BROOKLINE, MASS. — Welltower has acquired the former Newbury College campus near Boston for $34 million. The 7.8-acre campus currently features eight structures totaling 142,000 square feet, which Welltower plans to redevelop into seniors housing properties. Christopher Sower, James Elcock, Tom Hynes and Bob Cronin of Colliers International represented the seller, Newbury College in the transaction.
MAYNARD, MASS. — Market Basket Supermarket will anchor the 306,000-square-foot Maynard Crossing mixed-use development currently under construction in Maynard, located approximately 23 miles west of Boston. The 70,000-square-foot store plans to hire 250 associates and will feature a full-service butcher and café with sandwiches, pizza and sushi. Capital Group Properties is developing Maynard Crossing, will include additional retail tenants and a 180-unit apartment complex called The Vue at Maynard Crossing. Maynard Crossing is slated for completion by the end of 2019. Additionally, Hawthorn Retirement Group is developing a 143-unit senior independent living community on the site called Camellia Gardens Gracious Retirement Living. General contractor JBJ Construction expects to complete this project by 2020.
CHICOPEE, MASS. — NorthMarq has arranged a $7 million Freddie Mac loan to refinance Montcalm Heights Apartments, a 192-unit multifamily property in Chicopee, located approximately 35 miles north of Hartford. The permanent fixed-rate loan was provided on a 10-year term with a 30-year amortization schedule. The property comprises two four-story buildings with studio, one- and two-bedroom apartments. Amenities include a pool, laundry facilities, picnic area and tenant storage units. Robert Ranieri of NorthMarq arranged the loan for a Freddie Mac borrower.
BOSTON — A partnership between American Campus Communities (ACC) and Northeastern University has opened LightView, an 825-bed student housing community in Boston. The 20-story development offers four-bedroom units with shared or private accommodations. Amenities include social and recreational lounges, a fitness center, 24-hour academic success center and 2,000 square feet of retail. ACC will own and operate the building. The project — designed by CUBE 3 and Elkus Manfredi Architects — was fully leased prior to opening.
CAMBRIDGE, MASS. — Nauset Construction has completed Ten Essex, a 46-unit multifamily and retail property in Cambridge. Developed by 3MJ Realty LLC, the building offers three studios, 10 one-bedroom units, 19 two-bedroom units and 14 three-bedroom units. Five of the apartments have been designated as affordable housing. Additionally, the property houses 3,000 square feet of retail space and a parking garage. Golden Architects of Quincy, Perkins Eastman and Mark Boyes-Watson Architects collaboratively designed the project.
CAMBRIDGE, MASS. — Bulfinch Cos. has negotiated three medical office leases totaling 134,816 square feet in Building 400-500 at the Cambridge Discovery Park (CDP) life sciences development in Cambridge. Arbor Biotechnologies, a genetic research firm, leased 36,171 square feet on the fifth floor. Kintai Therapeutics signed a deal for 72,296 square feet on the third and fourth floors. Simcere Innovation Inc., a medical research and development firm, has inked a lease for 26,349 square feet on the second floor. The three leases bring the building’s occupancy to 88 percent. The full CDP center offers 400,000 square feet of office and lab space across three buildings, which are still under development.
MASS. and N.H. — Novaya Real Estate Ventures has acquired a nine-property industrial portfolio totaling 700,000 square feet, in Billerica and Wilmington, Massachusetts, as well as Londonderry, New Hampshire. The properties feature 18- to 20-foot clear heights and can accommodate warehouse, manufacturing and research uses. Torin Taylor, Matt Adams, Rory Walsh, Rich Ruggiero and Ross Gaudet of Newmark Knight Frank represented Novaya in the transaction. Wakefield Investments was the seller.
BOSTON — Cornerstone Realty Capital has arranged a $8.5 million construction loan for the Residences at Hyde Park Station, a 24-unit multifamily property in Boston. The property will consist of 24 two-bedroom units, one 300-square-foot commercial space, a common area roof deck and a parking garage. The permanent financing carries a fixed interest rate, an 85 percent loan-to-cost structure, a seven-year term and a 30-year amortization schedule. The lender and construction schedule were undisclosed.
CAMBRIDGE, MASS. — HCP Inc. (NYSE: HCP), a healthcare and seniors housing REIT, has agreed to acquire a 224,000-square-foot life sciences building in the Cambridge submarket of Boston for $332.5 million. The Davis Cos. and Invesco Real Estate are selling the LEED Gold-certified property, which is located at 35 CambridgePark Drive. Known as Alewife Research Center, 35 CambridgePark Drive is fully leased to five life sciences firms. The leases have a weighted average term exceeding 10 years. The recently delivered property offers more than 10,000 square feet of amenity space, including a lobby with dedicated collaboration spaces, a full-service restaurant, fitness center, lockers, bike storage and green space with outdoor seating. The transit-oriented property is located two miles from Harvard University and directly across the street from the MBTA Alewife Red Line station and bus terminal. “With the acquisition, we’re pleased to report that in less than two years we have expanded our presence in the Boston life science market to more than 1.3 million square feet and at a very compelling blended yield,” says Scott Brinker, executive vice president and chief investment officer of HCP. HCP expects to close the acquisition in December. The REIT also recently purchased the …
WALTHAM, MASS. — Boston Properties Inc. (NYSE: BXP) has acquired 880 and 890 Winter Street, a two-building, 392,600-square-foot office complex in Waltham, a suburb of Boston. The all-cash deal fetched a sales price of $106 million. The complex was 82 percent leased at the time of sale to 24 tenants in the healthcare, technology and energy sectors. Amenities include a two cafés, an outdoor seating area, a fitness center and a conference center. The 28-acre property is situated adjacent to Bay Colony, Boston Properties’ 1 million-square-foot business park. Following this acquisition, Boston Properties owns more than 4 million square feet of Class A office space in Waltham. The company owns and manages more than 5 million square feet of commercial space along the Route 128/Interstate 95 corridor in the Boston suburbs. “Waltham continues to be one of the region’s most desirable urban edge locations for organizations that want to attract and retain highly educated associates,” says Bryan Koop, executive vice president at Boston Properties. “The 880 and 890 Winter Street campus provides both location and amenities that offer long-term value for current and prospective tenants.” Boston Properties is one of the largest developers and owners of Class A office space, …
