Massachusetts

Cushman & Wakefield Brokers Sale of 88,910 SF Office Building in Morris Plains

by David Cohen March 7, 2019

MORRIS PLAINS, N.J. — Cushman & Wakefield has arranged the sale of a three-story office building in Morris Plains. The sales price was undisclosed. Located at 201 Littleton Road, the 88,910-square-foot property is set on a nearly 17-acre site. The property was 44 percent leased at the time of sale to a tenant roster that includes the State of New Jersey. Andrew Merin, Andrew Schwartz and Kubby Tischler of Cushman & Wakefield represented the seller, Mack-Cali Realty Corp., in the transaction. The buyer was Chopp Holdings, a local investor.

March 7, 2019

Acquisitions Massachusetts Mixed-Use Northeast

Colliers Arranges $19.6M Sale of Mixed-Use Building in Boston

by David Cohen March 5, 2019

BOSTON — Colliers has arranged the $19.6 million sale of a mixed-use property in Boston’s Downtown Crossing neighborhood. Located at 29-35 Temple Place, the recently renovated property consists of 42, short-term housing units as well as ground-floor retail currently leased to Democracy Brewing, a restaurant and brewery. Christopher Sower, Bruce Lusa, Jonathan Bryant, John Flaherty, Maggie Collins and Patrick Boyle of Colliers represented the buyer, Premier Capital Partners, in the transaction. The seller was undisclosed.

March 5, 2019

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers $2.4M Sale of Multifamily Building Near Boston

by David Cohen March 5, 2019

DORCHESTER, MASS. — Marcus & Millichap has brokered the $2.4 million sale of a multifamily building in Dorchester. Located at 12 Lyndhurst St., the 12-unit property consists of six one-bedroom and six two-bedroom units. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap’s Boston office represented the undisclosed seller in the transaction. The buyer was also undisclosed.

March 5, 2019

Industrial Leasing Activity Massachusetts Northeast

Nypro Signs 247,060 SF Industrial Lease in Devens, Massachusetts

by David Cohen March 5, 2019

DEVENS, MASS. — Nypro Inc. has signed a 247,060-square-foot lease renewal and expansion at 112 Barnum Road in Devens. The 402,249-square-foot manufacturing facility was constructed in 2008 and is located within the Devens Industrial Park. Nypro Inc. expanded its lease from 215,790 square feet to 247,060 square feet. J.R. McDonald, Torin Taylor and Ross Gaudet of NKF represented the property ownership group, Artemis Real Estate Partners, Drake Real Estate Partners and Pacer Partners, in the transaction.

March 5, 2019

Loans Massachusetts Northeast Office

Fantini & Gorga Arranges $2.5M Refinancing for Office Building in Massachusetts

by David Cohen February 28, 2019

PEABODY, MASS. — Fantini & Gorga has arranged a $2.5 million loan to refinance a four-story office building in Peabody. Located at 1R Newbury St., the 40,861-square-foot property is currently occupied by 22 tenants. The building is part of Peabody Corporate Center. Derek Coulombe and Lindsay Feig of Fantini & Gorga secured the 15-year, fixed-rate loan on behalf of the undisclosed borrower. The lender was not disclosed.

February 28, 2019

Acquisitions Massachusetts Northeast Office

CBRE Brokers Sale of 78,717 SF Office Building in Massachusetts

by David Cohen February 27, 2019

LEXINGTON, MASS. — CBRE has brokered the sale of a 78,717-square-foot office building in Lexington for an undisclosed price. Located at 131 Hartwell Ave., the three-story building is located on more than five acres in the heart of the Route 128 Technology Corridor in Lexington. The property was renovated in 2014 and is currently 80 percent leased to six tenants. Roy Sandeman, Chris Skeffington and Jason Levendusky of CBRE represented the seller, Griffith Properties, in the transaction. The buyer was Azad Legacy Partners.

