Massachusetts

CBRE Arranges $154M Sale of Industrial Portfolio in Metro Boston

by Alex Tostado January 14, 2021

WILMINGTON, MASS. — CBRE has arranged the $154 million sale of an eight-building, 687,000-square-foot industrial portfolio in Wilmington. The properties were 96 percent leased at the time of sale to 27 tenants including Crate & Barrel, Energy Sciences, 3Step Sports and Altro USA Inc. A joint venture between Boston-based Oliver Street Capital and Bain Capital Real Estate acquired the portfolio, which spans 49 acres. The buildings are located at 21, 42, 65 and 80 Industrial Way; 42 and 80 Rear Industrial Way; 1 Progress Way; and 844 Woburn St., four miles north of the Interstate 95-93 interchange and 17 miles north of Boston Logan International Airport. Scott Dragos, Doug Jacoby, Chris Skeffington, Tony Hayes, Tim Mulhall, Roy Sandeman and Daniel Hines of CBRE represented the seller, I. Fred Dicenso Trust LLC, in the transaction. “Boston is a target market on all investors’ radar right now, and it’s not very often a true infill industrial cluster becomes available,” says Dragos. “What this portfolio uniquely offered was its scale, location, proximity to I-93 and market opportunities.” — Alex Tostado

January 14, 2021

Industrial Loans Massachusetts Northeast Self-Storage

Talonvest Arranges $15.6M Acquisition Loan for Metro Boston Self-Storage Facility

by Taylor Williams January 13, 2021

NEEDHAM, MASS. — Talonvest Capital, a mortgage banking firm focused on the self-storage sector, has arranged a $15.6 million bridge loan for the acquisition of a 970-unit facility in Needham, a western suburb of Boston. The property was built on 1.9 acres in 2020 and spans 92,500 net rentable square feet. Eric Snyder, Erich Pryor, David DiRienzo, Lauren Maehler and Jim Davies of Talonvest arranged the nonrecourse, floating-rate loan on behalf of the borrower, a joint venture between Westport Properties Inc. and investment management firm Heitman.

January 13, 2021

Leasing Activity Massachusetts Northeast Retail

Aldi to Open 21,000 SF Grocery Store at Dartmouth Mall in Massachusetts

by Taylor Williams January 12, 2021

DARTMOUTH, MASS. — German discount grocer Aldi will open a 21,000-square-foot store at Dartmouth Mall in southeastern Massachusetts in the fourth quarter. Aldi will backfill a space previously occupied by Sears and will join Burlington, Old Navy, H&M and Five Below as some of the largest tenants at the property. Pennsylvania Real Estate Investment Trust (PREIT) owns Dartmouth Mall.

January 12, 2021

Acquisitions Massachusetts Multifamily Northeast

Pacific Urban Residential Acquires 266-Unit Apartment Community in Salem, Massachusetts

by Taylor Williams January 11, 2021

SALEM, MASS. — California-based investment firm Pacific Urban Residential has acquired Bell at Salem Station, a 266-unit apartment community in Salem. Built on 10.5 acres in 2002, the property features 12 different floor plans with an average unit size of 1,333 square feet. Amenities include an outdoor pool, fitness center, media room and a community room. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, Bell Partners, and the buyer in the transaction. Pacific Urban Residential will rebrand the community as Sofi at Salem Station.

January 11, 2021

Affordable Housing Development Massachusetts Multifamily Northeast

Callahan Breaks Ground on 244-Unit Multifamily Project in Metro Boston

by Taylor Williams January 11, 2021

WALTHAM, MASS. — Callahan Construction Managers has broken ground on Broadstone Watch City, a 244-unit multifamily project that will be located in the western Boston suburb of Waltham. The development will span 348,936 square feet and will consist of 195 market-rate residences and 49 affordable housing units. Amenities will include 293 parking spaces, an outdoor pool and courtyard, resident lounges, a conference room and a fitness center. CUBE 3 Studio is designing the project, which is being developed by a partnership between Alliance Residential Co. and The Carlyle Group. Completion is scheduled for May 2022.

