ARLINGTON, MASS. — Marcus & Millichap has arranged the $16 million sale of 840 & 846 Massachusetts Avenue, a 61-unit apartment complex in Arlington, a northwestern suburb of Boston. The 61-unit property is situated near the Arlington Center, a Whole Foods store and a Stop&Shop. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller, a private family, in the transaction. The team also procured the buyer, a limited liability company.
PHILADELPHIA — CA Student Living, the Chicago-based student housing investment and development arm of CA Ventures, will open The Link University City, a 252-bed community serving Drexel University in Philadelphia. The property offers one-, two- and three-bedroom units alongside six two-level townhomes. Shared amenities include a fitness and wellness center, private study rooms, co-working and research lounges, a cyber lounge, breakfast and coffee bar and a sky lounge with a pool table, darts and televisions. Student leases are available starting mid-September 2019.
CAMBRIDGE, MASS. — Boston Realty Advisors (BRA) has arranged the $11.5 million sale of The Emerson, a 31-unit apartment building in Cambridge, a northeastern suburb of Boston. The property offers studio and one-bedroom apartments and is situated close to Harvard University and the Massachusetts Institute of Technology (MIT). Jason Weissman, Nicholas Herz and Kevin Benzinger of BRA represented the buyer, New York-based Columbia Partners, in the transaction. The buyer was 922 Massachusetts Ave. LLC.
WALTHAM, MASS. — Cornerstone Realty Capital has arranged a $3.8 million loan for the acquisition and renovation of Lawton Place, a townhouse-style multifamily community in Waltham, a western suburb of Boston. The buyer, True North Capital Partners, plans to renovate the property and add granite countertops, stainless steel appliances, mounted lighting, in-unit washers and dryers and private patios off the main living space. The loan was structured with interest-only payments for three years and a 30-year amortization schedule. The lender was undisclosed.
BOSTON — TA Realty, a real estate investor based in Boston, has sold off a national industrial portfolio in two separate deals for a little over $1 billion. The portfolio spans 8.3 million square feet of multi-tenant distribution space in 96 separate properties. Situated across 14 markets, the portfolio was 91 percent leased to more than 325 tenants as of July 1. In one transaction, AEW Capital Management acquired 28 facilities in the state of Texas from TA Realty. In the other transaction, funds managed by Blackstone Group (NYSE: BX) acquired 68 properties that are situated in 10 separate markets across the United States. Blackstone has a strong appetite for logistics space, having recently agreed to purchase GLP’s 179 million-square-foot industrial portfolio for nearly $19 billion. “Logistics remains our highest conviction investment theme,” says Nadeem Meghji, senior managing director and head of real estate Americas at Blackstone. “The portfolio we are acquiring from TA Realty is another example of last-mile logistics assets that will help meet the growing e-commerce demand.” The TA Realty team members involved in the transactions included Greg Bonomo, Ridgley Provencal and Luke Marchand. CBRE National Partners represented TA Realty in transaction negotiations. Specific properties and markets …
CAMBRIDGE, MASS. — Urban Spaces, a locally based developer, has secured a $71 million construction loan for Kendall East, a mixed-use development in Cambridge, a northeastern suburb of Boston. People’s United Bank provided the long-term loan. The development will house120 multifamily units, including 16 affordable apartments, and 15,000 square feet of retail space. Across the street, the CambridgeSide shopping center is slated for redevelopment with new office, lab and residential space. Designed by New York-based architectural firm Perkins Eastman, Woburn-based Tocci Building Corp. in building Kendall East.
ANDOVER, MASS. — Dräger Medical Systems, a German manufacturer of medical equipment, has signed a 128,000-square-foot office lease renewal for its headquarters at 6 Tech Drive in Andover, a northern suburb of Boston. Over the next 18 months, Dräger will complete a full renovation of the facility. Michael Dalton, Blake Baldwin, Sharon Joyce, Deanne Munger and Joel Schur of Cushman & Wakefield represented Dräger in the lease negotiations. Matt Adams of Newmark Knight Frank represented the landlord, a partnership between Novaya Real Estate Ventures and Wheelock Street Capital.
SOMERVILLE, MASS. — JLL has arranged a $140 million construction loan for 101 South Street, a life science development in Somerville, a northern suburb of Boston. The project represents Phase I of the borrower’s planned mixed-use development, which will include retail and residential components as well as public green space. JLL arranged the financing on behalf of the borrower, a joint venture between New York-based developer DLJ Real Estate Capital Partners and Boston-based developer Leggate McCall Properties. Construction is slated for completion in 2021.
NORWOOD, MASS. — CBRE has brokered the sale of Commons at Windsor Gardens, a 914-unit multifamily property in Norwood, a southern suburb of Boston. The property consists of 77 buildings with floorplans including 682 apartments and 232 townhomes. The Windsor Gardens commuter rail station is located onsite, offering a direct line to Boston. Simon Butler and Biria St. John of CBRE represented the seller, Windsor Gardens Propco LLC, in the transaction. The CBRE team also procured the buyer, which was undisclosed.
ATTLEBORO, MASS. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $58 million sale of Bristol Place, a retail center located about 30 miles south of Boston. At the time of sale, the property was 88 percent leased to tenants including Market Basket, Home Depot and Hobby Lobby. Joseph French, Glen Kunofsky, Thomas Dalzell, Russell Wachtler of IPA represented the undisclosed seller in the transaction. French procured the buyer, a joint venture between a Boston-based private real estate firm and an institutional investor.
