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.
The greater Boston retail market experienced a substantial rise in the vacancy rate to 9.5 percent through June 2018, reflecting an 11.3 percent increase in unoccupied space, compared to a level of 8.6 percent in 2017. At the same time, total inventory ended the year at 196 million square feet, a gain of 1 percent, nearly the same square footage as the increase in vacant space. This resulted in a nominal negative absorption rate of only 21,900 square feet. A considerable number of large format store closings and chain liquidations were responsible for the disappointing outcome, which could have been even worse without a significant number of retail conversions to non-retail space cushioning the impact. The retailer gaining the most retail space in the region was Wegmans, adding a two-level store at Natick Mall and a second unit at the redeveloped Meadow Glen in Medford. In second place was 7-Eleven, completing its brand conversion from Tedeschi Food Shops, which it acquired in 2015. Market Basket rounded out the top three, adding new stores in Lynn and Fall River. By number of new units, 7-Eleven added 68, the most of any retailer. Metro PCS was a distant second, adding 16 stores …
NATICK, MASS. — Online home goods retailer Wayfair Inc. has announced plans to open its first full-service store at the Natick Mall in Natick. At the Wayfair store, service and home-design experts will be available to consult shoppers on home décor, furniture and other products. Customers can purchase an assortment of home décor products, as well as place orders for home deliveries. The location, which is slated to open in the fall, will be 3,700 square feet. The Boston-based company generates roughly $7 billion in annual revenue from online purchases.
BOSTON — HFF has brokered the sale of a three-property hotel portfolio in Boston. The sales price was undisclosed. The 433-room portfolio includes the DoubleTree by Hilton Boston – Milford, the Doubletree by Hilton Hotel Boston – Rockland, and the Hilton Garden Inn Plymouth. All three hotels are located within 40 miles of Boston. Denny Meikleham, Alan Suzuki and Matthew Enright of HFF represented the seller, Linchris Hotel Corp., in the transaction. The buyer was Jamsan Hotel Management.