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Massachusetts

AcquisitionsIndustrialMassachusettsNortheast

Kelleher & Sadowsky Negotiates $5.1M Sale of Industrial Facility in Massachusetts

by David Cohen

STERLING, MASS. — Kelleher & Sadowsky has negotiated the sale of 16 Chocksett Road, an industrial facility in Sterling. The asset traded for $5.1 million. Donald Mancini and Jim Egan of Kelleher & Sadowsky represented the seller, The Cycles 2003 Realty Trust, in the transaction. The Stubblebine Company/CORFAC International represented the buyer, Biomedical Polymers, a global manufacturer of plastic products for research and medical diagnostic laboratories. The property includes four loading docks and 7,000 square feet of office space on 7.7 acres.

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AcquisitionsMassachusettsMixed-UseNortheast

Related Beal Acquires Mixed-Use Development in Boston’s Seaport District for a Second Time

by David Cohen

BOSTON — Related Beal has acquired 451 D Street, a nine-story, mixed-use development in Boston’s Seaport District for an undisclosed price. The company previously owned the building before selling it in 2012. The seller was a joint venture between State Street and Meritage Properties. The development, which is 85 percent leased, offers more than 477,000 square feet of lab and office space as well as an amenities package that includes a 3,000-square-foot fitness center and a 20,000-square-foot on-site child care center. The tenant roster includes Alion Science & Technology, RDK Engineers and JPMorgan Chase.

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AcquisitionsMassachusettsMultifamilyNortheast

NAI Hunneman Arranges $3.7M Sale of Apartment Community in Fall River, Massachusetts

by David Cohen

FALL RIVER, MASS. — NAI Hunneman has arranged the sale of a 50-unit apartment community in Fall River for $3.7 million. The 37,824-square-foot property, which is located at 655-735 North Main St., contains four separate brick apartment buildings with 40 two-bedroom and 10 one-bedroom units. Carl Christie and Dan McGee of NAI Hunneman represented the seller, Ferris Apartments Inc., in the transaction. The buyer was 655-735 North Main Street Realty Trust.

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AcquisitionsMassachusettsOfficeTop Stories

TA Realty Arranges $418M Sale of Office Tower in Boston’s Financial District

by Camren Skelton

BOSTON — TA Realty LLC has arranged the $418 million sale of 28 State Street, a 40-story office tower located at the intersection of Congress and State streets in Boston’s Financial District. A joint venture between Rockefeller Group U.S. Premier Office Fund LP and Mitsubishi Estate New York sold the asset to a domestic institutional investor. The building includes 572,000 square feet of office space, and was 95 percent leased at the time of sale to financial services and law firms. In addition, 28 State Street includes 7,000 square feet of retail space. TA Realty managed the building and provided advisory services on behalf of the joint venture, helping the ownership group enhance the property’s value through operational and capital improvements. “The asset quality and ideal location together with strong market fundamentals made 28 State Street a highly compelling acquisition opportunity,” says Jim Raisides, partner at TA Realty. “We believe the purchase price reflects the value we helped create over the ownership period.” Designed by Emery Roth & Sons and originally constructed in 1968, 28 State Street was completely renovated in the late 1990s. Enhancements were made to the building’s infrastructure and systems, lobby and outdoor spaces. The tower is one …

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LoansMassachusettsMultifamilyNortheastSeniors Housing

HJ Sims Provides $52.1M Financing for Seniors Housing Redevelopment in Massachusetts

by David Cohen

LEXINGTON, MASS. — HJ Sims has closed $52.1 million in financing for new construction and a health center repositioning at Brookhaven at Lexington in Lexington, Massachusetts. The 32-acre life plan community was opened in 1989 and was expanded and renovated in 2006. A recent master planning process identified a need for significant renovations and reconfigurations, as well as additional independent living apartments. Total financing included a $36 million short-term, taxable construction loan with a floating interest rate and a 12-year, $16.1 million taxable term loan maturing in 2030 with a fixed interest rate of 3.89 percent.

