BOSTON — Mill Creek Residential has begun leasing Modera Framingham and Modera Marshfield, two apartment communities totaling 518 units in the Boston area. Modera Framingham offers studio, one-, two- and three-bedroom homes and amenities such as a central courtyard, 24-hour fitness studio, media room, clubhouse with coffee bar, a pet park and pet spa, cyber café and a game room. Modera Marshfield offers the same unit mix and a similar suite of amenities. Mill Creek has six communities in the Boston area including these two properties. According to Apartments.com, rents start at $1,995 per month for a studio apartment at Modera Framingham and $2,225 per month for a one-bedroom at Modera Marshfield.
By Brendan Carroll, research director, Cushman & Wakefield Through the first three quarters of 2020, the Boston life sciences market is seeing record occupancy, a continuation of large new-building leases, stable rents at record levels, high levels of pre-committed new construction and an insatiable appetite for inventory in new submarket clusters. Cushman & Wakefield defines laboratory properties as facilities optimized for the physical scientific research of biotechnology products. COVID-19’s Impact Following a pause of leasing activity in the first quarter of 2020, lease negotiations for laboratory facilities resumed quickly in the second quarter, hitting a level that commercial office properties have still yet to see. While optimism quickly returned for the region’s office-using businesses, widespread execution of remote office-using job functions has proven to be more effective for many of these workforces than market leaders previously envisioned. The consensus among real estate observers suggests a long-term decrease in the percent of in-office workers for traditional office-using functions. However, the importance of the continued use of physical spaces for biotechnology research will not be affected, as this function cannot be accommodated through current and easily envisioned remote work practices. These are highly specialized jobs performed by employees with highly targeted skill …
CANTON, MASS. — Shares of Dunkin’ Brands Group Inc. (NASDAQ: DNKN) rose by more than 15 percent yesterday as the Massachusetts-based coffee and breakfast chain moved forward with talks to be acquired by Atlanta-based Inspire Brands, the parent company of chains like Arby’s and Jimmy John’s. The New York Post reports that the deal, which would take Dunkin’ private is valued at $8.8 billion. Dunkin’s stock price closed at $89.80 per share on Friday, October 23 and peaked at $104.87 per share in yesterday’s trading before closing just below that mark. Dunkin’ opened at $101.69 per share today, up nearly 30 percent from a year ago. The New York Times reports that Inspire Brands has offered to purchase Dunkin’, which will release its latest earnings report on Thursday, at $106.50 per share.
BOSTON — JLL has negotiated the $72 million sale of a 228,912-square-foot creative office building located at 20 Guest St. in Boston. Designed by architecture firm ADD Inc. and completed in 2000, the property is located near the Boston Landing mixed-use development and was fully leased to seven tenants at the time of sale. Coleman Benedict, Kerry Hawkins and Ben Sayles of JLL represented the seller, NB Development Group, in the transaction. The buyer was a partnership between Griffith Properties LLC and Artemis Real Estate Partners.
BOSTON — MassHousing has provided $67.4 million in acquisition financing for Blue Mountain Apartments, a 217-unit historic affordable housing property located in the Roxbury neighborhood of Boston. The borrower, NHP Foundation, will use a portion of the proceeds to rehabilitate the property and preserve its affordability through 2045. Blue Mountain Apartments consists of 105 one-bedroom apartments, 73 two-bedroom apartments, 18 three-bedroom apartments, 16 four-bedroom apartments and five five-bedroom apartments. Among the improvements planned for the property are concrete and masonry repairs, roof repairs, fire system upgrades, exterior door and window replacements, kitchen and bathroom upgrades and upgrades to the buildings’ HVAC, plumbing and electrical systems.
BOSTON — A division of Fenway Sports Group, the owner of the Boston Red Sox, is building a team to redevelop the area outside of Fenway Park. The company’s real estate arm, Fenway Sports Group Real Estate (FSGRE), is partnering with Massachusetts-based WS Development and the D’Angelo family to redevelop several sites surrounding the Red Sox home ballpark. Details were not disclosed, but The Boston Globe reports the project would bring office space, apartment buildings, shops, laboratories for life science firms, public spaces and maybe a hotel to the Fenway neighborhood. The office space could house Fenway Sports Group’s staffers who work inside Fenway Park’s offices, according to the newspaper. The move mirrors what other professional sports teams, including the Atlanta Braves and the St. Louis Cardinals, have done in recent years to create density surrounding their ballparks with mixed-use villages. The Boston Globe also reports that Fenway Sports Group has invested $350 million on physical improvements at Fenway Park over the past 18 years and in that time also purchased adjoining sites surrounding the ballpark for future development. “Our partnership’s work in the area surrounding the ballpark will have a profound effect on the experience of Red Sox fans …
LEXINGTON, MASS. — Dallas-based Lincoln Property Co. has received approvals to move forward with the development of a 200,000-square-foot life sciences project at 91 Hartwell Ave. in the Boston metro of Lexington. Designed by Boston-based architecture firm DiMella Shaffer, the property will consist of 95,000 square feet of lab space, 125,000 square feet of office space and a 502-space parking structure. The development team also includes Paul Finger Associates, LEC Environmental and Nitsch Engineering.
BOSTON — Millennium Partners Boston, a local arm of developer Millennium Partners, has secured $775 million in construction financing from Cale Street Investments for Winthrop Center, a $1.3 billion mixed-use development located in downtown Boston. Upon completion, the project is expected to feature 812,000 square feet of Class A office space; 572,000 square feet of residential space including 321 luxury residential units; and a 24,000-square-foot common area featuring a fitness center, game room, coffee bar, cafe and lounge space. “Securing the construction loan from Cale Street Investments — an unprecedented investment given the global pandemic — assures that Winthrop Center will remain on schedule for completion in 2022,” says Christopher Jeffries, founder of Millennium Partners. “From its inception, human-centric design, sustainability and flexible workspaces have formed the foundation of Winthrop Center. With innovation a core part of Boston’s DNA, the city is the perfect home for this building.” The project was designed by Handel Architects to provide ample access to natural light and elevated indoor air quality in response to the COVID-19 pandemic. The development will seek LEED Gold certification for its residential units and LEED Platinum certification for its office space upon completion, which is slated for 2022. Founded …
MILFORD, MASS. — Marcus & Millichap has brokered the sale of Hill Medical Offices, a 39,424-square-foot complex in Milford, located east of Worcester. The three-building medical office property sold for $4.3 million. Adam Cohen and Harrison Klein of Marcus & Millichap represented the seller, a personal trust, in the transaction. Klein also secured the buyer, a private investor. Both parties requested anonymity.
BOSTON — A joint venture led by Taurus Investment Holdings and Northbridge Cos. has acquired six Class A seniors housing properties located in suburban Boston submarkets for approximately $200 million. The 507-unit portfolio consists of assisted living and memory care. Northbridge, a developer, owner, operator and asset manager of senior living communities, already manages the properties. The seller was Welltower, the largest REIT in the seniors housing space. The acquisition marks Taurus’ first investment in the seniors housing sector. The specific names and locations of the properties were not disclosed. Newmark Knight Frank represented Welltower in the transaction and also arranged acquisition financing for the buyer.