Massachusetts

Boston Properties to Develop 417,000 SF Office Project for Google in Cambridge, Massachusetts

by Taylor Williams June 5, 2019

CAMBRIDGE, MASS. — Boston Properties will develop a 417,000-square-foot, build-to-suit office building at 325 Main St. in the Kendall Square area of Cambridge for Google, which has signed a 362,000-square-foot lease. Construction of the 16-story property, which will be built at the current site of 3 Cambridge Center, will begin later this year. Completion of the building, which will also house 42,000 square feet of retail space and serve as the tech giant’s new Cambridge headquarters, is slated for 2022. Pickard Chilton has been tapped to handle design of the project. Following completion, Google’s footprint in the area will exceed 800,000 square feet.

June 5, 2019

Acquisitions Massachusetts Northeast Office

R.W. Holmes Arranges Sale of 63,000 SF Office Building Near Boston

by Taylor Williams June 5, 2019

NATICK, MASS. — Locally based brokerage firm R.W. Holmes Commercial Real Estate has arranged the sale of Natick Office Park, a 63,000-square-foot building located about 20 miles west of Boston. The property is situated on 2.9 acres near the West Natick commuter train station and the Massachusetts Turnpike. Garry Holmes of R.W. Holmes represented the seller, 209 W. Central Street LP, and procured the buyer, an affiliate of Legacy Real Estate Ventures LLC that purchased the asset for $6.8 million. Camden National Bank provided acquisition financing for the deal.

June 5, 2019

Acquisitions Massachusetts Net Lease Northeast Retail Texas Top Stories

Hospitality Properties Trust Buys National Net-Lease Retail Portfolio for $2.4B

by John Nelson June 4, 2019

NEWTON, MASS. AND DALLAS — Hospitality Properties Trust (NASDAQ: HPT) has purchased a portfolio of net-leased retail assets from Spirit MTA REIT (NYSE: SMTA) for $2.4 billion. The portfolio consists of 774 service-oriented retail properties in 43 states that are occupied by tenants including AMC Theatres, Academy Sports + Outdoors and CarMax. The portfolio was 98 percent occupied as of March 31 and has a weighted average remaining lease term of 8.6 years. The portfolio includes all of SMTA’s owned properties held in its “Master Trust 2014” segment and excludes approximately 100 assets leased to Shopko Stores Inc., a Wisconsin-based general merchandiser that filed for bankruptcy in January. The portfolio also includes three Pilot Travel Centers that are currently owned by Spirit Realty Capital Inc., a Dallas-based net-lease REIT that owns single-tenant retail assets subject to long-term leases. Spirit Realty externally manages SMTA after spinning off the REIT from its holdings last summer. “Ultimately, we concluded that a sale to Hospitality Properties Trust represented the best possible outcome for our shareholders,” said Richard Stockton, lead independent trustee of SMTA, in a statement. “We will continue our work to close the transaction in the coming months and realize cash value for …

June 4, 2019

115-Bacon-Street-North-Waltham-Massachusetts

Acquisitions Industrial Massachusetts Northeast Self-Storage

U.S. Storage Acquires 445-Unit Self-Storage Facility Near Boston

by Taylor Williams June 3, 2019

NORTH WALTHAM, MASS. — U.S. Storage Centers has acquired a 445-unit self-storage facility, located at 115 Bacon St. in the Boston suburb of North Waltham, from Planet Self Storage. The 34,116-square-foot property was originally built as a manufacturing plant in 1900 and converted to self-storage use in 1983. With this acquisition, U.S. Storage Centers now owns and operates four self-storage facilities in the Boston area.

June 3, 2019

Development Massachusetts Northeast Retail

Davenport Breaks Ground on Retail Building for CVS in Springfield, Massachusetts

by Taylor Williams June 3, 2019

SPRINGFIELD, MASS. — The Davenport Company, a Boston-based developer, has broken ground on a new retail building for CVS Pharmacy in Springfield, located in the western part of the state. The property is being constructed on Main Street at a site that was damaged by a tornado in 2011. Davenport acquired the parcel in 2016 and redeveloped it to include medical office and residential space. Davenport is also redeveloping a former factory in Springfield into a market-rate multifamily community, and will begin construction of that project this month.

