WORCESTER, MASS. — Worcester-based Kelleher & Sadowsky has arranged the sale of a building, located at 695-701 Main St. in Worcester. The Church of Ebenezer acquired the 41,050-square-foot building for an undisclosed price. The building was a former People in Peril (PIP) Shelter. David Cohen and Paul Matt of Kelleher & Sadowsky brokered the deal.
WESTBOROUGH, MASS. — CBRE/New England has arranged the sale of Westborough Office Park, a four-building Class A office park located in Westborough. Equus Capital Partners sold the property to Carruth Capital for $40.7 million. Situated on 46 acres, the 384,000-square-foot property comprises 1700, 1800, 1900 and 2000 W. Park Drive. At the time of sale, the property was 90 percent occupied. Dave Pergola and Brian Doherty of CBRE/NE represented the seller and procured the buyer in the deal.
NORTH READING, MASS. — Tritower Financial Group has completed the disposition of a technology headquarters facility located at 300 Riverpark Drive in North Reading. A partnership between Lincoln Property Co., Ibdar Bank and Ritz Banc Group purchased the facility for $45.1 million. Amazon utilizes the 228,921-square-foot facility as its robotics headquarters; it is the only facility in the world that designs, assembles and tests all proprietary fulfillment robotics used by all Amazon distribution facilities. Dave Pergola and Brian Doherty of CBRE/New England represented the seller and procured the buyer in the transaction.
BOSTON — Starwood Property Trust, a Connecticut-based lender, has provided $140 million in refinancing for the Aloft Hotel and the Element Hotel, two hospitality properties totaling 510 rooms in Boston’s Seaport District. Starwood provided the funds on behalf of the borrower, a venture between a fund managed by an affiliate of Los Angeles-based Ares Management and Boston-based CV Properties LLC. HFF arranged the financing. The 13-story Aloft Hotel offers 330 rooms, as well as amenities such as a pool, fitness center, gourmet eatery and 12,000 square feet of meeting space. The six-story Element Hotel features 180 rooms with kitchens and flexible workspaces, as well as a pool, fitness center, meeting space and a bike-sharing program. Both hotels are situated adjacent to the Boston Convention and Exhibition Center (BCEC). Anthony Cutone and Matthew Enright of HFF, which secured construction financing for both properties in 2014, led the debt placement effort. “The hotels opened for business in early 2016 and have enjoyed a strong reception due in part to the phenomenal growth of the Seaport area, the quality of the development and the strong demand generated from the BCEC,” said Cutone. HFF’s stock price closed at $43.13 per share on Friday, Oct. …
CHARLESTOWN, MASS. — Hood Park LLC has broken ground for 480 Rutherford Avenue, a multifamily project located in Charlestown, a suburb of Boston. The development is the first residential project at Hood Park, a 20-acre development permitted for more than 1.1 million square feet located at the former H.P. Hood Plant. The 177-unit multifamily development will feature a mix of studio, one- and two-bedroom units, including 23 affordable units. On-site amenities will include garage parking, bike storage, a resident lounge, a community kitchen, fitness/yoga studio, dog amenities, an outdoor courtyard with city views, 24/7 security and 10,500 square feet of retail amenity space. The project team includes Lee Kennedy Co. as construction manager, CBT as architect, Colliers International as project manager and Bozzuto Management Co. as management and leasing representative. Over the course of the next two years, the project will create approximately 250 construction jobs and another 40 permanent jobs once open. The entire development of Hood Park is scheduled for completion in late 2019.
PLYMOUTH, MASS., AND HUDSON, N.Y. — Walker & Dunlop has closed $29.4 million in financing for Copper Cove Valley and The Falls, two unaffiliated multifamily projects located in Plymouth and Hudson, respectively. The two loans were closed by Walker & Dunlop Commercial Property Funding. The company refinanced the existing construction loans in addition to 100 percent of the remaining construction costs needed to complete the projects. Copper Cove Village and The Falls each have less than 80 percent of construction completed and needed rescue capital to finish the projects. Geoff Smith, Kimberly Riordan and Randy Efron of Walker & Dunlop arranged the financing for the undisclosed borrowers. Upon completion, Copper Cove Village will feature 42 apartments in a mix of one- and two-bedroom layouts, and The Falls will offer 116 apartments in a mix of one-, two- and three-bedroom units.
DOVER, MASS. — Marcus & Millichap has brokered the sale of Dover Market Plaza, a retail property located at 14-16 Springdale Ave. in Dover. An undisclosed buyer acquired the property from a limited liability company for $3.9 million. Tenants at the 10,000-square-foot property include a liquor store, banking services and the Dover Market, a boutique supermarket and deli. Laurie Ann Drinkwater, Seth Richard, Andrew Gilbert and Casey Valente of Marcus & Millichap represented the seller in the transaction.
ANDOVER, MASS. — Capitol Seniors Housing is developing Stonehill of Andover, an assisted living and memory care seniors housing community in Andover. Located at 141 Elm St., the $36.5 million community will feature 96 units. Operated by The Northbridge Cos., the 81,500-square-foot community will feature a bistro, activity room, fitness room, theater, salon and courtyard. Construction will begin on the property later this month, with an opening scheduled for the fourth quarter of 2018.
BURLINGTON, MASS. — Spear Street Capital has purchased The Center at Corporate Drive, a four-building office campus located at 10, 25, 30 and 35 Corporate Drive in Burlington. The Davis Companies, in a joint venture with Principal Real Estate Investors, sold the 487,000-square-foot campus for an undisclosed price. At the time of sale, the property was 94 percent leased. The sellers originally purchased the property in September and implemented a $8 million capital improvement plan at the property. Along with architectural firm CBT, the joint venture renovated the park into a Class A office campus featuring a state-of-the-arts amenities hub and extensive outdoor green space and patio area. On-site amenities include a 7,850-square-foot cafeteria with flexible conference space; a 2,100-square-foot fitness center with yoga room, new showers and locker facilities; and a 4,500-square-foot outdoor patio with green space and numerous collaboration areas with Wi-Fi connectivity.
HULL, MASS. — CBRE/New England’s Capital Markets team has arranged the sale of The Estates, an apartment community located in Hull. Invesco Real Estate purchased the 162-unit property from Barings Real Estate Advisers, part of Barings LLC, acting on behalf of an institutional investor, for an undisclosed price. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the transaction. Built in 2000, the property comprises 20 two- and three-story direct-access buildings, as well as a freestanding clubhouse and separate fitness center and outdoor pool. The community features 32 one-bedroom units, 34 two-bedroom lofts, eight two-bedroom/one-bath units, 40 two-bedroom units and 48 two-bedroom lofts with an average size of 1,116 square feet.
