BRAINTREE, MASS. — NKF Capital Markets has orchestrated the sale of Blue Hills Medical Center in Braintree for $11.5 million. Braintree is 13 miles south of Boston. Located at 340 Wood Road, the 48,617-square-foot Blue Hills Medical Center is 100 percent leased to 14 tenants. The tenant roster includes Milton Pediatrics, MassGeneral Hospital for Children and South Shore Hospital. NKF represented the seller, Jumbo Capital Management, in the transaction. The buyer was Novaya Real Estate Ventures.
WEST BOYLSTON, MASS. — The Stubblebine Co./CORFAC International has negotiated the $6.9 million sale of 180 Shrewsbury Street, a 149,000-square-foot industrial building in West Boylston, about eight miles north of Worcester. David and James Stubblebine represented both the seller, WRT Management, and the buyer, 180 Shrewsbury Street LLC, in the transaction. The high-bay distribution building is leased on a long-term basis to Bunzl Distribution.
WORCESTER, MASS. — MassHousing has provided $5.1 million in affordable housing financing to support the redevelopment of Worcester’s Central Building. The financing will allow the borrower, Central Building Development Group, to transform a vacant office building into a 55-unit, mixed-income housing community with 14 workforce-housing units. Dellbrook JKS is serving as general contractor on the project with The Architectural Team serving as architect. MassHousing provided a $3.7 million permanent loan and $1.4 million in workforce housing funding from the agency’s $100 million workforce housing initiative. The project also received $12 million through an allocation of federal and state low-income housing tax credits by the Massachusetts Department of Housing and Community Development. The property, which is located at 332 Main St., was built in 1925 as an office building and has been vacant for several years. Of the 55 units in the building, 50 will be allocated to lower-income households.
AMESBURY, MASS. — Cornerstone Realty Capital has arranged $14.3 million in acquisition financing for the Residences at Riverwalk at 1 River Court in Amesbury, 40 miles north of Boston. The borrower was undisclosed. The complex features two buildings that were originally part of a mill built in 1918, but converted into apartments in 2006. Combined there are 87 units averaging around 1,041 square feet each. Amenities include a fitness center, shared library and great room with entertainment space. A local bank provided the fixed-rate financing with two years of interest-only payments followed by a 30-year amortization.
CAMBRIDGE, MASS. — Nauset Construction has broken ground on a 93-unit apartment development in the Alewife neighborhood of Cambridge for owner Abodez Acorn New Street LLC. The new complex, known as Park 77, will be constructed at the site of the former window and door manufacturing and warehouse facility known as the J&C Adams Co. at 77 New St. Designed by Piatt Associates, the four-story, 96,000-square-foot building will be comprised of a mix of studio, one-, two- and three-bedroom units. Amenities will include a lobby lounge, café with full kitchen, a multimedia room, fitness center and a top floor sky lounge with a pool table and roof deck. The owner previously developed Park 87 in 2015, a 54-unit apartment complex located at 87 New St. Construction is slated be completed in the summer of 2019.
WALTHAM, MASS. — Davis Marcus Partners, a joint venture between Marcus Partners and The Davis Companies, is developing a new 220,000-square-foot lab and office facility in Waltham for Alkermes, a global biopharmaceutical company. The new building, which is located at 900 Winter St., represents an expansion of Alkermes’ current facility at 852 Winter St. The new facility was designed by Elkus Manfredi Architects and will seek LEED certification. Amenities will include an eatery, coffee bar, fitness center, outdoor amphitheater and a rooftop terrace. As part of the build-to-suit arrangement, Alkermes will sign a 15-year lease at the property. Construction on the new facility began April 30.
BOSTON — Amazon has announced plans to expand its Boston Tech Hub with a 430,000-square-foot office lease at WS Development’s Seaport project. Amazon plans to open a new office inside the 7.6 million-square-foot Seaport development in 2021. Boston’s Seaport district has been transformed in recent decades into a technology center. Amazon’s teams based in the Boston metropolitan area primarily focus on Alexa, Amazon Web Services, and Audible. The expansion is expected to create an additional 2,000 technology jobs in fields including machine learning, speech science, cloud computing and robotics engineering. To date, the company has created around 3,500 jobs in Massachusetts.
MALDEN, MASS. — Fantini & Gorga has arranged $1.2 million in financing for the acquisition of a multifamily property at 21-23 Myrtle St. in Malden, about five miles north of Boston. The property is a 12-unit apartment building made up of one- and two-bedroom units. At the time of sale, the property was fully occupied with under market leases. Derek Coulombe and Jon Garcia of Fantini & Gorga arranged the loan for the undisclosed borrower. The lender was not disclosed. The property is located in close proximity to the Malden Metro Boston Transit Authority station, which allows for direct access to downtown Boston on the Orange Line.
CAMBRIDGE, MASS. – Forest City Realty Trust, in a joint venture with Madison International Realty, has closed on the acquisition of the interest of Forest City’s partner in five assets at University Park at MIT in Cambridge. The transaction values the undisclosed partner’s share of the assets at a total of $302 million, including assumption of debt. The assets include three office buildings: 300 Massachusetts Ave., 350 Massachusetts Ave. and 38 Sidney St., comprising a total of 486,000 square feet of life science office space; a 975-space parking facility; and the commercial space adjoining the Le Meridian Cambridge-MIT hotel. Forest City is the 100-percent owner of seven other life science office buildings and four multifamily communities that are also part of the University Park at MIT campus.
CAMBRIDGE, MASS. – Invesco Real Estate, on behalf of an institutional client, has acquired the Quad, a life science campus located in Cambridge. The Davis Cos. sold the property for an undisclosed price. Totaling 199,487 square feet, the campus comprises four buildings: 75 Moulton St., 10 Wilson Ave., 40 Smith Place and 75 Smith Place. The Davis Cos. will continue to manage the asset and oversee its redevelopment. Coleman Benedict, Christopher Phaneuf, Ben Sayles and Kerry Hawkins of HFF represented the seller and procured the buyer in the deal.
