Massachusetts

IQHQ Acquires 200,000 SF Life Sciences, Office Property in Andover, Massachusetts

by Alex Patton May 21, 2020

ANDOVER, MASS. — IQHQ, a Boston-based REIT, has acquired Innovation Park, an approximately 200,000-square-foot life sciences and office located in the northern Boston suburb of Andover. The sales price was $35.9 million. Located at 4 Corporate Drive, the property features Class A office and lab space, as well as ground-floor retail space. University of Massachusetts Lowell and clinical research firm Ora Inc. recently leased space at the campus. Colliers International represented IQHQ in the transaction.

May 21, 2020

Acquisitions Industrial Massachusetts Northeast

Stan Johnson Co. Brokers Sale of 180,000 SF Manufacturing Facility in Greenfield, Massachusetts

by Alex Patton May 21, 2020

GREENFIELD, MASS. — Stan Johnson Co. has brokered the sale of a 180,000-square-foot manufacturing facility in Greenfield, a city in northwestern Massachusetts. The property is located at 53 Silvio O. Conte Drive. The facility has been 100 percent leased to Schweitzer-Mauduit International Inc., a manufacturer of paper, film, surface protection supplies and other products, for more than 30 years. Mollie Alteri, Joey Odom, Mike Sladich and Maggie Holmes of Stan Johnson Co. represented the seller, a partnership between Jera Partners LLC and a DRA Advisors LLC, in the transaction. The buyer and sales price were not disclosed.

May 21, 2020

Massachusetts Northeast

Massachusetts Governor Begins Phase I of Reopening Select Businesses

by Alex Patton May 19, 2020

BOSTON — Massachusetts Gov. Charlie Baker has begun a phased reopening plan for some businesses and services in the state, according to a public statement from the state administration on Monday, May 18. Phase I includes a staggered reopening of places of worship, manufacturing and construction sites and hospital preventative care centers. On May 25, personal services including hair salons, barbershops, pet grooming and car washes will be allowed to reopen, as will offices outside of the Boston area, laboratories, curbside retail, outdoor entertainment and daycare facilities. Offices in the Boston area will be permitted to reopen on June 1. Following the completion of Phase I, the state will evaluate the effect of reopening on the spread of the virus and will begin Phase II of the plan no earlier than June 8. Baker issued an executive order closing all nonessential businesses on March 23, which was later extended on April 28. As of May 18, the Massachusetts Department of Public Health reported more than 87,000 confirmed cases of COVID-19 in the state and nearly 5,900 deaths.

May 19, 2020

Acquisitions Industrial Massachusetts Northeast

Berkeley Partners Acquires Industrial Property in Medway, Massachusetts, for $16.6M

by Alex Patton May 19, 2020

MEDWAY, MASS. — Berkeley Partners, a California-based investment firm, has acquired a 162,736-square-foot industrial property in Medway, approximately 30 miles southwest of Boston. The sales price was $16.6 million. Located at 51 Alder St., the property features 24-foot clear heights and convenient access to Interstate 495. At the time of sale, the property was 91 percent leased to tenants including Verizon Wireless. Scott Dragos, Chris Skeffington and Doug Jacoby led a CBRE team that represented the seller, Conroy Development, in the transaction. The team also procured Berkeley Partners as the buyer.

May 19, 2020

Development Massachusetts Multifamily Northeast Seniors Housing

Casa Underway on 26-Unit Senior Living Community in Shrewsbury, Massachusetts

by Alex Patton May 15, 2020

SHREWSBURY, MASS. — Massachusetts-based Casa Builders and Developers is underway on construction of Wyman Farms, a 26-unit senior living community in Shrewsbury, an eastern suburb of Worcester. The property will feature 13 duplex-style residences with two bedrooms each that will be restricted to residents age 55 and older. The property is located near UMass Memorial Medical Center University Campus, multiple golf courses and retailers such as Wegmans, Walmart and Whole Foods Market. The project is slated for completion in 2022.