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DevelopmentMassachusettsMultifamilyNortheast

MassHousing, Trinity Financial Break Ground on Mixed-Income Housing Community in Massachusetts

by David Cohen

LAWRENCE, MASS. — MassHousing and Trinity Financial have broken ground on Van Brodie Mill, a 102-unit, mixed-income housing community in Lawrence. Lawrence Mayor Dan Rivera, Executive Director of MassHousing Chrystal Kornegay and State Representative Frank Moran attended the groundbreaking, which took place on June 6. The adaptive reuse project, which is located at 590 Broadway,will preserve a historic former mill in the Arlington Mills historic district. Trinity Financial is a real estate development firm specializing in redeveloping urban sites in the Northeast. The cost of the project was not disclosed.

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LoansMassachusettsMixed-UseNortheast

Cornerstone Realty Capital Arranges $6.5M Construction Loan for Condo Development in Boston

by David Cohen

BOSTON — Cornerstone Realty Capital has arranged a $6.5 million construction loan for a 12-unit mixed-use condominium development in Boston’s Jamaica Plain neighborhood. The borrower was undisclosed. Located at 114-120 Brookside Ave., the building will feature three retail and nine residential condominiums. All residences will feature hardwood floors, in-unit washers and dryers and high-end finishes that include granite countertops, stainless steel appliances and custom-tile surround showers. Each unit will also have a private balcony. The square footage will vary depending on the unit style, but will average around 1,098 square feet. The building is slated for completion in 2019.

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DevelopmentMassachusettsMultifamilyNortheast

Berkeley Investments Begins Work on Modular Mixed-Use Building in Charlestown

by David Cohen

CHARLESTOWN, MASS. — Developer Berkeley Investments has begun work on The Graphic, a modular, mixed-use project located at 32 Cambridge St. in Charlestown. The apartment building will be constructed of 129 modular boxes, each of which are 65 feet long and weigh approximately 30,000 to 35,000 pounds. Each box requires 20 minutes to be lifted into position and 14 boxes on average can be placed daily. The Graphic will include 171 residential units spanning two buildings and 4,000 square feet of retail space. Amenities at the development will include a lounge, club room and bike storage facilities as well as a private courtyard for residents and a roof deck with skyline views of Charlestown and Boston. The project is expected to be completed by October 2018. Berkeley Investments is The Graphic’s developer; ICON Architecture, Inc. is the architect and Tocci Building Corporation is the general contractor.

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DevelopmentHospitalityMassachusettsNortheastTop Stories

Omni Breaks Ground on $550M Boston Seaport Hotel

by David Cohen

BOSTON — Omni Hotels & Resorts has broken ground on the $550 million Omni Boston Seaport Hotel, a 21-story, 1,055-room hotel in Boston’s Seaport district. Set to open in late 2020 on a two-acre parcel at the corner of Summer and D streets, the hotel will feature 100,000 square feet of meeting and event space that includes the largest hotel ballroom in the Seaport District. Other amenities will include an urban rooftop pool deck with an event space featuring views of Boston’s skyline, all-day restaurant, retail shop, fitness center and spa. Once completed, the Omni Boston Seaport will become the city’s fourth largest hotel, according to the developer. “This project’s hotel, retail, restaurant and outdoor space is a welcome addition to Boston’s Seaport District and will lead to expanded economic opportunities for many businesses within the Commonwealth,” Massachusetts Governor Charlie Baker said at the groundbreaking. “Our administration looks forward to continuing to work together with partners at the local level and in the private sector to support economic development in communities across Massachusetts.” The Massachusetts Port Authority (Massport) tapped Omni Hotels & Resorts, along with a team from New Boston Hospitality, in 2017 to develop the hotel. The project is estimated …

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DevelopmentHealthcareMassachusettsNortheast

Vantage Completes Build-Out of 12,800 SF Medical Office Near Boston

by David Cohen

ROWLEY, MASS. — Waltham-based general contracting and construction firm Vantage Builders Inc. has completed the build-out of North Shore Physicians Group’s Rowley office. Rowley is approximately 30 miles north of Boston. The 12,800-square-foot office, which is located at 414 Haverhill St., is North Shore Physicians Group’s 22nd location on the North Shore. The office offers primary and specialty care, as well as X-ray, mammography and bone density testing, for patients in Rowley and the surrounding communities of Ipswich, Boxford and Georgetown.

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