Massachusetts

Austin Street, Dinosaur Capital Complete 68-Unit Multifamily Building in Metro Boston

by Alex Patton April 22, 2020

NEWTON, MASS. — A joint venture between Austin Street Partners, Dinosaur Capital Partners and Oaktree Development has completed construction of 28 Austin Street, a 68-unit multifamily building in Newton, a western suburb of Boston. The property features 33 one- and 35 two-bedroom apartments, including 23 workforce housing units that are reserved for renters earning less than 80 percent of the area median income. Leasing has begun and many tenants have already moved in. Eastern Bank provided $25.7 million in construction and permanent financing for the project. Stantec and GreenStaxx designed the project. NEI General Contracting constructed the building.

April 22, 2020

Development Massachusetts Northeast Retail

Verc Enterprises Opens 3,825 SF Gas Station, Convenience Store in Webster, Massachusetts

by Alex Patton April 22, 2020

WEBSTER, MASS. — Gas station and convenience store operator Verc Enterprises Inc. has opened a 3,825-square-foot store in Webster, located approximately 15 miles south of Worcester. Located at 137 E. Main St., the site offers Gulf gasoline and a car wash and also houses a Dunkin’ on the premises. Verc now owns and operates 34 gas stations and convenient stores with location across central Massachusetts and New Hampshire.

April 22, 2020

Development Massachusetts Multifamily Northeast

Toll Brothers, Carlyle Group to Develop 289-Unit Apartment Community in Woburn, Massachusetts

by Alex Patton April 21, 2020

WOBURN, MASS. — A joint venture between Toll Brothers Inc. and The Carlyle Group will develop Emblem 120, a 289-unit apartment community in Woburn, a northern suburb of Boston. The six-story building will feature 9,390 square feet of retail space and amenities including a resident lounge, coworking space, fitness center and pool. Wells Fargo Bank provided construction financing for the project. Toll Brothers Apartment Living will manage the development and leasing of the property. The construction schedule was undisclosed.

April 21, 2020

Development Massachusetts Northeast Retail

Architectural Heritage Foundation Underway on 15,574 SF Retail Redevelopment in Boston

by Alex Patton April 21, 2020

BOSTON — Architectural Heritage Foundation is underway on the redevelopment of Charles River Speedway in Boston, a project that will deliver a 15,574-square-foot retail complex. The site is located in the Allston-Brighton neighborhood of Boston and includes the former racetrack administrative building and garage facility, which is a registered historic property. Local craft brewery Notch Brewing will anchor the project with a full brewery, taproom and beer garden, along with other restaurant and retail tenants and event spaces. Construction is slated for completion in December.

April 21, 2020

Acquisitions Massachusetts Northeast Office

Taurus Investment Purchases Office Building in Concord, Massachusetts, for $74.5M

by Alex Patton April 17, 2020

CONCORD, MASS. — Taurus Investment Holdings LLC has purchased 300 Baker Avenue, a 410,296-square-foot office building in Concord, a northwestern suburb of Boston. The sales price was $74.5 million. At the time of sale, the Class A building was 93.2 percent leased to 13 tenants, including the corporate headquarters of fruit juice manufacturer Welch’s and a satellite facility for Emerson Hospital. Amenities include a fitness facility, conference center, cafeteria and Starbucks kiosk. Robert Griffin and Edward Maher led a Newmark Knight Frank team that represented Taurus in the transaction. Novaya Real Estate Ventures was the seller.

April 17, 2020

Development Industrial Massachusetts New York Northeast

Skanska Begins $40M Rehabilitation Project for Amtrak in New York, Boston

by Alex Patton April 15, 2020

NEW YORK AND BOSTON — Swedish construction company Skanska has begun a $40 million rehabilitation project for railway company Amtrak. The project will include structural modifications and industrial equipment upgrades for three maintenance facilities located in Boston, New York and Washington D.C. Skanska originally built the facilities 20 years ago and was contracted again to upgrade them to accommodate the upcoming Acela 21 high-speed rail service trains. Construction is slated for completion in the first quarter of 2021, and the new trains will be placed into service late next year.

April 15, 2020

Acquisitions Massachusetts Northeast Retail

Marcus & Millichap Brokers $9M Sale of Walgreens-Occupied Retail Property in Lowell, Massachusetts

by Alex Patton April 13, 2020

LOWELL, MASS. — Marcus & Millichap has brokered the $9 million sale of a retail property in Lowell, located approximately 25 miles northwest of Boston. The 14,820-square-foot property was fully leased to Walgreens at the time of sale. Glen Kunofsky, Josh Kanter and Anthony D’Ambrosia of Marcus & Millichap represented the seller, a West Coast-based private investor. Adam Friedlander of Marcus & Millichap represented the buyer, a New York City-based private investor.

April 13, 2020

Massachusetts Northeast

Diversified Healthcare Trust Reduces Quarterly Common Share Dividend to Preserve Capital

by Alex Patton April 10, 2020

NEWTON, MASS. — Diversified Healthcare Trust (DHC), a metro Boston-based REIT focused on healthcare and life sciences, will reduce its regular quarterly cash dividend on shares of common stock from 15 cents per share in the fourth quarter of 2019 to 1 cent per share in the first quarter of 2020. The capital-saving move comes in response to the operating challenges and uncertainty surrounding the COVID-19 pandemic and market disruptions, and is estimated to conserve approximately $33.3 million in cash per quarter. The REIT will reassess its position on a quarterly basis. DHC also expects to conserve capital by deferring certain nonessential capital investments that are expected to save up to $150 million in 2020. DHC’s medical office and life science portfolio includes approximately 12 million square feet across more than 420 properties located in 39 states and Washington, D.C.

April 10, 2020

Acquisitions Industrial Massachusetts Northeast

Innovative Industrial Acquires Cannabis Cultivation Facility in Athol, Massachusetts, for $26.8M

by Alex Patton April 3, 2020

ATHOL, MASS. — Innovative Industrial Properties Inc. (IIP), a California-based REIT specializing in the regulated cannabis industry, has acquired a 199,000-square-foot industrial property in Athol, located approximately 40 miles northwest of Worcester. The sales price was $26.8 million. Concurrent with the transaction, IIP entered a long-term, triple-net lease agreement with a subsidiary of Ascend Wellness Holdings LLC (AWH) for continued operation as a licensed cannabis cultivation and processing facility. AWH is expected to complete tenant improvements for the property, for which IIP has agreed to provide reimbursement of up to approximately $22.2 million. The Massachusetts Cannabis Control Commission deemed medical marijuana treatment centers and health care providers as essential services that will remain open during the COVID-19 crisis.

April 3, 2020

Massachusetts New Jersey New York Northeast

Wegmans to Hire 900 Grocery Workers Across Massachusetts, New Jersey, as COVID-19 Prompts Heavier Shopping

by Alex Patton April 1, 2020

ROCHESTER, N.Y. — Rochester-based regional grocer Wegmans Food Markets will hire approximately 900 full- and part-time workers across its stores in Massachusetts (400 jobs) and New Jersey (500 jobs) in response to increased grocery shopping amid the novel coronavirus outbreak. Positions will be filled across the grocer’s six stores in Massachusetts and nine stores in New Jersey, as well as its warehouses and inventory replenishment centers in both states. As of March 31, the New Jersey Department of Health tracked 18,696 cases in the state. The Massachusetts Department of Public Health tracked 6,620 cases in the state.

April 1, 2020

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