Massachusetts

Can Boston Keep Up with Multifamily Demand?

by Sarah Daniels February 11, 2020

Think Boston multifamily is overbuilt or overheated? Think again. Due to superb fundamentals and a slowing development pipeline, Boston is now regarded as the number one metro area for multifamily investment. From 2019–2030, Boston will need to add 51,007 units to accommodate population growth, an average of 4,637 units per year. Recent development (2014–2017) averaged 3,334 units per year. Population and job growth are expected to remain strong, fueling continued demand for multifamily housing and countering arguments that the Boston market is overbuilt. Many developers nationally are interested in the market. The construction pipeline for multifamily properties features organizations with headquarters as far away as Portland, Phoenix, and Dallas. The Houston-based Hanover Company, for example, has four properties totaling over a thousand units in the Boston development pipeline. Boston is a seller’s market as well, with deals typically attracting multiple bids, and it is easy to see why. For investors, Boston is a market with an average cap rate of roughly 4.5 percent. This is the same cap rate as Raleigh or Central Florida — two markets generally considered to be more volatile than Boston in the case of a recession. A Reliable Hub Becomes a Vibrant City “Historically, people …

February 11, 2020

Loans Massachusetts Northeast Office

JLL Secures $43.1M Acquisition Loan for Office Portfolio in Framingham, Massachusetts

by Alex Patton February 11, 2020

FRAMINGHAM, MASS. — JLL has secured a $43.1 million acquisition loan for a two-property office portfolio totaling 292,014 square feet in Framingham, a western suburb of Boston. The properties, a 166,101-square-foot building situated at 492 Old Connecticut Path and a 125,913-square-foot building situated 161 Worcester Road, were 90 percent leased to 32 tenants at the time of the loan closing. Cambridge Savings Bank provided the fixed rate, nonrecourse loan to the borrower, a partnership between Campanelli and TriGate Capital. The borrower plans to invest $2.4 million into capital improvements to the portfolio. Greg LaBine and Martha Nay of JLL arranged the loan.

February 11, 2020

Acquisitions Healthcare Massachusetts Northeast

Joint Venture Acquires Emerson Hospital Center in Concord, Massachusetts, for $23.3M

by Alex Patton February 7, 2020

CONCORD, MASS. — A joint venture of Celera Properties and AEW Capital Management has acquired Emerson Hospital Center for Specialty Care, a 46,350-square-foot medical office property in Concord, a northwestern suburb of Boston. Located at 54 Baker Ave. Extension, the building serves as a specialized outpatient facility for Emerson Hospital. Coleman Benedict, Ben Sayles and Mike Restivo led a JLL team that represented the seller, Concord Property Management, in the transaction. The team also procured the joint venture as the buyer.

February 7, 2020

Development Massachusetts Northeast Office

Marcus Partners Completes $25M Redevelopment of 5 Branch Street Office Building in Methuen, Massachusetts

by Alex Patton February 3, 2020

METHUEN, MASS. — Marcus Partners has completed the $25 million redevelopment of 5 Branch Street, a 94,125-square-foot office building in Methuen, located approximately 30 miles north of Boston. The developer transformed the building into a medical facility with a built-in café. The anchor tenant with approximately 61,000, Dana-Farber Cancer Institute, will offer cancer and blood disorder care. Michael Greeley of Newmark Knight Frank is leading the leasing effort for the remaining space.

February 3, 2020

Acquisitions Massachusetts Northeast Retail

JLL Income Property Trust Acquires Milford Crossing Shopping Center in Massachusetts for $42M

by Alex Patton January 31, 2020

MILFORD, MASS. — JLL Income Property Trust, an institutionally managed daily NAV REIT, has acquired Milford Crossing, a 160,000-square-foot shopping center located approximately 40 miles southwest of Boston, for $42 million. A Stop & Shop grocery store anchors the shopping center, which was 99 percent leased to restaurants, medical, fitness and service-oriented retailers at the time of sale. RD Management LLC was the seller.

January 31, 2020

Leasing Activity Massachusetts Northeast Retail

Samuel Adams Opens 14,000 SF Brewery, Taproom at Boston’s Faneuil Hall

by Alex Patton January 31, 2020

BOSTON — Samuel Adams has opened a 14,000-square-foot brewery and taproom in Boston’s Faneuil Hall Marketplace. The brewery will serve as an experimental facility for specialty brews. Along with Samuel Adams’ year-round beer roster, guests can taste taproom-exclusive offerings and share feedback directly with the brewers. The taproom will feature three bar floors with large community tables and a rooftop patio. The Boston Beer Co. owns the Samuel Adams brands. Bergmeyer Associates Inc. designed the space, and Gilbane Building Co. constructed it.

January 31, 2020

Acquisitions Industrial Massachusetts Northeast

NKF Brokers $26M Sale of 6 Technology Drive Industrial Facility in Andover, Massachusetts

by Alex Patton January 30, 2020

ANDOVER, MASS. — Newmark Knight Frank (NKF) has arranged the $26 million sale of 6 Technology Drive, a 128,400-square-foot industrial facility in Andover, located approximately 25 miles north of Boston. The building is fully leased to safety technology company Dräger Medical Systems as its North American headquarters. Edward Maher, Matthew Pullen and James Tribble led an NKF team that represented the seller, a partnership of Novaya Real Estate Ventures and Wheelock Street Capital. The buyer was undisclosed.

January 30, 2020

Acquisitions Industrial Massachusetts Northeast

CBRE Brokers Sale of Two Industrial Properties in Northborough, Massachusetts

by Alex Patton January 29, 2020

BROCKTON, MASS. — CBRE has brokered the sale of two industrial properties located at 1150 and 1120 W. Chestnut St. in Brockton, about 25 miles south of Boston, for $7.7 million and $1.4 million, respectively. The first property is a 100-square-foot warehouse that was 89 percent leased to two tenants at the time of sale. The second property is a 1.7-acre lot that was fully leased for truck and vehicle parking at the time of sale. Scott Dragos, Doug Jacoby and Chris Skeffington led a CBRE team that represented the seller, a partnership between CIP 1120 Realty LLC and MA Industrial Brockton LLC. The team also procured the buyer, Northbridge Partners.

January 29, 2020

Acquisitions Industrial Massachusetts Northeast

CBRE Brokers $9.5M Sale of Industrial Property in Northborough, Massachusetts

by Alex Patton January 28, 2020

NORTHBOROUGH, MASS. — CBRE has brokered the $9.5M sale of 5 Beeman Road, a 55,515-square-foot industrial building in Northborough, located approximately 35 miles west of Boston. Completed in 2003 and expanded in 2011, the warehouse features 56-foot clear heights, and proximity to State Route 20, Interstate 495 and State Route 9. Scott Dragos, Doug Jacoby and Chris Skeffington led a CBRE team that represented the seller, Ferris Development Group, in the transaction. The team also procured the buyer, Northbridge Partners.

January 28, 2020

Development Hospitality Massachusetts Northeast

Cambria Opens 159-Room Cambria Hotel Boston, Downtown-South Boston

by Alex Patton January 27, 2020

BOSTON — Cambria Hotels has opened the 159-room Cambria Hotel Boston, Downtown-South Boston. The hotel offers close access to the Massachusetts Bay Transportation Authority red line. Amenities include a rooftop restaurant, lobby lounge, fitness center and 160-person event space. RODE Architects designed the building, the first Cambria Hotel in Massachusetts.

January 27, 2020

Newer Posts

Older Posts