Massachusetts

National Development Unveils Plans for Mixed-Use Project in Boston

by Alex Patton February 24, 2020

BOSTON — Locally based firm National Development has unveiled plans for a mixed-use project at 333 Dorchester Ave. in South Boston, pending approval from the City of Boston. The project will include 256 apartment units, 47,000 square feet of office space, 14,500 square feet of retail space and public green space. The project is part of a larger Dorchester Avenue redevelopment initiative spearheaded by National Development, which includes transformation of industrial buildings including 333 Dorchester Ave. into primarily residential and commercial properties.

February 24, 2020

Development Massachusetts Multifamily Northeast

WSV, BedRock to Develop $73M Multifamily Building in Boston

by Alex Patton February 21, 2020

BOSTON — Washington Square Ventures and Bedrock Real Estate Partners will develop The Brookliner, a $73 million multifamily project in the Brighton neighborhood of Boston. Located at 5 Washington St., the building will comprise 108 apartments and 12,150 square feet of retail space. CVS Pharmacy will occupy 90 percent of the retail space. Amenities will include a deck, fitness center and convenient access to two MBTA Green Line Subway stops. Stantec will serve as the project architect. Simon Butler, Biria St. John and Kyle Juszczyszyn secured financing from an institutional investor. Construction is slated to begin later this year and complete in 2021.

February 21, 2020

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers $13.7M Sale of Two Apartment Buildings in Fall River, Massachusetts

by Alex Patton February 20, 2020

FALL RIVER, MASS. — CBRE has brokered the $13.7 million sale of two apartment buildings in Fall River, located approximately 20 miles southeast of Providence. Border City Mills, a former mill building located at 2 Weaver St., was completed in 1873 and converted to a residential use in 1988. The property comprises 107 units and offers a fitness center and pool. River Grove Apartments, located at 4516 North Main St., was built in 1987, comprises 48 units and sits adjacent to Fall River Country Club. Simon Butler and Biria St. John of CBRE represented the seller, First Merchants Group. The team also procured the buyer, Fren Management Co. Inc.

February 20, 2020

Acquisitions Massachusetts Northeast Retail

NKF Brokers Sale of Two Retail Spaces Totaling 418,970 SF in Plymouth, Massachusetts

by Alex Patton February 19, 2020

PLYMOUTH, MASS. — Newmark Knight Frank (NKF) has brokered the sale of two retail spaces totaling 418,970-square-feet within the Colony Place mixed-use development in Plymouth, located approximately 40 miles southeast of Boston. Texas-based investor The Rainier Cos. acquired the assets which include two spaces within the 1 million-square-foot Colony Place development: The Plaza, which comprises 230,497 square feet; and The Village, which comprises 188,473 square feet. The seller, Saxon Partners, will continue its role of master developer of Colony Place and will move forward with additions including a 320-unit apartment complex and a hotel. Robert Griffin, Geoffrey Millerd, Justin Smith and Paul Penman of NKF represented Saxon Partners in the transaction. The team also procured The Rainier Cos. as the buyer.

February 19, 2020

Boston Multifamily Rent and Occupancy Forecast 2020

Content Partner Features Loans Lument Massachusetts Northeast RED Capital Group

RED Mortgage Capital: Strong Economy Boosts Boston Multifamily Performance, but Looming Supply Likely to Hinder Returns

by Jaime Lackey February 19, 2020

The country’s largest commercial real estate services firm recently selected Boston as its choice for strongest U.S. gateway multifamily market performer for 2020, and with good reason. The Eastern Massachusetts economy gained momentum in 2019, propelled by its world class “Eds and Meds” cluster and resurgent high tech, R&D and financial management communities. Income growth and job creation ran ahead of national averages and apartment markets remained tight and rent growth robust regardless of elevated supply. Investor demand for metro apartment properties surged, especially after mid-year, while cap rates remained accessible by primary market standards, especially in the suburban Class B segment. Metro job creation trends fell into a bit of a funk in the fall and winter of 2018-2019 but rebounded vigorously in the second half. Payrolls increased at a brisk 31,200-job, 1.7 percent year-on-year pace after mid-year, representing the fastest growth recorded in three years. Sector leadership was provided by Boston’s top knowledge industry sectors, headed by higher education (8.5 percent), research and development (9.8 percent), software and computer network design (4.9 percent) and financial management (2.6 percent). Only softness in the consumer-driven side of the labor market – construction, retail trade, personal services and government – held …

February 19, 2020

Leasing Activity Massachusetts Northeast Retail

Rock and Roll Daycare Signs 3,500 SF Retail Lease in Cambridge

by Alex Patton February 18, 2020

CAMBRIDGE, MASS. — Montessori-inspired school Rock and Roll Daycare has signed a 3,500-square-foot retail lease in Cambridge. The school will be located in the retail space at The Rand, a 19-unit condominium adjacent to the Porter Square MBTA Red Line station at 1975 Massachusetts Ave. The school will provide high-end childcare to infant, toddler and preschool-aged children with a music-focused curriculum. Urban Spaces LLC completed The Rand using modular construction in 2017 and Prellwitz Chilinski Associates served as the architect of the project. A partnership of Urban Spaces LLC and StoneRiver Properties is the landlord of The Rand.

