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Massachusetts

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Leasing ActivityMassachusettsNortheastOffice

Cresa Negotiates 41,000 SF Office Lease in Medford, Massachusetts

by Alex Patton

MEDFORD, MASS. — Cresa has negotiated a 41,000-square-foot office lease for healthcare data collection company ERT in Medford, a northern suburb of Boston. The space is located within One Cabot Road, a 308,954-square-foot, Class A office building. The building features a 10,000-square-foot outdoor patio, fitness center and convenient access to the MBTA transit line. The lobby is undergoing renovations that will be complete this summer and will include a new coffee bar. ERT will move its office from Hood Park in Boston’s Charlestown neighborhood to One Cabot Road in January 2021. Jeff Baker and Matt George of Cresa represented ERT in the lease negotiations. Debra Gould, Rory Walsh and Juliette Reiter of Newmark Knight Frank represented the landlord, The Davis Companies.

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AcquisitionsMassachusettsNortheastRetail

RK Centers Acquires 58,000 SF Retail Property in Marlborough, Massachusetts

by Alex Patton

MARLBOROUGH, MASS. — RK Centers, an investment firm focused on retail properties in New England and South Florida, has acquired a 58,000-square-foot retail center in Marlborough, approximately 30 miles west of Boston. The sales price was $8.6 million. The property is located at the intersection of State Route 20 at 225-235 Boston Post Road, adjacent to RK’s Hannaford Supermarket-anchored RK Center. RK Centers will rebrand the asset as RK Center II. At the time of sale, tenants included Chipotle Mexican Grill, Great Clips, Mattress Firm, Subway and Sullivan Tire. The seller was undisclosed.

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MassachusettsNortheast

U.S. Economy Peaked in Late 2019, Entered Recession in February, Says National Bureau of Economic Research

by Alex Patton

CAMBRIDGE, MASS. — The U.S. economy officially peaked during the fourth quarter of 2019 and entered a recession in February, according to a new report from the National Bureau of Economic Research (NBER), a Cambridge, Mass.-based nonprofit group that tracks economic cycles. A recession entails two consecutive quarters of economic contraction, measured by gross domestic product. NBER analysts believe this recession was a result of the global COVID-19 outbreak and subsequent business closures, layoffs and slowing of general business in the United States. As this economic shutdown was self-induced, unlike previous recession periods in the country’s history, NBER analysts predict that this recession will be comparatively brief. February marked the end of the economic expansion that began in June 2009 and which saw 128 months of consecutive job growth, the longest streak in the history of U.S. business cycles dating back to 1854, according to NBER. The previous record was held by the business expansion that lasted for 120 months from March 1991 to March 2001.

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MassachusettsNortheast

Massachusetts Reopens In-Store Retail, Other Businesses As Pandemic Eases

by Alex Patton

BOSTON — Massachusetts has entered Phase II of its reopening plan, according to a statement from Massachusetts Gov. Charlie Baker on Monday. Businesses allowed to resume operations under social distancing restrictions include childcare facilities, higher education classes, hotels, outdoor recreation, in-store retail, breweries and restaurants with outdoor service. Baker will wait at least three weeks of the Phase II period before deciding to proceed to Phase III of reopening, which will include bars, casinos, gyms and entertainment venues. As of June 7, the Centers for Disease Control and Prevention reported more than 103,100 cases of COVID-19 in Massachusetts and more than 7,200 deaths.

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Company NewsMassachusettsNortheastRetailTop Stories

Dunkin’ Commits to Hiring 25,000 Workers Nationwide As Reopening of Economy Accelerates

by Alex Tostado

CANTON, MASS. — Fast-food breakfast chain Dunkin’ (NASDAQ: DNKN) has announced plans to hire 25,000 new employees nationwide as the company looks to lead the charge out of nationwide coronavirus quarantines. Taco Bell recently made a similar declaration, vowing in late May to hire 30,000 workers this summer. With 55,000 planned hires between just two companies, quick-service restaurants could be an early sign of economic recovery during the COVID-19 pandemic. The reliance on drive-thru and pickup orders makes fast food a natural type of restaurant to rebound first. Last Friday, the U.S. Bureau of Labor Statistics reported the unemployment rate was 13.3 percent, down from 14.7 percent in April. Economists expected an increase in unemployment in May, but instead 2.5 million jobs were added during the month. Dunkin’ has more than 9,500 locations in the U.S. and a total of 13,100 locations in 41 countries. Canton-based Dunkin’ launched its first-ever national restaurant employee recruitment advertising campaign through a series of “Dunkin’ Runs on You” national TV broadcast and digital spots that will be aired in English and Spanish beginning today. Available jobs range from front-counter employees to managers. A timeline for the hirings was not disclosed. Taco Bell’s newly created …