June 3, 2019

Acquisitions Hospitality Massachusetts Northeast

Pebblebrook Sells Onyx Hotel Near Downtown Boston for $58.3M

by Taylor Williams May 31, 2019

BOSTON — Pebblebrook Hotel Trust, a publicly traded real estate investment trust (NYSE: PEB), has sold the 112-room Onyx hotel located at 155 Portland St. near downtown Boston for $58.3 million. The buyer was not disclosed, but the sales price represents a capitalization rate of 5.9 percent. Pebblebrook will use proceeds from the sale for general business purposes, including paying off existing debt. The Onyx Hotel offers guests amenities such as a 24-hour fitness center, bike rental services, spa products and services that are delivered directly to guestrooms.

May 31, 2019

Bohler Loans Massachusetts Multifamily Northeast

Trinity Financial Receives $35.8M Loan for Multifamily Redevelopment Project in Worcester

by Taylor Williams May 29, 2019

WORCESTER, MASS. — Trinity Financial, a developer with offices in Boston and Manhattan, has received a $35.8 million loan for a redevelopment project in Worcester that will convert a former courthouse into a 117-unit multifamily building. Roughly 35 percent of the new units will be designated as workforce housing residences, while basic floor plans will consist of 23 studio apartments, 52 one-bedroom apartments, 31 two-bedroom apartments and 11 three-bedroom apartments. Amenities will include a fitness center, resident lounge and personal storage space. MassHousing provided the financing, which consists of a $12.2 million, tax-exempt permanent loan, a $19.1 million bridge loan and $4.5 million in funding from the agency’s Workforce Housing Initiative. An affiliate of Trinity will manage the project, with Tocci Building Corp. serving as general contractor and Bohler serving as the civil engineer. The courthouse was originally built in 1845.

May 29, 2019

Industrial Leasing Activity Massachusetts Northeast

Raytheon Signs 134,000 SF Industrial Lease in Tewksbury, Massachusetts

by Taylor Williams May 29, 2019

TEWKSBURY, MASS. — Defense contractor Raytheon has signed a 134,000-square-foot industrial lease at Center at Innovation Drive, a 706,000-square-foot facility located in the northern Boston suburb of Tewksbury. The lease term is seven years. Rubenstein Partners owns the property, which consists of four conjoined buildings and was recently renovated to deliver a new façade, entrances and common areas. Rubenstein’s renovation project also delivered a tenant amenity center complete with an amphitheater, fitness center, café and collaboration spaces. The property also enjoys proximity to I-495 and I-93.

May 29, 2019

Development Massachusetts Multifamily Northeast Student Housing

Simmons University to Develop 1,100-Bed Student Housing Community in Boston

by Taylor Williams May 28, 2019

BOSTON — Simmons University has filed a 10-year plan with the city of Boston that outlines a series of campus upgrades, including the development of a 21-story, 1,100-bed residence hall on Avenue Louis Pasteur, according to reports by The Boston Globe. The newspaper notes that the school has been negotiating for at least a year with developers on a multi-phase plan that would include leasing its residential campus and funneling proceeds into the development of the new residential tower. The residence hall is still in the concept phase, according to the university, but plans are in motion to soon begin renovations to its main building and Lefavour Hall.

May 28, 2019

Industrial Leasing Activity Massachusetts Northeast

Stubblebine Negotiates 78,000 SF Industrial Lease in Whitinsville, Massachusetts

by Taylor Williams May 23, 2019

WHITINSVILLE, MASS. — The Stubblebine Co., a CORFAC member and brokerage firm based in the Boston area, has negotiated a 78,000-square-foot industrial lease at 355 Main St. in Whitinsville, located south of Worcester. The lease represents an expansion of the current footprint of the tenant, Core-Mark, a Fortune 400 distributor and marketer of consumer goods. David Stubblebine and James Stubblebine of The Stubblebine Co. represented the landlord, WRT Management, in the lease negotiations. The 355,000-square-foot building is situated on 26 acres and features an ESFR sprinkler system and T-5 lighting.

May 23, 2019

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