February 18, 2020

Life Sciences Market Reports Massachusetts Northeast Northeast Market Reports Office

Boston Life Sciences Market Shows No Sign of Slowing in 2020

by Alex Patton February 18, 2020

At this point, it sounds like the movie “Groundhog Day,” but 2019 was another impressive year of growth and success for the greater Boston life sciences real estate market — and that growth shows no signs of subsiding any time soon. Duncan Gratton, Cushman & Wakefield Strong levels of venture capital investment, big pharmaceutical partnerships and merger and acquisition activity continued to fuel unprecedented demand for life sciences space, not only in and around Cambridge but also in submarkets like the Seaport, Watertown and certain Route 128 corridors. Venture capital (VC) funding for life sciences, while not quite at 2018 levels, remained robust with nearly $6 billion invested through the end of November. Major funding deals that closed in 2019 include Ginkgo Bioworks ($290 million), ElevateBio ($150 million) and Beam Therapeutics Inc. ($135 million), which all committed to leasing lab space in existing buildings and new developments throughout the area. Supply-Demand Balance The urban Massachusetts life sciences market, which includes Boston, Cambridge, and the inner suburbs of Watertown, Lexington, Medford and Waltham, now enjoys an inventory of about 20 million square feet and ended 2019 with a vacancy rate of just over 4 percent. Successful speculative developments at Arsenal Yards …

February 18, 2020

Leasing Activity Massachusetts Northeast Retail

Noodle Concept Opens 5,000 SF Restaurant in Boston

by Alex Patton February 17, 2020

BOSTON — Noodle concept TuruTonTan has opened a 5,000-square-foot restaurant in the Kenmore Square neighborhood of Boston. The two-story restaurant can accommodate 168 guests in the main dining room and also features patio seating for additional guests. Dining Innovation is TsuruTonTan’s parent company. Blank Design and American Construction Corp. designed and built out the space. Local investment firm Urban Meritage owns the building.

February 17, 2020

SpringHill-Suites-Marriott-Boston-Peabody

Acquisitions Hospitality Massachusetts Northeast

MCR Acquires 164-Room SpringHill Suites by Marriott Boston Peabody

by Alex Patton February 13, 2020

PEABODY, MASS. — MCR Development LLC, a hotel owner and manager headquartered in New York City and Dallas, has acquired the SpringHill Suites by Marriott Boston Peabody, a 164-room hotel located approximately 30 miles north of Boston. The sales price was $16.2 million. Situated at 43 Newbury St., the hotel offers convenient access to State Route 1 and Interstate 95. Amenities include a fitness center and saltwater pool. The property is MCR’s first in Massachusetts. New York City-based investor Lightstone Group was the seller.

February 13, 2020

Acquisitions Life Sciences Massachusetts Northeast Office Top Stories

IQHQ Acquires Life Sciences Office, Lab Building in Boston’s Fenway for $270M

by Alex Tostado February 13, 2020

BOSTON — IQHQ Inc. has acquired 109 Brookline Avenue, a 285,000-square-foot office and lab building in Boston’s Fenway neighborhood. Equity Commonwealth sold the asset for $270 million. IQHQ, formerly Creative Sciences Properties, used funds from a $770 million capital raise to make the acquisition. The company, which specializes in life sciences real estate development, will use the rest of the funds to invest in life sciences projects in its core markets of Boston, San Francisco and San Diego in the United States, as well as the Golden Triangle in the United Kingdom (Cambridge, London and Oxford). “Boston’s amazing life sciences cluster keeps fueling demand for high-quality space,” says John Bonanno, chief investment officer of IQHQ. “109 Brookline checks a lot of boxes for us — it’s adjacent to Fenway Center, easily accessible by public transportation and in a neighborhood with a history of full occupancy and a bright future.” According to LoopNet Inc., the three-story building was originally developed in 1915 and renovated in 2000. The property is located along the corridor between Kenmore Square and the Longwood Medical Area, which is home to some of the country’s leading medical and research institutions. The property is situated two blocks from …

February 13, 2020

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