Massachusetts

Boylston Properties, The Wilder Cos. Secure $324M Construction Financing for Mixed-Use Redevelopment Near Boston

by David Cohen July 18, 2018

BOSTON — Developers Boylston Properties and The Wilder Cos. have secured $324 million in construction financing and joint venture equity for the development of Arsenal Yards, a six-building, mixed-use redevelopment of the former Arsenal Mall in Watertown. HFF worked on behalf of the developers to source institutional investors advised by JP Morgan Asset Management as joint venture equity partners, providing $102 million of equity. HFF also arranged a $222 million construction loan from Wells Fargo Bank. “HFF was able to work closely with the development team to secure a capitalization structure that met their objectives,” says Brett Paulsrud, senior director at HFF. “This redevelopment will dramatically transform the landscape of Watertown, adding a significant amenity base to the area. It will be very exciting to watch this best-in-class partnership create a new destination for surrounding residents and businesses alike.” Located on the site of the former Watertown Arsenal, which predates the Civil War, New England Development opened the mall as Arsenal Marketplace in 1983. In 2013, Boylston Properties and The Wilder Companies purchased the property with the intention of redeveloping it into a mixed-use project. Arsenal Yards is scheduled to open in 2019 and will feature 250,000 square feet of destination shops …

July 18, 2018

Acquisitions Massachusetts Northeast Retail

Marcus & Millichap Brokers $6.2M Sale of Hanover Shopping Plaza in Massachusetts

by David Cohen July 17, 2018

HANOVER, MASS. — Marcus & Millichap has brokered the $6.2 million sale of the Hanover Shopping Plaza in Hanover. The 26,307-square-foot retail center is located at 1422 Washington St. and anchored by Town Fair Tire, Papa Gino’s, D’Angelo and Pearle Vision. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also a limited liability company. The buyer has plans to renovate the property, which was developed in 1975, and lease up the vacant space.

July 17, 2018

Acquisitions Massachusetts Northeast Retail

NKF Capital Markets Brokers Sale of 21,754 SF Retail Center Near Boston

by David Cohen July 12, 2018

MARLBOROUGH, MASS. — NKF Capital Markets has brokered the sale of a 21,754-square-foot retail center in Marlborough. Located at 32-44 Boston Post Road West,The property is approximately 31 miles west of Boston. NKF Capital Markets represented the seller, The Gutierrez Company, in the transaction. A private equity fund managed by Crow Holdings Capital Partners purchased the asset for an undisclosed price. The shopping center is currently fully leased and features a tenant roster that includes 99 Restaurant & Pub, Jersey Mike’s Subs, Marlboro Wine & Spirit Co., Orangetheory Fitness and AFC Urgent Care.

July 12, 2018

Acquisitions Massachusetts Northeast Office

JLL Negotiates $107.7M Sale of Creative Office Campus Near Boston

by David Cohen July 11, 2018

BEDFORD, MASS. — JLL has negotiated the sale of the Xchange at Bedford, a 479,000-square-foot creative R&D and life science campus in Bedford. The property sold for $107.7 million. JLL represented the seller, The Davis Companies, in the transaction. A partnership between Jumbo Capital Management and Sound Mark Partners purchased the eight-building office campus. The Xchange was 89 percent leased to five tenants at the time of sale. The campus is anchored by iRobot’s 272,000-square-foot long-term lease, which runs through 2030. iRobot is an advanced technology company that produces the Roomba Robot Vacuum.

July 11, 2018

Development Massachusetts Mixed-Use Northeast

Nauset Begins Renovation, Addition to Mixed-Use Project in Cambridge

by David Cohen July 9, 2018

CAMBRIDGE, MASS. — Nauset has started construction on additions to Crimson Galeria in Cambridge that will add 18,000 square feet of office space to the mixed-use property. Located at 57 JFK St. in Harvard Square, the redevelopment is being undertaken by Needham, Mass.-based Nauset Construction for owner Crimson Galeria LP. The Harvard Square submarket of Cambridge is experiencing lows of less than 2 percent in office vacancy, according to Nauset.

July 9, 2018

Acquisitions Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Arranges $12.3M for Acquisition of Multifamily Portfolio Near Boston

by David Cohen July 3, 2018

CHELSEA, MASS. — Cornerstone Realty Capital has arranged $12.3 million in acquisition financing for an 11-building multifamily portfolio in Chelsea. The properties, which are each three to five stories tall, include a total of 92 units and two commercial spaces. The borrower, Maverick Chelsea LLC,plans to renovate each building based on need. Cornerstone delivered a fixed-rate loan through an undisclosed lender with two years of interest-only payments followed by a 30-year amortization. Chelsea is directly across the Mystic River from Boston.

July 3, 2018

Acquisitions Healthcare Massachusetts Northeast

R.W. Holmes Brokers $1.1M Sale of Medical Building in Suburban Boston

by David Cohen July 3, 2018

WESTBOROUGH, MASS. — R.W. Holmes Realty has brokered the sale of a 6,810-square-foot medical office building located at 210 Turnpike Road in Westborough. The sales price was $1.1 million. The property is located on 3.9 acres and includes 120 parking spaces. R.W. Holmes represented the seller, Park Street Realty LLC, in the transaction. The property was purchased by 6 Humphrey Street Realty LLC. At the time of sale, the building was occupied by two dentists and a window blinds company. The buyer plans to renew the leases of the tenants in the building.

July 3, 2018

Leasing Activity Massachusetts Northeast Office

Urban Spaces Signs CarGurus to 50,000 SF Office Lease in Cambridge

by David Cohen June 28, 2018

CAMBRIDGE, MASS. — Urban Spaces has signed online automotive marketplace CarGurus to a 50,000-square-foot office lease at 121 First, a 60,000-square-foot mixed-use development in Cambridge. The building also includes 50 parking spaces. CarGurus was represented in the transaction by Nat Kessler and Adam Brinch of CBRE. Designed by architectural firm Perkins Eastman and built by Nauset Construction, 121 First is part of a $200 million development by Urban Spaces. The development will include 50,000 square feet of office space, 50,000 square feet of retail space and 250 apartments as well as a half-acre of green space in Cambridge. The building is currently under construction and is slated to be completed this summer.

June 28, 2018

Acquisitions Massachusetts Mixed-Use Northeast

Marcus & Millichap Brokers $2M Sale of Mixed-Use Portfolio in Central Massachusetts

by David Cohen June 27, 2018

WEBSTER, MASS. — Marcus & Millichap has brokered the $2 million sale of Main Street Properties, a 51,982-square-foot mixed-use portfolio located at 118 and 275 Main St. in Webster. The town is located in central Massachusetts on the Connecticut border. Matthew Pierce of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was a private investor. The properties include 31 apartments and nine retail units.

June 27, 2018

Industrial Leasing Activity Massachusetts Northeast

NKF Secures 147,371 SF Lease Extension at Industrial Facility Near Boston

by David Cohen June 26, 2018

BEDFORD, MASS. — Newmark Knight Frank has secured a 147,371-square-foot lease extension with photonics company Novanta for their corporate headquarters at 125 Middlesex Turnpike in Bedford. Bedford is 20 miles northwest of Boston. NKF represented ownership, 125 Middlesex Turnpike LLC, in the transaction. Built in 1975 and renovated in 2009, 125 Middlesex Turnpike is a 147,371-square-foot, single-story, flex/manufacturing building that includes 75,000 square feet of office space. Novanta is a supplier of laser products, precision-motion and vision technologies and has occupied the property since 2008.

June 26, 2018

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