Massachusetts

Crosspoint Associates Acquires Land in Metro Boston for Retail Expansion Project

by Taylor Williams September 8, 2020

FRAMINGHAM, MASS. — Locally based development firm Crosspoint Associates has acquired 2.7 acres in the western Boston suburb of Framingham for a retail expansion project. The site formerly housed a Colonial Nissan car dealership and is located adjacent to a Whole Foods Marketplace that will be expanded by 7,163 square feet to a total size of 43,617 square feet. The site will also house other retail users, including a Starbucks with a drive-thru area. Bernard Gibbons of Associated Brokerage Group represented Empire Management Corp. in its disposition of the land. Craig Barker of Boston Real Estate Advisors represented Crosspoint Associates.

September 8, 2020

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers Sale of 34-Unit Apartment Building in Metro Boston for $6.9M

by Taylor Williams September 8, 2020

QUINCY, MASS. — Marcus & Millichap has brokered the sale of a 34-unit apartment building located at 40 Butler Road in the southern Boston suburb of Quincy for $6.9 million. The property consists of 30 one-bedroom units and four two-bedroom residences and is located within walking distance of the Quincy Center MBTA station. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties requested anonymity

September 8, 2020

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $25M in Financing for Renovation of Affordable Housing Community in Boston

by Taylor Williams September 3, 2020

BOSTON — MassHousing, an independent public agency that funds affordable housing properties in Massachusetts, has provided $25 million in financing for the renovation of Morse Apartments, a 99-unit community located in the Brookline neighborhood of Boston. The financing, which includes tax-exempt housing revenue bonds and Low Income Housing Tax Credits, will preserve the affordability of the community for another 75 years. The borrower was Brookline Housing Authority. Morse Apartments was constructed in 1973 at 90 Longwood Ave. and is reserved for low-income senior citizens. Renovations are expected to be complete by summer 2022.

September 3, 2020

Acquisitions Industrial Massachusetts Northeast

JLL Negotiates $7.3M Sale of Industrial Property in Metro Boston

by Taylor Williams August 31, 2020

MALDEN, MASS. — JLL has negotiated the $7.3 million sale of a 50,000-square-foot industrial property in the northern Boston suburb of Malden. The property is located on 1.8 acres at 60 Winter St. in a Qualified Opportunity Zone and was fully leased at the time of sale of sale to aerospace and defense contractor Enjet Aero. Michael Restivo and Matthew Sherry of JLL represented the seller, a private family, in the transaction. Eastern Real Estate acquired the asset in an off-market transaction.

August 31, 2020

Acquisitions Massachusetts Northeast Office Top Stories

Newmark Knight Frank Arranges $330M Sale of Reservoir Woods East Office Campus Near Boston

by Alex Tostado August 27, 2020

WALTHAM, MASS. — Newmark Knight Frank (NKF) has arranged the $330 million sale of Reservoir Woods East, a two-building, 515,273-square-foot office campus in Waltham. The building located at 40 Sylvan Road is a three-story, 312,845-square-foot asset, while the building at 50-60 Sylvan Road is a two-story, 202,428-square-foot property. The campus, which is situated 18 miles west of downtown Boston, also features up to 440,000 square feet of development potential, ideal for life-sciences use. A subsidiary of Verizon Laboratories leases space at 50-60 Sylvan on a short-term basis. Edward Maher, Robert Griffin, Matthew Pullen and Samantha Hallowell of NKF represented the seller, a joint venture between affiliates of Marcus Partners and The Davis Cos., in the transaction. The buyer was not disclosed. William Sleeper, also of NKF, provided financial analysis support. “Reservoir Woods East offers an attractive combination of near-term cash flow and long-term development upside within greater Boston, which is arguably the country’s most attractive market,” says Maher, vice chairman of NKF. “The property presents an exceptional opportunity to benefit from the momentum of the Waltham-Lexington life sciences cluster, which has become a bona fide extension of Cambridge in recent years.” The Reservoir Woods East campus also includes a structured …

August 27, 2020

Healthcare Leasing Activity Life Sciences Massachusetts Northeast Office

Reports: Bristol Myers Squibb Signs 360,000 SF Life Sciences Lease at Cambridge Crossing

by Taylor Williams August 25, 2020

CAMBRIDGE, MASS. — Pharmaceutical giant Bristol Myers Squibb has signed a 360,000-square-foot life sciences lease at Cambridge Crossing in metro Boston, according to multiple news outlets including industry publication fiercebiotech.com and The Boston Business Journal. The former reports that Bristol Myers Squibb will occupy a building located at 250 Water St. beginning in early 2023. DivcoWest is the developer of the 2.1 million-square-foot campus, which is under construction and will also feature traditional office and retail space, as well as open green space.

August 25, 2020

Hebronville-Mill-Attleboro-Massachusetts

Loans Massachusetts Multifamily Northeast

MassHousing Provides $17.2M Loan for Acquisition, Renovation of Three Multifamily Assets in Attleboro

by Taylor Williams August 25, 2020

ATTLEBORO, MASS. — MassHousing, an independent public agency that funds affordable housing properties in Massachusetts, has provided a $17.2 million loan for the acquisition and rehabilitation of three multifamily assets in the northern Boston suburb of Attleboro. The properties include the 83-unit Hebronville Mill, the 92-unit Gardner Terrace I and the 52-unit Gardner Terrace II. Each of the communities includes units that are reserved for renters earning less than the area median income. The borrower was Preservation of Affordable Housing, a locally based nonprofit organization.

August 25, 2020

Mountain-View-Terrace-Stoneham-Massachusetts

Loans Massachusetts Multifamily Northeast Seniors Housing

MassHousing Provides $32.7M Refinancing Loan for Seniors Housing Community Near Boston

by Taylor Williams August 19, 2020

STONEHAM, MASS. — MassHousing, an independent public agency that funds affordable housing properties in Massachusetts, has provided $32.7 million for the refinancing of Mountain View Terrace, a 194-unit seniors housing community in the northern Boston suburb of Stoneham. Built in 1981, the property consists of 128 one-bedroom apartments, 50 two-bedroom units, 10 three-bedroom residences and six four-bedroom apartments. The borrower was an affiliate of Atlantic Tambone Management LLC. The financing enables the property owner to extend affordability status for an additional 31 years.

August 19, 2020

Development Massachusetts Multifamily Northeast

Civico Development Completes 60-Unit Residential Community in Metro Boston

by Taylor Williams August 17, 2020

LINCOLN, MASS. — Civico Development has completed Oriole Landing, a 60-unit residential community in the western Boston suburb of Lincoln. Fifteen of the units are reserved for renters earning 80 percent or less of the area median income. The project involved the restoration of a historic farmhouse that serves as an amenity building for the complex. Bald Hill Builders served as the general contractor for the project. Madison Management is handling leasing.

August 17, 2020

Development Massachusetts Multifamily Northeast

Nauset Construction Breaks Ground on 49-Unit Multifamily Project in East Boston

by Taylor Williams August 13, 2020

BOSTON — Nauset Construction has broken ground on ēbo Condominiums, a 49-unit multifamily project in East Boston that will also include 3,630 square feet of ground-floor retail space. Designed by Bargmann Hendrie + Archetype Inc., the property is located at 205 Maverick St. near the MBTA Blue Line Maverick station. Floor plans will consist of 12 studio, 17 one-bedroom and 20 two-bedroom units, seven of which will be designated as affordable. Completion is scheduled for fall 2021.

August 13, 2020

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