in the northeastern Massachusetts city of Amesbury. British Colonial Apartments is a 111-unit community located at 164 Whitehall Road that features one- and two-bedroom units and amenities such as a pool and onsite laundry facilities. Amesbury Gardens is a 72-unit complex at 106 Friend St. that offers studio, one- and two-bedroom floor plans. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties requested anonymity. The properties sold for $26.5 million and had a combined occupancy rate of 98 percent at the time of sale.
BOSTON — Locally based developer King Street Properties has broken ground on 101 Cambridgepark, a $170 million life sciences project located in the Cambridge area of Boston. King Street is partnering with California-based Healthpeak Properties on the 160,000-square-foot project, which will feature both traditional office and laboratory space within a five-story building. The property will also include 3,000 square feet of street-level retail space with outdoor seating. Completion is slated for the third quarter of 2022. Newmark is leasing the project.
BOSTON — Wayfair Inc. (NYSE: W), a Boston-based e-commerce firm specializing in home furniture, reported an increase of 66.5 percent in total net revenue during its third-quarter earnings call on Tuesday, Nov. 3. The company’s impressive year-over-year revenue growth from $1.5 billion to $3.8 billion caused its stock price to shoot up about 13 percent in early-hours trading before closing at $274.11 per share on Tuesday, up from $87.43 per share a year ago. Wayfair reported similar levels of revenue growth in both its domestic and international markets, noting that the size of its customer base had also grown by about 50 percent year-over-year. Wayfair now lists the number of active customers in its direct retail business as 28.8 million. Lastly, the company said that it completed about 15.8 million deliveries during the third quarter, a 72.8 percent increase from that period in 2019.