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.
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 …