NEW YORK CITY — New York City-based REIT Gramercy Property Trust (GPT) has entered into an agreement with a private real estate development and investment company to acquire a nine-property, 2 million-square-foot portfolio of Class A industrial buildings for $331 million. The portfolio is 100 percent leased with a weighted average remaining lease term of 10.4 years. The properties are located in Atlanta; Boston; Charlotte, North Carolina; Chicago; the Inland Empire; Minneapolis; Reno, Nevada; and Spartanburg, South Carolina. More than 80 percent of the NOI for the portfolio is concentrated in four markets (Atlanta, Boston, Chicago and the Inland Empire) and nearly 90 percent of the rent from the portfolio comes from a single tenant. At closing, which is expected to occur by the end of third quarter 2017, GPT will assume $137 million of in-place debt, and will issue $133 million in operating partnership units (OP units) to fund the acquisition. The OP unit price will be based on a 30-day volume-weighted average price as of August 29, 2017, or $29.56 per share. The company is acquiring the portfolio at a 6.3 percent cash capitalization rate. Including this nine-property industrial portfolio, as well as other recently announced transactions under …
WEST YARMOUTH, MASS. — Maplewood Senior Living recently hosted the grand opening for Mill Hill Residence, a Maplewood At Mayflower Place Community. The property offers 75 units of assisted living and memory care in the Cape Cod town of West Yarmouth. The two-story community is located on the former site of the Mill Hill Club. Mill Hill Residence is part of the Maplewood at Mayflower campus, a full-service continuing care retirement community. The architect on the project was Stein Troost Architecture. Maplewood partnered with Perkins Eastman on the interior design, and NEI General Contracting served as the construction partner.
NORTH ANDOVER, MASS. — KeyBank Real Estate Capital has secured a $36.2 million Freddie Mac, fixed-rate loan for Berry Farms, located in North Andover. The Class A, 196-unit multifamily property was completed in early 2016 and is expected to be fully stabilized by September 2017. Dirk Falardeau of Key’s Commercial Mortgage Group arranged the financing with an 11-year term, five-year interest only period and 30-year amortization schedule. The loan was used to refinance existing debt.
BOSTON — G-Tek Labs has leased 30,000 square feet at 28 Damrell Street in South Boston. The company provides hardware workspace, creating an environment that supports development, manufacturing and scaling of electronic devices. The shared workspace will provide access to design software and state-of-the-art equipment, such as 3D printers and pick and place machines. G-Tek Labs, backed by Taiwan-based Gigatek, has begun construction on its two-story space with plans to launch Phase 1 in September. Colliers International’s Ryan Healy and Mike Shakespeare represented G-Tek in their search for space. Attorneys Ku Yoo of Chang & Yoo LLP and James Heffernan of Rich May, PC represented G-Tek Labs in negotiating the lease and other corporate matters. Scott Gredler with Cushman & Wakefield represented the landlord, Damrell Properties, in the transaction.
BOSTON — Canada-based Kids & Co. is continuing its U.S. expansion into the New England market with a 20,000-square-foot childcare center at 451 D Street in Boston. The building is owned in a joint venture led by Meritage Properties and CV Properties. CBRE/New England is the leasing agent for 451 D Street. The center will offer education and care to more than 200 children, providing full-time, part-time and emergency backup care for children from the ages of six weeks to six years. Kids & Company offers guaranteed placement to 451 D employees, no late fees, password protected web cams and proprietary educational programs, including music, Spanish, on-site special needs coaching, and sign language. The center also provides children with snacks and meals fresh-from-scratch, and free of chemicals, additives and preservatives. Kids & Company was launched in 2002 in Toronto, Canada, by Victoria Sopik, a mother of eight, and Jennifer Nashmi, a mother of three.