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IndustrialLoansMassachusettsNortheast

M&T Bank Provides $8.3 Million Loan for Refinancing of Industrial Property in Metro Boston

by Alex Patton

MALDEN, MASS. — M&T Bank has provided an $8.3 million loan for the refinancing of an industrial property in Malden, a northern suburb of Boston. A partnership between Oliver Street Capital and Bain Capital Real Estate was the borrower. Located at 129 Commercial St., the 54,000-square-foot property features a clear height of 12 feet, four loading docks and one drive-in door. National Grid currently leases the property. David Douvadjian, Timothy O’Donnell and Brian Butler of Newmark Knight Frank placed the loan.

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AcquisitionsMassachusettsMultifamilyNortheast

Jonathan Rose, Schochet Cos. Acquire Multifamily Property in Metro Boston for $83.5M

by Alex Patton

MEDFORD, MASS. — A joint venture between New York-based developer Jonathan Rose Cos. and Massachusetts-based property owner and manager Schochet Cos. has acquired Riverside Towers, a 200-unit multifamily property in Medford, a northern suburb of Boston, for $83.5 million. Located adjacent to the Medford Senior Care Center at 99 Riverside Ave., the property is designated for occupancy by elderly and disabled residents. Schochet Cos., which was also a partner in the previous ownership team, has been the management agent for the property since 2007 and will continue in that role. The new owner plans to upgrade apartments with modern finishes, fixtures and appliances and repurpose and modernize common amenity areas to provide onsite health services, a fitness center, a business center, an enhanced entertainment center and communal meeting and dining areas. No broker representation for buyer or seller was disclosed.

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MassachusettsNortheastRestaurantRetail

Breweries, Distilleries, Wineries Included in Phase II of Reopening, Says Massachusetts Gov. Baker

by Alex Patton

BOSTON — Craft brewing companies, liquor distilleries and wineries that also serve food have been included in Phase II of the Massachusetts reopening plan, according to a statement by Gov. Charlie Baker on Monday, June 1. The ruling clarified initial confusion as to whether craft beverage producers would be treated as restaurants, which will reopen in Phase II, or bars, which will reopen in Phase III. The state, particularly the metro Boston area, is known for a robust community of craft breweries, including Boston Beer Co., owner of Samuel Adams Boston Brewery. However, beverage producers that do not also serve food will be treated as bars. Massachusetts began Phase I of its reopening plan, which included the gradual reopening of outdoor services, construction, personal services, curbside retail and office space, on May 18. Gov. Baker is expected to decide if the state will proceed to Phase II, which includes in-store retail, restaurants, lodging and additional personal services, on Monday, June 8. As of June 2, the Centers for Disease Control and Prevention reported more than 100,800 cases of COVID-19 in Massachusetts and more than 7,000 deaths.

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MassachusettsNortheastOffice

Franklin Street Properties Reports 95 Percent Office Rent Collection in April, No Property Damage from Protests

by Alex Patton

WAKEFIELD, MASS. — Franklin Street Properties Corp. (NYSE: FSP), a Wakefield, Mass.-based REIT, has reported that it collected 95 percent of rent payments due for May at its office properties despite revenue concerns amid the COVID-19 outbreak. When the outbreak began in the United States, office users across the country were forced to lay off employees while others were restricted to working from home. Even as states begin to reopen and some employees are returning to their offices, many companies are reconsidering lease signings and expansions. In addition, Franklin reported that none of its properties has sustained significant damage as a result of the ongoing nationwide protests. Franklin owns and operates 35 office properties totaling approximately 9.5 million square feet, primarily located in infill and central business districts in 10 Southeastern and Midwestern states. Some tenants have requested rent relief in the form of deferrals for varying lengths of time, which Franklin has granted in particular instances while seeking extended lease terms. The REIT’s stock price closed at $5.15 per share on June 2, down from $7.52 per share at the same time last year.

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AcquisitionsIndustrialMassachusettsNortheast

Service Property Trust Sells 674,143 SF Industrial Property in Canton, Massachusetts

by Alex Patton

CANTON, MASS. — Service Properties Trust (SPT), a Massachusetts-based REIT, has sold a 674,143-square-foot industrial property in Canton, a southern suburb of Boston. The sales price was $51 million. The property is located at 555 Turnpike St. and was constructed in 1962. SPT purchased the property as part of a net-lease portfolio acquisition in September 2019. The buyer was undisclosed.

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