WESTBOROUGH, MASS. — Marcus & Millichap has brokered the $4.8 million sale of Westmeadow Plaza, a retail center located in Westborough, roughly 35 miles west of Boston. Tenants at the 27,867-square-foot center include Papa Gino’s, H&R Block, Westborough Dentistry and Spices of India. Westmeadow Plaza’s tenant roster spans 15 users, and the property was fully leased at the time of sale. Evan Griffith, Tony Pepdjonovic and Brett Kilar of Marcus & Millichap represented the seller and procured the buyer in the transaction.
SALEM, MASS. — MassHousing has provided $22 million in financing for two affordable housing redevelopment projects in Salem, located north of Boston. The borrower, North Shore Community Development Coalition, will convert two former school buildings near the downtown area into affordable housing complexes that will add 61 units to the local supply. The building at 160 Federal St. will have 32 age-restricted units that will come in studio, one- and two-bedroom floor plans and will be reserved for renters earning between 30 and 60 percent of the area median income (AMI). The building at 13 Hawthorne Blvd. will house 29 units in the same formats that will be earmarked for households earning between 30 and 80 percent of AMI. ICON Architecture is leading design of the redevelopments, which will be known as Residences at St. James Place and Hawthorne Lofts, respectively. NEI General Contracting is leading construction, which is slated for a late 2025 completion.
BOSTON — CBRE has brokered the sale of the Joy Realty Portfolio, a collection of eight apartment buildings totaling 284 units in Boston. The four- and five-story buildings were constructed in the early 20th century and are located in the Fenway and Longwood Medical areas. The unit mix comprises studio through four-bedroom floor plans, and the portfolio has an average unit size of 550 square feet. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, a private family that had owned some of the assets for more than 100 years, in the transaction. The team also procured two separate buyers; an affiliate of Cambridge-based Forest Properties purchased six buildings totaling 222 units, and an undisclosed investor acquired the other two buildings totaling 62 units.
WRENTHAM, MASS. — Simon Property Group has welcomed several new tenants to Wrentham Village Premium Outlets, located near the Massachusetts-Rhode Island border. Apparel retailer Hollister Co. featuring Gilly Hicks is now open, and Italian luxury fashion brand Moncler plans to open a store in the coming weeks. Additionally, Shake Shack will open a restaurant in late winter.
SALEM, MASS. — MassDevelopment has provided $45 million in tax-exempt bond financing for the redevelopment of Leefort Terrace, an affordable housing complex in Salem, located north of Boston. Leefort Terrace was originally built in 1958 and houses 50 one-bedroom units across eight buildings. The borrower, an affiliate of nonprofit owner-operator Beacon Communities, has entered into a 99-year ground lease with the Salem Housing Authority and demolished the existing buildings. The redeveloped property will feature 124 units in one-, two- and three-bedroom floor plans that will be reserved for renters earning between 30 and 60 percent of the area median income. Delivery is scheduled for summer 2026.
STOUGHTON, MASS. — Brookfield Properties is underway on construction of Stoughton Logistics Park, an 880,085-square-foot industrial project located on the southern outskirts of Boston. The 65-acre site at 45 Maple St. is a former quarry that is being redeveloped into a logistics campus with three buildings. Those buildings, one of which is already complete, range in size from 189,470 to 411,930 square feet. Buildings will feature clear heights of 36 to 42 feet, and the site also offers 6.9 acres for outdoor trailer parking/storage space. CBRE has been tapped as the leasing agent. The second and third buildings are scheduled for third-quarter 2025 deliveries.
BOSTON — Marcus & Millichap has brokered the $4 million sale of a 12-unit multifamily portfolio in the Dorchester area of Boston. The Fuller Street Portfolio comprises two six-unit buildings at 46-48 and 301-305 Fuller St. and a vacant buildable lot. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
WATERTOWN, MASS. —Biotechnology company NewCo has signed a 61,189-square-foot life sciences lease in the western Boston suburb of Watertown. The building at 66 Galen St. is a newly completed, 225,000-square-foot facility that is part of a larger, 450,000-square-foot campus. Evan Gallagher and John Carroll of Colliers represented NewCo in the lease negotiations. Duncan Gratton, Connor Barnes and Joe Pearce of Cushman & Wakefield represented the landlord, partnership between two locally based firms, Davis Cos. and Boston Development Group.
SHREWSBURY, MASS. — North Carolina-based investment firm Bell Partners has acquired Quinn35, a 250-unit apartment community located in the central Massachusetts city of Shrewsbury. The property was built in 2018 and has been managed by Bell Partners since 2019. Units come in studio, one-, two- and three-bedroom floor plans. Amenities include a clubhouse and social lounge, a 24-hour fitness center, recreation room with billiards, dog park, outdoor lounge and a heated pool. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, New York City-based Bluerock Real Estate Holdings, in the transaction. Bell Partners has rebranded the property as Bell Shrewsbury.
WATERTOWN, MASS. — Biopharmaceutical company LifeMine has signed a 56,465-square-foot life sciences lease in the western Boston suburb of Watertown. The building at 66 Galen St. is a newly completed, 225,000-square-foot facility that is part of a larger, 450,000-square-foot campus. Evan Gallagher and John Carroll of Colliers represented LifeMine in the lease negotiations. Duncan Gratton, Connor Barnes and Joe Pearce of Cushman & Wakefield represented the landlord, a partnership between two locally based firms, Davis Cos. and Boston Development Group.