January 11, 2021

Acquisitions Healthcare Life Sciences Massachusetts Northeast Office

Jamestown Sells 50 Percent Interest in 1.4 MSF Office, Life Sciences Building in Boston

by Taylor Williams January 7, 2021

BOSTON — Jamestown LP has sold a 50 percent interest in The Innovation & Design Building, a 1.4 million-square-foot office and life sciences property in Boston’s Seaport District. Jamestown originally purchased the building in 2013 and has since invested more than $200 million in its revitalization, with construction of additional office and lab space scheduled to begin later this year. The property now serves as a business hub for companies including Reebok and Autodesk, as well as life sciences users like Ginkgo Bioworks and Living Proof. The buyer was Related Fund Management, the investment management affiliate of Related Cos. and its Boston office, Related Beal. Robert Griffin, Edward Maher, Samantha Hallowell and Dominick Romano of Newmark brokered the deal, which represents a $710 million recapitalization.

January 7, 2021

Acquisitions Massachusetts Multifamily Northeast

CBRE Negotiates Sale of 220-Unit Avalon Cohasset Apartments Near Boston

by Taylor Williams January 7, 2021

COHASSET, MASS. — CBRE has negotiated the sale of Avalon Cohasset, a 220-unit apartment community located about 25 miles southeast of Boston. The property consists of 34 buildings on 61 acres and features 14 different floor plans with an average unit size of 1,333 square feet. Amenities include a pool, fitness center and a resident clubhouse. Simon Butler, Biria St. John and John McLaughlin represented the seller, Avalon Bay Communities, in the transaction. The team also procured the buyer, TruAmerica Multifamily, in its first acquisition in the greater Boston market.

January 7, 2021

Acquisitions Development Life Sciences Massachusetts Northeast Office Top Stories

BioMed Realty Acquires Former John Hancock Building in Boston, Plans Life Sciences Conversion

by Alex Tostado January 7, 2021

BOSTON — BioMed Realty has acquired the former headquarters of John Hancock Life Insurance Co. in Boston and plans to convert the 14-story building into a life sciences facility. The building, which is located at 601 Congress St. in the Seaport District, features floor plates ranging from 19,000 to 50,000 square feet, 11 elevators, 14-foot ceilings on the second and third floors, 12-foot ceilings on the fifth through 14th floors, a fitness center, six-story atrium, two rooftop decks, conference center and a café. The property has sat vacant since 2018 when John Hancock consolidated its Boston offices to its building in the Back Bay district. BioMed, a Blackstone subsidiary, acquired the 485,000-square-foot property from an affiliate of Manulife Investment Management for an undisclosed price. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark brokered the deal. BioMed says the building is ideal for the planned conversion due to its mechanical and structural infrastructure, collaborative meeting areas and strong visual identity. BioMed is yet to select a general contractor for the conversion project, which the San Diego-based company expects to deliver in the second half of 2022. The Seaport District is situated along the Boston Main Channel and is …

January 7, 2021

Washington-Crossing-Woburn-Massachusetts

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers Sale of 205-Unit Washington Crossing Apartments in Woburn, Massachusetts

by Taylor Williams December 23, 2020

WOBURN, MASS. — CBRE has brokered the sale of Washington Crossing, a 205-unit apartment community in Woburn, a northern suburb of Boston. Built in 2003, the property consists of four residential buildings, a clubhouse and multiple freestanding carports. Units average 1,063 square feet, and amenities include a heated pool, fitness center, business center and a theater room. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an institutional investor advised by J.P. Morgan Asset Management, in the transaction. The team also procured the buyer, CWMA Baystate LLC.

December 23, 2020

Development Healthcare Life Sciences Massachusetts Northeast Office

DivcoWest Tops Offs Two Life Sciences Buildings in Cambridge Totaling 906,000 SF

by Taylor Williams December 22, 2020

CAMBRIDGE, MASS. — Developer DivcoWest has topped off 350 Water Street and 450 Water Street, two life sciences buildings in Cambridge that total 906,000 square feet. The buildings are located within the 45-acre Cambridge Crossing campus and will be the future home of biopharmaceutical giant Sanofi, where some 3,000 employees will work. Perkins + Will designed 350 Water Street, and NBBJ designed 450 Water Street. Other tenants at the 4.5 million-square-foot Cambridge Crossing development include Bristol Myers Squibb and Cerevel Therapeutics. Sanofi expects to take occupancy of the buildings in 2022.

December 22, 2020

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