Massachusetts

Greater Boston Industrial Market – ‘If You Build it, They Will Come’

by David Cohen December 12, 2018

The Greater Boston industrial market is busier than ever. Supply for quality warehouse and flex space is limited and the demand is at an unprecedented high. As a result, we have seen rents soar, achieving upwards of $7 to $7.50 Triple Net rent along I-495, and $9 to $11 Triple Net rent along Route 128, notable increases from just a few years ago. To coin a well-known quote from the 1989 film Field of Dreams, “If you build it, they will come,” and both investors and tenants continue flocking to the industrial real estate market in the Commonwealth, in some cases making their first appearance in Massachusetts, or in others looking to expand their presence here. Along with the usual suspects, we are seeing plenty of non-traditional industrial buyer groups as well as users who are now seeing the value in the region and asset class. While developers have experienced tremendous success to date with speculative builds, there are undoubtedly some potential risks on the horizon. Tenants are looking for clear heights exceeding 30 feet with as many loading docks as possible, a first-class inventory type that is far from common or plentiful in our marketplace. To accommodate changing tenant …

December 12, 2018

Loans Massachusetts Mixed-Use Northeast

Cornerstone Realty Capital Arranges $1.9M Refinancing for Mixed-Use Property in Massachusetts

by David Cohen December 11, 2018

CLINTON, MASS. — Cornerstone Realty Capital has arranged a $1.9 million loan to refinance a mixed-use property in Clinton. The property consists of 16 apartments and two commercial spaces. The commercial spaces average approximately 2,300 square feet and include wood flooring and brick exterior. Patrick Brady of Cornerstone secured a fixed-rate loan with a 30-year amortization schedule for the undisclosed borrower through a correspondent lender.

December 11, 2018

Acquisitions Massachusetts Northeast Office Top Stories

Joint Venture Acquires 1.2 MSF Boston Office Property for $845M

by Taylor Williams December 10, 2018

BOSTON — A joint venture between Allianz Real Estate, Beacon Capital Partners and the Massachusetts Pension Reserves Investment Management (PRIM) Board has acquired 53 State Street, a 1.2 million-square-foot office property in Boston’s Financial District. The sales price was $845 million. The Class A property, known locally as Exchange Place, comprises the historic Boston Stock Exchange building that was completed in 1891 and a 40-story office tower that was built in 1985. The building also features ground-floor retail space. The seller of 53 State Street, which was 93 percent leased at the time of sale, was not disclosed. The property features a seven-story, glass-enclosed atrium and an outdoor arcade with seating areas along Congress Street. Amenities include a rooftop deck, fitness center and conferencing facilities. “Allianz recognizes this acquisition is a unique opportunity to expand into Boston and to continue to diversify our investors’ portfolio,” says Christoph Donner, CEO of Allianz Real Estate. “Our real estate portfolio includes some of the top office buildings in the U.S., and this investment is consistent with our overall strategy to generate strong returns from Class A properties,” adds Michael Trotsky, executive director and chief investment officer of Mass PRIM. Allianz Real Estate is …

December 10, 2018

Acquisitions Industrial Massachusetts Northeast

CBRE/New England Negotiates $25M Sale of Distribution Facility in Massachusetts

by David Cohen December 6, 2018

BELLINGHAM, MASS. — CBRE/New England has negotiated the $25 million sale of a 210,700-square-foot distribution facility in Bellingham. Located at 190 Mechanic St., the property was built in 2006 and features 32-foot clear heights, T5 motion-sensor lighting and ESFR sprinkler systems. The building is fully leased to three tenants. Chris Skeffington, John Lashar and Roy Sandeman of CBRE/New England represented the seller, Guggenheim Real Estate. The buyer was TH Real Estate.

December 6, 2018

Healthcare Loans Massachusetts Northeast Office

Money360 Provides $4.2M Bridge Loan for Medical Office Building in Massachusetts

by David Cohen December 5, 2018

EAST LONGMEADOW, MASS. — Money360 has provided a $4.2 million bridge loan for Longmeadow Medical Center, a 22,000-square-foot medical office building. The property is located at 294 North Main St. in East Longmeadow, approximately five miles southeast of Springfield. Terms of the recourse loan include a 24-month term and an 8 percent interest rate. The borrower was undisclosed.

