Massachusetts

NKF Brokers $66M Sale of Office Campus in Marlborough, Massachusetts

by Alex Patton June 19, 2020

MARLBOROUGH, MASS. — Newmark Knight Frank (NKF) has brokered the $66 million sale of The Campus at Marlborough, a 531,916-square-foot office campus in Marlborough, about 30 miles west of Boston. Situated on 121 acres at 100 Campus Drive, the complex features four interconnected buildings, including three office buildings and one amenity building. Amenities include a full-service cafeteria, Starbucks coffee shop, fitness center, 300-person auditorium, conference facilities, outdoor seating areas, walking trails and basketball and volleyball courts. At the time of sale, the property was 76 percent leased to a five-tenant roster anchored by the global headquarters of medical technology company Hologic. Robert Griffin, Edward Maher and Matthew Pullen led an NKF team that represented the seller, Houston-based Hines, in the transaction. Greatland Realty Partners was the buyer. Lauren O’Neil, Andrew Gray and Henry Schaffer of JLL arranged acquisition financing through Brookline Bank on behalf of Greatland Realty.

June 19, 2020

Massachusetts Multifamily Northeast Seniors Housing

Great Bridge Begins Development of 70-Unit Seniors Housing Project in Lunenburg, Massachusetts

by Alex Patton June 15, 2020

LUNENBURG, MASS. — Great Bridge Properties, a New Hampshire-based developer, has begun development of Baker Brook Apartments, a 70-unit seniors housing property in Lunenburg, approximately 25 miles north of Worcester. Located on nearly four acres, the community will feature 62 one-bedroom and eight two-bedroom units. The property will serve seniors ages 55 and older earning 80 percent or less of the Area Median Income (AMI) and 48 units will be reserved for seniors earning 60 percent or less of the AMI. Eight units will be reserved for seniors earning 30 percent or less of the AMI. Ten percent of the units will feature a preference toward homeless populations.

June 15, 2020

Development Massachusetts Multifamily Northeast

WinnCompanies to Develop $38.3M Multifamily Project in Lowell, Massachusetts

by Taylor Williams June 12, 2020

LOWELL, MASS. — WinnCompanies will develop a 125-unit multifamily project in Lowell, a city 30 miles northwest of Boston, a project that is valued at $38.3 million. The company will construct two adjacent five-story buildings in the Hamilton Canal Innovation District that will be linked by an enclosed sky bridge and located near a new 900-space parking garage. The community will feature a mix of market-rate and affordable units, as well as 5,000 square feet of commercial space. Floor plans consist of 15 studio apartments, 63 one-bedroom units and 47 two-bedroom apartments. Bank of America provided a senior construction loan for the project. Construction is underway and is expected to be complete in the first quarter of 2022.

June 12, 2020

Leasing Activity Massachusetts Northeast Office

Cresa Negotiates 41,000 SF Office Lease in Medford, Massachusetts

by Alex Patton June 11, 2020

MEDFORD, MASS. — Cresa has negotiated a 41,000-square-foot office lease for healthcare data collection company ERT in Medford, a northern suburb of Boston. The space is located within One Cabot Road, a 308,954-square-foot, Class A office building. The building features a 10,000-square-foot outdoor patio, fitness center and convenient access to the MBTA transit line. The lobby is undergoing renovations that will be complete this summer and will include a new coffee bar. ERT will move its office from Hood Park in Boston’s Charlestown neighborhood to One Cabot Road in January 2021. Jeff Baker and Matt George of Cresa represented ERT in the lease negotiations. Debra Gould, Rory Walsh and Juliette Reiter of Newmark Knight Frank represented the landlord, The Davis Companies.

June 11, 2020

Acquisitions Massachusetts Northeast Retail

RK Centers Acquires 58,000 SF Retail Property in Marlborough, Massachusetts

by Alex Patton June 10, 2020

MARLBOROUGH, MASS. — RK Centers, an investment firm focused on retail properties in New England and South Florida, has acquired a 58,000-square-foot retail center in Marlborough, approximately 30 miles west of Boston. The sales price was $8.6 million. The property is located at the intersection of State Route 20 at 225-235 Boston Post Road, adjacent to RK’s Hannaford Supermarket-anchored RK Center. RK Centers will rebrand the asset as RK Center II. At the time of sale, tenants included Chipotle Mexican Grill, Great Clips, Mattress Firm, Subway and Sullivan Tire. The seller was undisclosed.

