Massachusetts

New Boston Fund Sells 217-Unit Luxury Apartment Tower in Boston for $144.5M

by Kristin Harlow December 1, 2017

BOSTON — New Boston Fund has sold The Tower at One Greenway in Boston for $144.5 million. The 217-unit luxury apartment tower is located at 99 Kneeland St. Completed in 2015, the property is 21 stories tall, featuring 3,180 square feet of retail space and a 135-space underground parking garage. Apartment units average 822 square feet in size. Amenities include a rooftop terrace with fire pits; an outdoor park with deck and grills; balcony lounge; resident lounge with billiards and entertainment bar; fitness center; yoga studio; dog wash; bike store; electric car charging stations; and BeanTowne Coffee shop. The unprecedented demand for Boston residential real estate was cited as the reason for selling the property, according to Jim Kelleher, CIO at New Boston Fund. Matthew Lawton, Riaz Cassum, Chris Phaneuf and Mark Campbell of HFF marketed the property on behalf of the seller. PGIM Real Estate purchased the property. New Boston Fund is a privately owned real estate investment manager. The company has developed or acquired commercial and residential properties with a cumulative market value of about $3.5 billion, including 23 million square feet of commercial real estate and 7,500 residential units. — Kristin Hiller

December 1, 2017

Massachusetts Northeast Office

CBRE/NE Brokers $22.5M Sale of Office Property in Boston’s Back Bay

by Amy Works November 29, 2017

BOSTON — CBRE/New England has arranged the sale of an office building located at 10-11 Arlington in Boston’s Back Bay. Fisher College sold the six-story building to 10-11 Arlington LLC for $22.5 million. The buyer plans to use the 21,205-square-foot property as a family office. Mark Reardon, Meredith Christensen, Diane Harris, Matthew Furey, Simon Butler and Biria St. John of CBRE/NE represented the seller in the deal.

November 29, 2017

Massachusetts Northeast Office

SVN/Parsons Commercial Group Arranges $8.6M Sale of Office Building in Hopkinton, Massachusetts

by Amy Works November 29, 2017

HOPKINTON, MASS. — SVN/Parsons Commercial Group Boston has negotiated the sale of an office property located at 77 Main St. in Hopkinton. Thomson Realty Limited Partnership sold the building to Hopkinton Business Center LLC for $8.6 million. At the time of sale, the 55,000-square-foot building was fully leased to a variety of tenants, including a dental office, a jewelry store and a specialized planning and construction company. Victor Galvani of SVN/Parsons represented the seller, while Garrett Quinn, also of SVN/Parsons, represented the buyer in the transaction.

November 29, 2017

Market Reports Massachusetts Northeast Northeast Market Reports Retail

Urbanizing the Suburbs: Retail’s Role in Reshaping Boston’s Landscape

by Taylor Williams November 29, 2017

Over the past decade, urbanization has emerged as one of the most impactful trends to hit the real estate industry. This trend, embodied by the live-work-play concept, has been embraced by all demographic cohorts, from millennials to baby boomers and even retirees. While the impact has been most visible in the urban core, Boston’s suburbs are also being transformed, and the inclusion of pedestrian-oriented retail into new and existing projects is playing the integral role. Modernized, high-traffic retail concepts now provide the coveted ability to work, shop, dine and entertain with the same convenience of downtown while being proximate to the region’s top bedroom communities. The Polaroid Site, Waltham Waltham is Boston’s top suburban office market; however, its biggest drawback had been a lack of real amenities. Sam Park & Company acquired Polaroid’s former headquarters and planned a 1.5 million-square-foot, mixed-use development, which includes Market Basket, Not Your Average Joe’s, Flank, Starbucks and Jake n Joes Sports Grille. The existing and improving amenity package at 1265 Main immediately drew the attention of Clarks, which moved its American headquarters to a new 120,000-square-foot building on the site. MarketStreet Lynnfield Once the Colonial Country Club, MarketStreet Lynnfield is now a mixed-use development …

November 29, 2017

Loans Massachusetts Northeast

EagleBridge Capital Negotiates $5.8M Loan for Retail Ground Lease in Wayland, Massachusetts

by Amy Works November 28, 2017

WAYLAND, MASS. — EagleBridge Capital has arranged $5.8 million in acquisition and permanent mortgage financing for an undisclosed borrower. Loan proceeds will be used for a long-term ground lease to CVS/pharmacy. Situated on 2.1 acres on Main Street in Wayland, the freestanding retail property will feature 13,900 square feet of space, a drive-thru lane and 60 parking spaces. The property is currently under construction. Ted Sidel and Brian Sheehan of EagleBridge arranged the financing through a leading Massachusetts thrift institution.