December 5, 2018

Development Loans Massachusetts Mixed-Use Northeast

Fantini & Gorga Secures $28.3M Construction Loan for Mixed-Use Development in Cambridge

by David Cohen November 29, 2018

CAMBRIDGE, MASS. — Fantini & Gorga has secured a $28.3 million construction loan for St. James Place, a mixed-use development in the Porter Square neighborhood of Cambridge. Located at 2013 Massachusetts Ave., the development will feature 46 residential condominiums, ground-floor retail and underground parking. Derek Coulombe, Tim O’Donnell and Despina Hixon of Fantini & Gorga secured financing for the undisclosed borrower through a mid-sized regional bank. Terms of the financing were not disclosed.

November 29, 2018

Acquisitions Affordable Housing Massachusetts Multifamily Northeast

MassHousing Provides $45.7M Acquisition Loan for Affordable Housing Portfolio in Metro Boston

by David Cohen November 27, 2018

BOSTON — MassHousing has provided $45.7 million in acquisition and rehabilitation financing for a 201-unit affordable housing portfolio in Roxbury and Dorchester. The housing portfolio, formerly owned by the late Lorenzo Pitts, includes the Lawrenceville Apartments, Infill I, Infill II, Crawford House, Thane Street Apartments and the Gardner Apartments. MassHousing provided the borrower, Jamaica Plain Neighborhood Development Corporation (JPNDC), with a $26 million construction and permanent loan, an $18 million tax credit equity bridge loan and a $1.7 million Section 13A preservation loan. JPNDC will make extensive capital improvements as part of the transaction including masonry repairs, kitchen upgrades and bathroom upgrades, as well as updates to the electrical and plumbing systems. Of the 201 units in the portfolio, 175 are affordable to households earning at or below 60 percent of the area median income (AMI) and 26 apartments are affordable to households earning at or below 80 percent of AMI. The AMI for Boston is $107,800 for a family of four.

November 27, 2018

Acquisitions Massachusetts Northeast Retail

SRS Real Estate Negotiates $1.9M Sale of Retail Property in South Deerfield, Massachusetts

by David Cohen November 27, 2018

SOUTH DEERFIELD, MASS. — SRS Real Estate Partners has negotiated the $1.9 million sale of a retail property in South Deerfield. Located at 31 Elm St., the 4,786-square-foot property is triple-net leased to convenience store chain Cumberland Farms. Britt Raymond, Matthew Mousavi and Patrick Luther and Kyle Fant of SRS represented the seller, a local developer, in the transaction. The buyer was a private investor.

November 27, 2018

Massachusetts Northeast Retail

HFF Arranges $33M Refinancing for Retail Center in Beverly, Massachusetts

by David Cohen November 20, 2018

BEVERLY, MASS. — HFF has arranged a $33 million loan to refinance North Beverly Plaza, a 197,471-square-foot, grocery-anchored retail center in Beverly, approximately 26 miles north of Boston. Located at 55 Dodge St., the property is anchored by a 65,000-square-foot Shaw’s supermarket and features a tenant roster that includes CVS, People’s United Bank, Staples and Chipotle. Greg LaBine and Amy Lousararian of HFF secured the long-term, fixed-rate loan on behalf of the borrower, North Beverly Plaza LLC, an entity of Mugar Enterprises. The lender was TD Bank.

November 20, 2018

Industrial Leasing Activity Massachusetts Northeast

Quiet Logistics Signs 355,000 SF Industrial Lease in Suburban Boston

by David Cohen November 19, 2018

DEVENS, MASS. — Quiet Logistics has signed a 355,000-square-foot, full-building industrial lease in Devens. Located at 64 Jackson Road, the warehouse and distribution facility was built in 2000 and is set on more than 34 acres. The property features 26 foot clear heights, full air conditioning and humidity control and a full-service cafeteria. Rick Schuhwerk, Ed Jarosz Tony Coskren, Brian Pinch and Lizzie Kusbit of NKF represented the owner, GFI Partners, in the transaction. Quiet Logistics is a fulfillment provider specializing in e-commerce solutions.

November 19, 2018

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