June 10, 2020

Massachusetts Northeast

U.S. Economy Peaked in Late 2019, Entered Recession in February, Says National Bureau of Economic Research

by Alex Patton June 9, 2020

CAMBRIDGE, MASS. — The U.S. economy officially peaked during the fourth quarter of 2019 and entered a recession in February, according to a new report from the National Bureau of Economic Research (NBER), a Cambridge, Mass.-based nonprofit group that tracks economic cycles. A recession entails two consecutive quarters of economic contraction, measured by gross domestic product. NBER analysts believe this recession was a result of the global COVID-19 outbreak and subsequent business closures, layoffs and slowing of general business in the United States. As this economic shutdown was self-induced, unlike previous recession periods in the country’s history, NBER analysts predict that this recession will be comparatively brief. February marked the end of the economic expansion that began in June 2009 and which saw 128 months of consecutive job growth, the longest streak in the history of U.S. business cycles dating back to 1854, according to NBER. The previous record was held by the business expansion that lasted for 120 months from March 1991 to March 2001.

June 9, 2020

Massachusetts Northeast

Massachusetts Reopens In-Store Retail, Other Businesses As Pandemic Eases

by Alex Patton June 8, 2020

BOSTON — Massachusetts has entered Phase II of its reopening plan, according to a statement from Massachusetts Gov. Charlie Baker on Monday. Businesses allowed to resume operations under social distancing restrictions include childcare facilities, higher education classes, hotels, outdoor recreation, in-store retail, breweries and restaurants with outdoor service. Baker will wait at least three weeks of the Phase II period before deciding to proceed to Phase III of reopening, which will include bars, casinos, gyms and entertainment venues. As of June 7, the Centers for Disease Control and Prevention reported more than 103,100 cases of COVID-19 in Massachusetts and more than 7,200 deaths.

June 8, 2020

Company News Massachusetts Northeast Retail Top Stories

Dunkin’ Commits to Hiring 25,000 Workers Nationwide As Reopening of Economy Accelerates

by Alex Tostado June 8, 2020

CANTON, MASS. — Fast-food breakfast chain Dunkin’ (NASDAQ: DNKN) has announced plans to hire 25,000 new employees nationwide as the company looks to lead the charge out of nationwide coronavirus quarantines. Taco Bell recently made a similar declaration, vowing in late May to hire 30,000 workers this summer. With 55,000 planned hires between just two companies, quick-service restaurants could be an early sign of economic recovery during the COVID-19 pandemic. The reliance on drive-thru and pickup orders makes fast food a natural type of restaurant to rebound first. Last Friday, the U.S. Bureau of Labor Statistics reported the unemployment rate was 13.3 percent, down from 14.7 percent in April. Economists expected an increase in unemployment in May, but instead 2.5 million jobs were added during the month. Dunkin’ has more than 9,500 locations in the U.S. and a total of 13,100 locations in 41 countries. Canton-based Dunkin’ launched its first-ever national restaurant employee recruitment advertising campaign through a series of “Dunkin’ Runs on You” national TV broadcast and digital spots that will be aired in English and Spanish beginning today. Available jobs range from front-counter employees to managers. A timeline for the hirings was not disclosed. Taco Bell’s newly created …

June 8, 2020

Industrial Loans Massachusetts Northeast

M&T Bank Provides $8.3 Million Loan for Refinancing of Industrial Property in Metro Boston

by Alex Patton June 5, 2020

MALDEN, MASS. — M&T Bank has provided an $8.3 million loan for the refinancing of an industrial property in Malden, a northern suburb of Boston. A partnership between Oliver Street Capital and Bain Capital Real Estate was the borrower. Located at 129 Commercial St., the 54,000-square-foot property features a clear height of 12 feet, four loading docks and one drive-in door. National Grid currently leases the property. David Douvadjian, Timothy O’Donnell and Brian Butler of Newmark Knight Frank placed the loan.

June 5, 2020

Acquisitions Massachusetts Multifamily Northeast

Jonathan Rose, Schochet Cos. Acquire Multifamily Property in Metro Boston for $83.5M

by Alex Patton June 4, 2020

MEDFORD, MASS. — A joint venture between New York-based developer Jonathan Rose Cos. and Massachusetts-based property owner and manager Schochet Cos. has acquired Riverside Towers, a 200-unit multifamily property in Medford, a northern suburb of Boston, for $83.5 million. Located adjacent to the Medford Senior Care Center at 99 Riverside Ave., the property is designated for occupancy by elderly and disabled residents. Schochet Cos., which was also a partner in the previous ownership team, has been the management agent for the property since 2007 and will continue in that role. The new owner plans to upgrade apartments with modern finishes, fixtures and appliances and repurpose and modernize common amenity areas to provide onsite health services, a fitness center, a business center, an enhanced entertainment center and communal meeting and dining areas. No broker representation for buyer or seller was disclosed.

June 4, 2020

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