November 28, 2017

Industrial Massachusetts Mixed-Use Northeast Office Retail

Senate Construction to Build 50,000 SF Mixed-Use Facility in Tyngsborough, Massachusetts, for Crane Realty Trust

by Amy Works November 28, 2017

TYNGSBOROUGH, MASS. — Senate Construction Co. has been awarded the design/build contract to construct a mixed-use facility in Tyngsborough for Crane Realty Trust. The 50,000-square-foot building will feature office and manufacturing space. Mass Crane & Hoist Inc. will use the facility as its new headquarters.

November 28, 2017

Industrial Market Reports Massachusetts Northeast Northeast Market Reports

Boston Industrial Market Posts Lowest Vacancy Seen in Decades

by Taylor Williams November 22, 2017

The commercial real estate market in the Greater Boston area continued its torrid pace in the first half of 2017. All sections of the commercial real estate market inside Route 128 are white hot, especially after the announcement that General Electric will move its corporate headquarters to the Seaport District. Recent data indicates that Boston has one of the hottest economies in the United States and ranks as one of the top economies in the world. The 2017 Investment Intensity Index ranks Boston as the fourth market in the U.S. and 14th in the world for commercial real estate investment. In the industrial sector, which includes warehouse/distribution and flex/R&D product, vacancies are at the lowest point seen in decades. At the end of the first quarter the vacancy rate decreased to 5.7 percent. Net absorption totaled 2.24 million square feet for the quarter. The fact that the urban industrial market is continually shrinking as aging industrial properties are redeveloped into “higher and better uses” has caused a tremendous displacement of companies from inside Route 128 to areas outside the coveted Route 95 corridor. A dearth of available institutional-quality industrial product exists in today’s market with just over 13 percent of …

November 22, 2017

Civic Massachusetts Northeast

Callahan Construction Managers Completes 108,000 SF Facility for Cambridge College’s Relocation

by Amy Works November 21, 2017

CHARLESTOWN, MASS. — Callahan Construction Managers has completed the construction of Cambridge College’s campus relocation project. Located in Hood Business Park in Charlestown, the project comprises a 108,000-square-foot tenant fit-out with modern classrooms, laboratories, meeting rooms, offices, administrative areas, studies and lounges. Designed by Wilson Architects, the facility features state-of-the-art audio/visual communications and teaching technologies, as well as ancillary support spaces for the college.

November 21, 2017

Massachusetts Multifamily Northeast

CBRE/NE Arranges $22.5M Sale of Apartment Building in Haverhill, Massachusetts

by Amy Works November 21, 2017

HAVERHILL, MASS. — CBRE/New England has brokered the sale of The Bixby, an apartment property located in Haverhill. A partnership between an affiliate of Boston Andes Capital and William Braucher sold the property to Blackfin Real Estate Investors in a joint venture with True North Management Group for $22.5 million. The 12-story apartment building features 128 units in a mix of studio, one- and two-bedroom layouts. Community amenities include a resident lounge with entertainment kitchen, smart televisions, a pool and shuffle board tables, an outdoor riverfront deck, a game room, a fitness center and a landscaped courtyard. Between 2016 and 2017, Boston Andes Capital implemented $4 million in capital improvements at the property. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the deal.

November 21, 2017

Loans Massachusetts Multifamily Northeast

KeyBank Provides $82M in FHA Financing for Massachusetts Multifamily Portfolio

by Amy Works November 21, 2017

HOLBROOK, DORCHESTER AND WEYMOUTH, MASS. — KeyBank Real Estate Capital has provided $82 million in 223(f) FHA financing to the Corcoran, Mullins and Jennison group for the refinancing of a five-property mixed-income and age-restricted housing portfolio in Massachusetts. The properties are Savin Hills Apartments, an age-restricted, affordable housing asset with a project-based Housing Assistance Payments contract in Dorchester; Ramblewood in Holbrook; and a property in Weymouth. Together the properties total 574 units. Dirk Falardeau, Todd Goulet and Matthew Purcell of KeyBank’s Income Property and Commercial Mortgage Groups originated the loan for the sponsors, Corcoran, Mullins and Jennison Inc. and Corcoran Jennison Co.

November 21, 2017

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