WELLESLEY, MASS. — Burlington, Mass.-based Linear Retail Properties LLC has acquired two buildings totaling 17,900 square feet in downtown Wellesley, a western suburb of Boston. The sale, which included the adjoining 60-space parking lot, closed at a price of $17.6 million. Tenants at the buildings include CVS Pharmacy, Coldwell Banker Residential Brokerage, J.P. Licks and Vision Optics. The seller was a private family trust.
ACTON, MASS. — SVN | Parsons Commercial has negotiated the sale of a two-story retail strip center in Acton. The sales price was undisclosed. Located at 452 Great Road, the property sits on nearly two acres of land. The buyer, Surfloft LLC, will occupy a portion of the building, which will be the new site for its retail store, Surfside Pools and Sport Loft Ski Shop. Marci Alvarado and Jake Parsons ofSVN | Parsons Commercial represented Surfloft LLC in the transaction. Avison Young represented the seller, Worker’s Credit Union.
STONEHAM, MASS. — Wood Partners has begun construction of Langwood Commons, a 261-unit multifamily community in Stoneham. The three-building community is scheduled to open in March 2020. The site is located adjacent to the 2,200-acre Middlesex Fells Reservation, known locally as The Fells, a year-round outdoor space that provides outlets for hiking and biking. Wood Partners broke ground on the project in November 2018. It is the company’s 12th project in the greater Boston area.
NORWOOD, MASS — Marcus & Millichap has arranged the sale of Extra Space Storage, an 83,271-square-foot self-storage facility in Norwood. The sales price was undisclosed. Located at 1450 Boston Providence Turnpike, the facility opened in 2016 and is currently 85 percent occupied. The property consists of 1,011 climate-controlled units. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company. The buyer was also a limited liability company.
MEDFORD, MASS. — Charles River Realty Investors has acquired a 116,490-square-foot office building in Medford for an undisclosed price. The transaction was a sale-leaseback with the seller, Citizens Bank. Located at 20 Cabot Road, the property was built in 1987. Citizens Bank, currently occupies 85,200 square feet at the property and has signed a 10-year lease with Charles River Realty for the space. The remaining 31,290 square feet will be leased to new tenants. National Development will serve as the property manager. Charles River plans to make significant improvements to the building, including an updated lobby and common areas, a new fitness center, landscape enhancements and updated signage.
WORCESTER, MASS. — Marcus & Millichap has negotiated the $2.4M sale of an industrial facility in Massachusetts. Located at 344 Franklin St., the 300,000-square-foot property was 60 percent occupied at the time of sale. Harrison Klein and Matthew Pierce in Marcus & Millichap’s Boston office represented the undisclosed seller in the transaction. An existing tenant purchased the property pursuant to a right of first refusal.
BOSTON — Cornerstone Realty Capital has arranged a $3 million loan for the refinancing of a multifamily portfolio in Boston. The nine-unit portfolio includes a six one-bedroom, one two-bedroom, one three-bedroom and one five-bedroom unit. All units feature open floor plans, hardwood floors, stainless steel appliances and onsite laundry. Andrew Saccone of Cornerstone secured the financing on behalf of the undisclosed borrower. The lender was not disclosed. Terms of the financing included a fixed interest rate with a 30-year amortization schedule.
LEOMINSTER, MASS. — KeyBank Real Estate Capital has originated a $12.2 million Fannie Mae, first mortgage loan for Sunrise of Leominster in Leominster, approximately 40 miles west of Boston. Built in 1996, the three-story property features 70 units on a five-acre plot. The property originally comprised 48 assisted living units, with 23 memory care units added in 1999. In 2013, 10 existing assisted living units were converted into nine memory care units. During that renovation, a new common room and dining room were added. Carolyn Nazdin of KeyBank’s Commercial Mortgage Group arranged the non-recourse, fixed-rate loan with a 10-year interest-only term. The loan was used to refinance existing debt.
CANTON, MASS. — HJ Sims has arranged $20 million in bonds to refinance Orchard Cove, a continuing care retirement community in Canton. Hebrew SeniorLife (HSL) operates the community, which opened in 1993. HJ Sims underwrote the original bonds to build the community in 1992, and has provided expansion financing and capital planning over the intervening years. The new transaction will refinance the community’s existing tax-exempt, fixed-rate bonds. Financing objectives included creating a level annual debt service schedule compared with the fluctuating existing schedule, and maximizing annual debt savings over the near term to fund community improvements without increasing the debt load. The maturity on the new bonds was extended and amortized over 30 years, but included a five-year call provision to maintain future flexibility. The maximum annual debt service was reduced by approximately $1.2 million, and aggregate debt-service savings over the next seven years will be $15.4 million, according to HJ Sims.
FRAMINGHAM, MASS. — Marcus & Millichap has brokered the $2.8 million sale of a 22-unit apartment building in downtown Framingham. Located at 139-143 Hollis St., the property is comprised of 12 two-bedroom units, nine one-bedroom units and one studio apartment. Evan Griffith, Tony Pepdjonovic and Jeremy Buckley of Marcus & Millichap’s Boston office represented the undisclosed seller in the transaction. The buyer was also undisclosed.