May 15, 2020

Development Massachusetts Multifamily Northeast

Dolben Co. Underway on 331-Unit Waterfront Apartment Complex in Lynn, Massachusetts

by Alex Patton May 14, 2020

LYNN, MASS. — Dolben Co. Inc., a Massachusetts-based developer, is underway on Breakwater, a 331-unit apartment complex that will be located in the northern Boston suburb of Lynn. Dolben is constructing the 481,201-square-foot project on a site located at 254 Lynnway. The property overlooks Lynn Harbor and was previously vacant for 35 years. The community will feature studio, one-, two- and three-bedroom floor plans, ranging from approximately 560 square feet to 1,300 square feet. Amenities will include a fitness center, game room and an outdoor lounge and harbor walk. HDS Architecture designed the project, and Callahan Construction Managers is the general contractor. Construction is slated for completion in March 2022.

May 14, 2020

Development Massachusetts Multifamily Northeast

RD Management to Develop 230-Unit Multifamily Project in Metro Boston

by Alex Patton May 11, 2020

BILLERICA, MASS. — RD Management LLC, a New York-based developer, will develop a 230-unit luxury multifamily project in Billerica, a northwestern suburb of Boston. The project will be constructed as an addition to RD Management’s 306,876-square-foot Shops at Billerica retail center. At the time of the multifamily project announcement, major tenants of the retail center included a 69,560-square-foot Burlington store, as well as grocer Market Basket, Big Lots and Planet Fitness. According to the development team, the project is on track to break ground by the end of year despite construction restrictions amid the COVID-19 health crisis.

May 11, 2020

Industrial Massachusetts Northeast

Plymouth Industrial REIT Executes 426,000 SF in New Leases During First Quarter

by Alex Patton May 11, 2020

BOSTON — Plymouth Industrial REIT Inc. (NYSE: PLYM), a Boston-based investment firm focused on the acquisition and management of industrial properties, executed more than 426,000 square feet of new leases during the first three months of 2020, according to the company’s latest quarterly report. Commercial leasing has declined amid the COVID-19 health crisis, but industrial owners have benefited from demand for distribution and warehousing space, especially from e-commerce users. At the end of the quarter, Plymouth owned 125 industrial buildings totaling approximately 20 million square feet, including 11 properties totaling 2.1 million square feet that were purchased in the first quarter. Plymouth reported 96.3 percent occupancy across its portfolio, which is primarily located in the Midwest and Southeast regions, as well as in New Jersey and Maine. Plymouth’s stock price closed at $13.98 per share on May 8, down from $15.55 per share a year ago.

May 11, 2020

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Arranges $10M Construction Loan for Multifamily Project in Everett, Massachusetts

by Alex Patton May 8, 2020

EVERETT, MASS. — Cornerstone Realty Capital has arranged a $10 million loan for the construction of a 51-unit multifamily project in Everett, a Northern suburb of Boston. A local lender provided the loan at a fixed interest rate, which features 24 months of interest-only payments and a 30-year amortization schedule. Massachusetts-based developer United Properties Inc. was the borrower. The project, the name of which has yet to be determined, will repurpose an existing three-story brick structure on the property, expanding it to six stories and constructing one-bedroom units that will range between 460 and 895 square feet. Amenities will include an outdoor lounge area with benches and a firepit, a fitness center and a rooftop deck.

May 8, 2020

Civic Development Massachusetts Northeast

Watermark, Horizons for Homeless Children to Construct 140,000 SF Learning Center in Metro Boston

by Alex Patton May 6, 2020

ROXBURY, MASS. — A joint venture of Watermark Development Inc. and Horizons for Homeless Children will construct a 140,000-square-foot learning center in Roxbury, a southern suburb of Boston. Located at 1785 Columbus Ave., the center will serve 225 children ranging in age from two months to five years. Horizons, a nonprofit organization dedicated to improving the lives of young homeless children and their families, will use part of the building as its headquarters. The project is expected to bring approximately 400 new jobs to the area. Studio MLA Architects designed the project. Kaplan Construction will serve as the general contractor. Construction is expected to start later this spring and to be completed in early 2021.

May 6, 2020

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