February 27, 2019

Market Reports Massachusetts Northeast Northeast Market Reports Office

Office Demand Holds Steady in Suburban Boston Markets

by David Cohen February 27, 2019

Boston’s metro west office market continued to move along at a steady clip in 2018. Many of the trends seen in the west market have been consistent over the past few years. One of the most prominent trends is that tenants continue to prefer high-quality properties. Class A product has benefited from the demand, resulting in a limited supply of Class A large blocks. In contrast, commodity space is still lagging from a demand standpoint. Additionally, many landlords have been performing gut renovations on older properties and have been reaping the rewards of their investments. The west market has also benefited from tenants migrating from Cambridge and life science demand, which are two closely related trends. Cambridge, particularly Kendall Square, is well known as the national hub of the life science industry. With that pedigree, pricing there has grown tremendously, and available space is scarce. As such, many life science occupiers are looking west to fulfill their needs, and the Cambridge market conditions have pushed other non-life science occupiers west as well. A proximity to the inner urban core makes towns like Watertown and Waltham particularly attractive. The above trends are not new, but one is. New economy tenants, who …

February 27, 2019

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Arranges $8M Refinancing for Multifamily Community in Massachusetts

by David Cohen February 22, 2019

STOUGHTON, MASS. — Cornerstone Realty Capital has arranged an $8 million loan to refinance a 48-unit multifamily community in Stoughton. Located in Norfolk County, the property is approximately 20 miles south of Boston. The two-building community consists of 36 two-bedroom and 12 one-bedroom units. The buildings will undergo renovations,which will include the conversion of eight one-bedroom units into two-bedroom units. Additional renovations will include updates to the common areas and flooring, as well as adding a patio and grilling area, playground, dog run and bike racks. Cornerstone Realty Capital secured a fixed-rate financing structure with 30 months of interest-only payments for the borrower, True North Capital Partners. The lender was undisclosed.

February 22, 2019

Acquisitions Alabama Connecticut Indiana Industrial Iowa Massachusetts Midwest New Jersey Northeast Pennsylvania Southeast Top Stories

Rubenstein Properties Sells 28 Industrial Properties for $197M

by Alex Tostado February 21, 2019

LITTLE FALLS, N.J. — Rubenstein Properties has sold 28 industrial properties totaling more than 5 million square feet across six states for $197 million. Bernards Township, N.J.-based Silverman Group acquired 27 buildings for $183 million. Properties are located in New Jersey, Connecticut, Massachusetts, Iowa, Indiana and Alabama. The portfolio was 95.8 percent leased at the time of the sale. Locations include: New Jersey 10 Park Place, Butler; 20-21 Wagaraw Road, Fair Lawn; 39 Avenue C, Bayonne; 101 E. Main St., Little Falls; 114 Beach St., Rockaway; and 1578 Sussex Turnpike, Randolph, N.J. (units 2 through 5). Connecticut 20, 50 and 80 Utopia Road, Manchester; 118 Sanrico Drive, Manchester; 135 Sheldon Road, Manchester; 428 Hayden Station Road, Windsor; Alabama 207 Jacintoport Blvd., Saraland. Indiana 2190 Summit St., New Haven, Ind. Further details about the properties were not disclosed. In addition, a tenant occupying 1055 Crossroads Blvd. in Muhlenberg Township, Pa., acquired the asset for $14 million. “The properties are all strategically located within infill locations in order to take advantage of consistently improving industrial leasing fundamentals and increasing demand with extremely limited supply,” said Brian Fiumara, executive vice president of CBRE. “Rubenstein Properties’ portfolio provided the buyer with an exceptional opportunity …

February 21, 2019

Leasing Activity Massachusetts Northeast Office

Google Signs 362,000 SF Lease in Cambridge

by David Cohen February 20, 2019

CAMBRIDGE, MASS. — Google has signed a 15-year lease for 362,000 square feet at 325 Main St. in the Kendall Square neighborhood of Cambridge. The lease agreement brings Google’s total footprint in Cambridge to more than 800,000 square feet. The new, 16-story building at 325 Main St. will include approximately 400,000 rentable square feet. The property will replace the existing 115,000-square-foot building currently on site. Construction is expected to commence later this year and be completed in 2022. Boston Properties is developing the new, 16-story building at 325 Main St.

February 20, 2019

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