BOSTON — Massachusetts Gov. Charlie Baker has begun a phased reopening plan for some businesses and services in the state, according to a public statement from the state administration on Monday, May 18. Phase I includes a staggered reopening of places of worship, manufacturing and construction sites and hospital preventative care centers. On May 25, personal services including hair salons, barbershops, pet grooming and car washes will be allowed to reopen, as will offices outside of the Boston area, laboratories, curbside retail, outdoor entertainment and daycare facilities. Offices in the Boston area will be permitted to reopen on June 1. Following the completion of Phase I, the state will evaluate the effect of reopening on the spread of the virus and will begin Phase II of the plan no earlier than June 8. Baker issued an executive order closing all nonessential businesses on March 23, which was later extended on April 28. As of May 18, the Massachusetts Department of Public Health reported more than 87,000 confirmed cases of COVID-19 in the state and nearly 5,900 deaths.
MEDWAY, MASS. — Berkeley Partners, a California-based investment firm, has acquired a 162,736-square-foot industrial property in Medway, approximately 30 miles southwest of Boston. The sales price was $16.6 million. Located at 51 Alder St., the property features 24-foot clear heights and convenient access to Interstate 495. At the time of sale, the property was 91 percent leased to tenants including Verizon Wireless. Scott Dragos, Chris Skeffington and Doug Jacoby led a CBRE team that represented the seller, Conroy Development, in the transaction. The team also procured Berkeley Partners as the buyer.
SHREWSBURY, MASS. — Massachusetts-based Casa Builders and Developers is underway on construction of Wyman Farms, a 26-unit senior living community in Shrewsbury, an eastern suburb of Worcester. The property will feature 13 duplex-style residences with two bedrooms each that will be restricted to residents age 55 and older. The property is located near UMass Memorial Medical Center University Campus, multiple golf courses and retailers such as Wegmans, Walmart and Whole Foods Market. The project is slated for completion in 2022.
LYNN, MASS. — Dolben Co. Inc., a Massachusetts-based developer, is underway on Breakwater, a 331-unit apartment complex that will be located in the northern Boston suburb of Lynn. Dolben is constructing the 481,201-square-foot project on a site located at 254 Lynnway. The property overlooks Lynn Harbor and was previously vacant for 35 years. The community will feature studio, one-, two- and three-bedroom floor plans, ranging from approximately 560 square feet to 1,300 square feet. Amenities will include a fitness center, game room and an outdoor lounge and harbor walk. HDS Architecture designed the project, and Callahan Construction Managers is the general contractor. Construction is slated for completion in March 2022.
BILLERICA, MASS. — RD Management LLC, a New York-based developer, will develop a 230-unit luxury multifamily project in Billerica, a northwestern suburb of Boston. The project will be constructed as an addition to RD Management’s 306,876-square-foot Shops at Billerica retail center. At the time of the multifamily project announcement, major tenants of the retail center included a 69,560-square-foot Burlington store, as well as grocer Market Basket, Big Lots and Planet Fitness. According to the development team, the project is on track to break ground by the end of year despite construction restrictions amid the COVID-19 health crisis.
BOSTON — Plymouth Industrial REIT Inc. (NYSE: PLYM), a Boston-based investment firm focused on the acquisition and management of industrial properties, executed more than 426,000 square feet of new leases during the first three months of 2020, according to the company’s latest quarterly report. Commercial leasing has declined amid the COVID-19 health crisis, but industrial owners have benefited from demand for distribution and warehousing space, especially from e-commerce users. At the end of the quarter, Plymouth owned 125 industrial buildings totaling approximately 20 million square feet, including 11 properties totaling 2.1 million square feet that were purchased in the first quarter. Plymouth reported 96.3 percent occupancy across its portfolio, which is primarily located in the Midwest and Southeast regions, as well as in New Jersey and Maine. Plymouth’s stock price closed at $13.98 per share on May 8, down from $15.55 per share a year ago.
EVERETT, MASS. — Cornerstone Realty Capital has arranged a $10 million loan for the construction of a 51-unit multifamily project in Everett, a Northern suburb of Boston. A local lender provided the loan at a fixed interest rate, which features 24 months of interest-only payments and a 30-year amortization schedule. Massachusetts-based developer United Properties Inc. was the borrower. The project, the name of which has yet to be determined, will repurpose an existing three-story brick structure on the property, expanding it to six stories and constructing one-bedroom units that will range between 460 and 895 square feet. Amenities will include an outdoor lounge area with benches and a firepit, a fitness center and a rooftop deck.
ROXBURY, MASS. — A joint venture of Watermark Development Inc. and Horizons for Homeless Children will construct a 140,000-square-foot learning center in Roxbury, a southern suburb of Boston. Located at 1785 Columbus Ave., the center will serve 225 children ranging in age from two months to five years. Horizons, a nonprofit organization dedicated to improving the lives of young homeless children and their families, will use part of the building as its headquarters. The project is expected to bring approximately 400 new jobs to the area. Studio MLA Architects designed the project. Kaplan Construction will serve as the general contractor. Construction is expected to start later this spring and to be completed in early 2021.
WAKEFIELD, MASS. — Franklin Street Properties Corp. (NYSE AMERICAN: FSP), a Wakefield, Massachusetts-based REIT, reports that it collected 98 percent of rent payments due for April at its office properties despite revenue concerns amid the COVID-19 outbreak. Office users across the country have been forced to lay off employees while others are restricted to work from home, leading many companies to reconsider lease signings and expansions. Franklin owns and operates 35 office properties totaling approximately 9.5 million square feet, primarily located in infill and central business districts in 10 states concentrated in the Southeast and Midwest. The REIT reported a $1.1 million net loss in the first quarter, however, and expressed that it cannot predict rental income in future months. Tenants have requested rent relief requests in the form of deferrals for varying lengths of time, which Franklin may grant in some instances while seeking extended lease terms. The REIT’s stock price closed at $5.05 on May 4, compared with $7.97 at the same time last year.
BOSTON — JLL has arranged the $19.3 million sale of 45 Holton Street, a 180,000-square-foot industrial warehouse in the northwestern suburb of Boston of Winchester. The building features 26-foot clear heights, 33 loading docks, two drive-in doors and roughly 18,000 square feet office space, as well as convenient access to Interstates 95 and 93 and State Route 3. At the time of sale, the property was fully leased to Tighe Logistics Group and Archive America. Matt Sherry and Jamey Lipscomb led a JLL team that represented the seller, JG Holt Ltd. Partnership, in the transaction. Brett Paulsrud and Sam Campbell led the JLL debt placement team that arranged $13.3 million in acquisition financing through Harbor One Bank for the buyer, a partnership between Boston-based firms Bain Capital Real Estate and Oliver Street Capital.