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.
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.
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.
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.
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.
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.
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.
CAMBRIDGE, MASS. — Square Mile Capital Management LLC has provided a $433.8 million construction loan for the next phase of Cambridge Crossing, a mixed-use development in the Boston area. The loan will fund construction of a nine-story, 479,000-square-foot life sciences and tech building with ground-floor retail space and below-grade parking. The loan will also finance the construction of a two-story, 19,000-square-foot retail and office building located on a separate parcel. The borrower was DivcoWest, a developer with five offices around the country. Cambridge Crossing will ultimately feature 2.1 million square feet of life sciences and tech space, 2.4 million square feet of residential space, 100,000 square feet of retail space and 11 acres of open green space.
AMHERST, MASS. — Metro Boston-based investment firm Crosspoint Associates Inc. has purchased Amherst Shopping Center, an 81,702-square-foot retail asset in the central Massachusetts city of Amherst. Built in 1997 and anchored by Big Y Supermarket and CVS, the property was 97 percent leased at the time of sale. Additional tenants include Dunkin’, Goodwill and Supercuts. Nat Heald and Chris Angelone of JLL represented the undisclosed seller in the transaction. The price was not released.
BOSTON — JLL has arranged an $870 million construction loan for the first phase of the redevelopment of Boston’s South Station transit hub. Upon completion, the project will ultimately comprise 1.9 million square feet of commercial and residential space. The initial phase will feature a 1.2 million-square-foot, 51-story mixed-use tower rising above the historic transit station, which was built in 1898. Scheduled for completion in 2024, the tower will house approximately 660,000 square feet of Class A office space, 166 condominium units and more than 500 parking spaces. Pelli Clark Pelli Architects is designing the project. The office component will feature 26,000-square-foot floor plates, 13-foot floor-to-ceiling windows and unobstructed views of downtown Boston and Boston Harbor. The residential component will include one-, two- and three-bedroom units, as well as penthouse duplex units, and amenities such as an outdoor pool, fitness center, conference center and onsite restaurant. Riaz Cassum and Jennifer Kelly of JLL arranged the loan through The Children’s Investment Fund on behalf of the borrower, a joint venture between Hines, APG Groep NV and Dune Real Estate Partners. “Developments of this quality and magnitude arise infrequently in a mature market such as Boston,” says Cassum. “The tower at South Station …
