BOSTON — A partnership of Boston-based developer Cabot, Cabot & Forbes (CCF) and Georgia-based developer Peak Campus have completed The Overlook at St. Gabriel’s, a 555-unit multifamily community in the Brighton area of Boston. The luxury residential community is centered around the reimagined Church and St. Gabriel’s Monastery, which was originally built in 1909. The community consists of three residential buildings, more than 45,000 square feet of indoor and outdoor amenity space and seven acres of green space. The restored St. Gabriel’s church, now called Maker Hall, will be complete later this summer and will feature a fitness center, café, conference rooms and outdoor recreation space. Two residential buildings, Overlook Landmark and Overlook East, are complete. Construction is underway on The Overlook’s two additional apartment buildings, Overlook North and West, with Overlook North set to be delivered this fall and Overlook West set to be delivered early next year. This phase of the project will also include two pet spas, a pool and sundeck. Blue Vista Capital Management is a capital partner on the project. BH+A is the architect, and CUBE3 is the general contractor.
Massachusetts
BOSTON — Indoor dining services at restaurants and personal service businesses, including nail salons and massage therapy parlors, have been cleared to reopen as of June 22, according to a statement from Massachusetts Gov. Charlie Baker. Businesses in Massachusetts have gradually reopened over the last few weeks as the COVID-19 pandemic has slowed across the state. Restaurants were permitted to resume outdoor dining services on June 8, provided that tables both inside and outside were spaced at least six feet apart and customers wore masks when not seated at their table. Party sizes are limited to six guests and bar seating is not allowed. Other businesses permitted to reopen include retail fitting rooms, tanning salons, skin care services, tattoo parlors and personal training facilities. In addition, offices can expand from 25 percent to 50 percent capacity but are still encouraged to allow employees to work from home if possible. As of June 21, the Centers for Disease Control and Prevention reported more than 106,900 cases of COVID-19 in Massachusetts, and more than 7,800 deaths.
MARLBOROUGH, MASS. — Newmark Knight Frank (NKF) has brokered the $66 million sale of The Campus at Marlborough, a 531,916-square-foot office campus in Marlborough, about 30 miles west of Boston. Situated on 121 acres at 100 Campus Drive, the complex features four interconnected buildings, including three office buildings and one amenity building. Amenities include a full-service cafeteria, Starbucks coffee shop, fitness center, 300-person auditorium, conference facilities, outdoor seating areas, walking trails and basketball and volleyball courts. At the time of sale, the property was 76 percent leased to a five-tenant roster anchored by the global headquarters of medical technology company Hologic. Robert Griffin, Edward Maher and Matthew Pullen led an NKF team that represented the seller, Houston-based Hines, in the transaction. Greatland Realty Partners was the buyer. Lauren O’Neil, Andrew Gray and Henry Schaffer of JLL arranged acquisition financing through Brookline Bank on behalf of Greatland Realty.
Great Bridge Begins Development of 70-Unit Seniors Housing Project in Lunenburg, Massachusetts
by Alex Patton
LUNENBURG, MASS. — Great Bridge Properties, a New Hampshire-based developer, has begun development of Baker Brook Apartments, a 70-unit seniors housing property in Lunenburg, approximately 25 miles north of Worcester. Located on nearly four acres, the community will feature 62 one-bedroom and eight two-bedroom units. The property will serve seniors ages 55 and older earning 80 percent or less of the Area Median Income (AMI) and 48 units will be reserved for seniors earning 60 percent or less of the AMI. Eight units will be reserved for seniors earning 30 percent or less of the AMI. Ten percent of the units will feature a preference toward homeless populations.
LOWELL, MASS. — WinnCompanies will develop a 125-unit multifamily project in Lowell, a city 30 miles northwest of Boston, a project that is valued at $38.3 million. The company will construct two adjacent five-story buildings in the Hamilton Canal Innovation District that will be linked by an enclosed sky bridge and located near a new 900-space parking garage. The community will feature a mix of market-rate and affordable units, as well as 5,000 square feet of commercial space. Floor plans consist of 15 studio apartments, 63 one-bedroom units and 47 two-bedroom apartments. Bank of America provided a senior construction loan for the project. Construction is underway and is expected to be complete in the first quarter of 2022.
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.
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.
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.
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.
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 …