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.
CAMBRIDGE, MASS. — Locally based developer Cabot, Cabot & Forbes has acquired a 66,964-square-foot industrial flex property located at 67 Smith Place in Cambridge for $49.6 million. The site is adjacent to The Quad, the firm’s master-planned development that includes 485 multifamily units, 60,000 square feet of retail space and 575,000 square feet of lab space. Cabot, Cabot & Forbes raised $21 million on CrowdStreet to help fund the acquisition and will implement a capital improvement program.
NEWTON, MASS. — Service Properties Trust (NASDAQ: SVC), a hospitality management firm based in metro Boston, has terminated its management agreements with Marriott International (NYSE: MAR) for 122 hotels. Pursuant to its agreement with Marriott, Service Properties Trust is selling 24 of the 122 Marriott-branded hotels, including eight TownePlace Suites hotels totaling 834 rooms; 13 Courtyard by Marriott hotels totaling 1,813 rooms; and three Residence Inn hotels totaling 342 rooms. The eight TownePlace hotels are scattered across four states and will be sold for $45.3 million, and the 16 Courtyard and Residence Inn hotels feature locations across nine states and will be sold for $107.8 million. The majority (89) of the other hotels will be transferred to Sonesta on January 31, 2021 and operated under Sonesta’s various brands moving forward.
BOSTON — Rockport Mortgage Corp. has arranged an $81.8 million loan for the refinancing of South Cove Plaza, a 231-unit seniors housing community in Boston. South Cove Plaza consists of a 142-unit building on Stuart Street and an 89-unit building on Tremont Street in the city’s Back Bay area. The buildings feature 193 one-bedroom units and 38 two-bedroom units, as well as a combined 10,200 square feet of ground-floor commercial space. The borrower, Weston Associates, will use some of the proceeds to renovate unit interiors, mechanical systems and amenity spaces.
QUINCY, MASS. — ORIX Real Estate Capital has provided a $19.9 million FHA-insured loan for the refinancing of Fenno House, a 152-unit affordable housing community located in the southern Boston suburb of Quincy. The property was built in 1973. Hampden Park Capital arranged the loan on behalf of the borrower, Wollaston Lutheran Housing Corp., which will use a portion of the funds to rehabilitate and preserve the affordability of the property. Curtis Construction Co. is the general contractor for the renovation project.
DRACUT, MASS. — GreenStar Herbals has opened a 13,000-square-foot cannabis dispensary for recreational use in Dracut, located north of Boston near the Massachusetts-New Hampshire border. The store is GreenStar’s third and offers a variety of flower, edible, tincture and salve products. Vantage Builders Inc., a metro Boston-based design-build and construction management firm, handled the build-out of the space, which also includes a consultation area and a break room and locker area for employees.