NANTUCKET, MASS. — Strategic Storage Growth Trust (SSGT), a public non-traded REIT sponsored by SmartStop Asset Management, has purchased an 840-unit self-storage facility in Nantucket. Located at 6 Sun Island Road, the 93,000-square-foot facility was constructed in 2002 on 1.7 acres of land. The property was approximately 91 percent occupied at the time of acquisition. The property includes 17 climate-controlled wine storage units that serve the Nantucket Wine & Food Festival. The SSGT portfolio currently consists of 21 operating self-storage facilities located in 10 states comprising approximately 13,700 self-storage units and approximately 1.6 million net rentable square feet of storage space.
BOSTON — Ashkenazy Acquisition Corp. (AAC) has purchased South Station, a Boston transportation hub known as “the gateway to New England,” for an undisclosed sum. AAC will assume the 98-year leasehold for the transit station’s concourse and upstairs office space. The South Station Train Terminal is part of the Michael S. Dukakis South Station Transportation Center, Boston’s busiest transit hub. Opened in 1898, the historic train terminal now serves thousands of commuters, travelers, shoppers and diners daily. Amtrak, MBTA (Massachusetts Bay Transportation Authority) rapid transit and MBTA commuter rail all serve the station. Regional coach services are available in the adjacent South Station Bus Terminal Building. The building is recognizable due to its exterior clock and neo-classical revival architecture. South Station also contains more than 59,000 square feet of retail space, including quick-service food options like McDonald’s, Auntie Anne’s, Au Bon Pain, Dunkin’ Donuts, Starbucks and Pret, among others. These options join other retailers at South Station, including CVS/pharmacy, Barbara’s Bookstores, Bank of America and Citizens Bank. AAC has also operated Boston’s famed Faneuil Hall Marketplace for the past six years. That property is currently undergoing a renovation that will upgrade its design and appearance. “It is fitting that AAC …
SOUTH DARTMOUTH, MASS. — Claremont Cos. has received $17.6 million in affordable housing financing from MassHousing for the refinancing of Solemar at South Dartmouth. The refinancing of the mixed-income seniors housing community preserves the affordability of the property’s 100 affordable units through 2034. Claremont Cos. refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corp. Built in 1977, Solemar at South Dartmouth features 200 mixed-income rental units across 25 buildings. Fifty of the affordable units are rented to residents earning at or below 50 percent of the area median income (AMI), and 50 are rented to residents earning at or below 80 percent of AMI. The remaining 100 units are rented at market rate.
BOSTON — Lena New Boston, a partnership between New Boston Fund and Lena Park Community Development Corp., is continuing its $200 million redevelopment of the former Boston State Hospital site with 41 additional two- and three-bedroom units of mixed-income townhomes at Olmstead Green, the first workforce housing/homeowners project in Boston funded by MassHousing’s Opportunity Fund, the Department of Neighborhood Development and the Neighborhood Housing Trust. The project’s overall master plan calls for 514 mixed-income rental and homeownership units. To date, Lena New Boston has completed 210 units of affordable housing and 19 units of homeownership townhouse at Olmstead Green. The first units in the latest phase will be delivered next month with the remaining units delivered in phases through April 2018. Eleven of the units will be priced at $210,000 for first-time homebuyers making at or below 80 percent of the area median income (AMI) and 11 of the units will be priced at $267,500 for first-time homebuyers making at or below 100 percent of AMI. The remaining 19 units will be sold at market rate, ranging between $320,000 to $360,000. Financing for the current phase, including an $8.3 million loan from a bank consortium of Eastern Bank and Boston Private …
ACTON, MASS. — Atlantic Management has completed the disposition of Powder Mill Plaza, a retail property located in Acton. Medipower acquired the shopping center for $16.3 million. Stop & Shop, Rite Aid, Anytime Fitness, DCU, Papa Gino’s and Dunkin’ Donuts, among other national retailers, occupy the 74,876-square-foot property. Geoffrey Millerd, Justin Smith, Paul Penman and Christopher Peterson of Newmark Knight Frank represented the seller in the deal.