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.
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.
BOSTON — HFF has negotiated the sale of Meadow Glen, a 291,860-square-foot retail center located near downtown Boston. A Wegmans grocery store anchors the property, which was redeveloped in 2017 and now houses other tenants such as Dick’s Sporting Goods, Marshalls and Petco. Coleman Benedict, Riaz Cassum, Jim Koury and Ben Sayles of HFF marketed the property on behalf of the seller, a private partnership. The team also procured the buyer, global investment manager DWS Group. The sales price was not disclosed. Meadow Glen, which was fully leased at the time of sale, is one of only six retail centers in Boston that is anchored by a Wegmans.
CAMBRIDGE, MASS. — Chicago-based investment management firm Harrison Street has acquired Osborn Triangle, a 676,917-square-foot life sciences property situated adjacent to the Massachusetts Institute of Technology (MIT) campus in Cambridge. The complex encompasses three buildings, all of which were either recently built or renovated. The sale included a 650-space parking garage. Harrison Street partnered with Bulfinch Cos., a subsidiary of MIT that retains a partial interest in the property, for the acquisition. Osborn Triangle was fully leased at the time of sale to seven tenants, including anchors Pfizer, Novartis International AG and LabCentral, an incubator for life science and biotech startups. MIT will retain long-term ownership of the land. The sales price was not disclosed.
BOSTON — American Street Capital (ASC), a Chicago-based intermediary specializing in balance sheet and CMBS deals, has arranged a $30.4 million loan for the refinancing of Barclay on Beacon, a 111-unit apartment building located in the Brookline neighborhood of Boston. Built in 1965, the property offers one- and two-bedroom units averaging 1,014 square feet. Amenities include a 92-space underground parking garage, rooftop pool with pavilion, onsite laundry facilities and tenant lounge. Igor Zhizhin and Alexander Rek of ASC placed the nonrecourse loan with an agency lender on behalf of an undisclosed borrower. The loan, which was secured to transition the property out of floating-rate debt accrued in 2016, features a fixed interest rate for the 15-year term with an initial eight years of interest-only payments on a 30-year amortization schedule.
NORWOOD, MASS. — Organogenesis, which provides regenerative medicine for the surgical and sports medicine fields, has leased 43,850 square feet of lab and manufacturing space at 333 Providence Highway in the Boston suburb of Norwood. The single-story building consists of 86,450 square feet of office, lab and flex space. Rob Byrne, Paul Leone, Ryan Romano, George O’Connor and Philip Verre of Cushman & Wakefield represented the landlord, The Davis Companies, in the lease negotiations. Landmark Real Estate Advisors represented the tenant.
LYNN, MASS. — NorthMarq Capital has arranged a $3.7 million construction loan for Andrew Street Apartments, a 32-unit project that will be located in the northern Boston suburb of Lynn. The financing was structured with a 25-year term, a 25-year amortization schedule and interest-only payments throughout the construction period, the duration of which was not released. A local bank provided the loan to the undisclosed borrower.
MANSFIELD, MASS. — Colliers International has brokered the $15 million sale of Village at Cedar Heights, a 66-unit apartment community in Mansfield, located south of Boston. Bruce Lusa, Jonathan Bryant, John Flaherty and Maggie Collins of Colliers represented the seller and developer, Turner Brothers, in the transaction. The buyer, Manhattan-based Corigin Real Estate Group, will implement a value-add program.
LAWRENCE, MASS. — Unitex Healthcare Laundry Services has signed a 188,653-square-foot industrial lease at 155 Shepard St. in Lawrence, located just south of the New Hampshire border. The property previously served as a plant for beverage can manufacturer Crown Cork & Seal. Greg Klemmer, Tim Brodigan, Tim Allen and Daniel Driscoll of Colliers International represented Elmsford, New York-based Unitex in the lease negotiations. James Lipscomb, Michael Ciummei and Joe Fabiano of JLL represented the landlord, The Seyon Group, which will raise the building’s clear height from 17 feet to 32 feet to accommodate the needs of the new user.
HINGHAM, MASS. — Boston-based mortgage banking firm EagleBridge Capital has arranged $2.1 million in acquisition financing for a 23,600-square-foot industrial building located at 80 Sharp St. in Hingham, a southern suburb of Boston. The borrower, Yankee Trader Seafood, which prepares and sells frozen prepackaged seafood meals, will occupy and renovate the space. Ted Sidel of EagleBridge Capital secured the loan, specific terms of which were not disclosed, through a Massachusetts thrift institution.