Massachusetts

New England Retail Properties Brokers 22,140 Lease to Planet Fitness in Springfield, Mass.

by Haisten Willis March 27, 2017

SPRINGFIELD, MASS. — New England Retail Properties has brokered a 22,140-square-foot retail lease to Planet Fitness at the corner of Parker Street and Boston Road in Springfield. Matthew Halprin of New England Retail Properties was the only real estate broker involved in the transaction. T & R Fitness, the western Massachusetts Planet Fitness franchisee, now operates nine full-service facilities in the region. The property was previously a Circuit City electronics store that closed several years ago. Basser Kaufman 312 LLC is the landlord.

March 27, 2017

Massachusetts Northeast Office Top Stories

LaSalle Acquires 10 Post Office Square in Downtown Boston for $188M

by Kristin Harlow March 27, 2017

BOSTON — LaSalle Investment Management has acquired an interest in 10 Post Office Square in Boston’s CBD. The purchase price was $188 million, according to the Boston Business Journal. LaSalle acquired the 450,000-square-foot office building in a joint venture with Synergy Investments and on behalf of its U.S. value-add fund, LaSalle Income & Growth Fund VII. Synergy will continue to act as the operating partner. Known as 10 PO, the 14-story building is located at the corner of Milk and Pearl streets in Boston’s Financial District. The property features two interconnected towers. The office building is home to 36 tenants, with an average remaining lease term of six years. LaSalle plans to reposition the asset through strategic capital investment, including upgraded building systems, new tenant amenities, renovated common areas and the addition of a ground-level restaurant. Newmark Grubb Knight Frank provided brokerage services on behalf of LaSalle, Synergy and the undisclosed seller. Chicago-based LaSalle maintains approximately $60 billion of private and public equity and private debt investments under management across all of its operating subsidiaries. Fund VII seeks to acquire under managed, undercapitalized or mispriced assets to be repositioned as core assets. —Kristin Hiller

March 27, 2017

Healthcare Massachusetts Northeast

Tryko Partners Acquires Spaulding Nursing and Therapy Center in Boston

by Haisten Willis March 23, 2017

BOSTON — Tryko Partners has acquired the Spaulding Nursing and Therapy Center in Boston. Under the guidance of Marquis Health Services, Tryko’s healthcare affiliate, a $4 million renovation program will launch immediately. Tryko purchased the 100-bed skilled nursing facility from Spaulding Rehabilitation Network. Spaulding will continue to manage the property through late 2017, at which time operation will transition to Marquis Health Services. Located at 70 Fulton Street, Spaulding Nursing and Therapy Center has been in operation since 1983. M&T Bank provided acquisition financing.

March 23, 2017

Market Reports Massachusetts Northeast Northeast Market Reports Office

Boston Office Market Continues Its Run of Positive Returns

by Camren Skelton March 22, 2017

Greater Boston’s office market is continuing a very strong streak, closing 2016 and the fourth quarter on a good note. The year saw 1.4 million square feet positively absorbed with 789,000 square feet absorbed in the fourth quarter. The current vacancy rate is 12.7 percent, slightly lower than the market average over the last five years of 13.6 percent. Average Class A asking rents are $43.12 per square foot, which has appreciated 9.1 percent in the last three years. Neither the quarter nor the year are aberrations. The market is on an extended run of positive returns. Office space in the Greater Boston market has now seen positive absorption in 14 of the last 15 quarters, accumulating 12 million square feet positively absorbed over that period. The Boston CBD contributed 59,000 square feet of positive absorption in the fourth quarter, decreasing the vacancy rate 0.1 percentage points to 9.6 percent. The most absorption of the CBD submarkets occurred in the Financial District, which saw 69,000 square feet positively absorbed. Average Class A asking rents are currently $55.09 per square foot in the CBD, led by Back Bay, which has an average asking rate of $62.51 per square foot. Across the …

March 22, 2017

Hospitality Massachusetts Northeast

Homewood Suites by Hilton Opens in Metro Boston

by Haisten Willis March 20, 2017

CHELSEA, MASS. — Homewood Suites by Hilton Boston Logan Airport Chelsea is now open at 145 Beech St. in Chelsea. XSS Hotels owns the 152-suite property, and Colwen Hotels is the manager. Homewood Suites by Hilton Boston Logan Airport Chelsea offers studio and one-bedroom suites with kitchens and separate living and sleeping areas. Amenities include complimentary breakfast, an evening social Monday through Thursday, Wi-Fi, an indoor heated pool and fitness center. The property offers 2,200 square feet of flexible meeting space that can accommodate more than 200 guests.

March 20, 2017

Loans Massachusetts Northeast Office Retail

Fantini & Gorga Secures $13M Financing for Buildings in Downtown Boston

by Haisten Willis March 20, 2017

BOSTON — Boston-based Fantini & Gorga has arranged $13 million to refinance three properties — located at 20 Winthrop Square, 85 Franklin St. and 77 Franklin St. — in Boston’s financial district. Wayne Clough and Despina Hixon of Fantini & Gorga arranged financing with one of the firm’s correspondent insurance companies. The three buildings are conjoined and collectively include 98,350 square feet of office and retail space. A.W. Perry has owned and managed the properties for several decades.

March 20, 2017

Loans Massachusetts Multifamily Northeast

Eastern Consolidated Arranges $26.4M Loan for Multifamily Property in Brooklyn

by Haisten Willis March 20, 2017

NEW YORK CITY — Eastern Consolidated has arranged a $26.4 million bridge loan from G4 Capital that will fund the recapitalization of a ground lease at 285 Schermerhorn St. in Brooklyn. Jonathan Aghravi and Charles Han of Eastern Consolidated represented the borrower, 285 Schermerhorn LLC, which plans to redevelop the site from its current seven-story structure to a 116,433-square-foot, 14-story residential building with 132 condominiums and 3,400 square feet of ground-floor retail space. Brooklyn Community Services owns the property and will maintain its headquarters in the building during and after the construction phase.

March 20, 2017

Industrial Massachusetts Northeast Office

Stubblebine/CORFAC, Atlantic Commercial Arrange $3.6M Sale Office/Warehouse in Massachusetts

by Haisten Willis March 17, 2017

NORTH ATTLEBORO, MASS. — Stubblebine Co./CORFAC International and Atlantic Commercial Real Estate LLC have arranged the sale of 20 Alice Agnew Dr. in North Attleboro for $3.6M. HTI Medical purchased the property, a 44,450-square-foot office/warehouse building. David Stubblebine, James Stubblebine and Rob Stave of Stubblebine Co., represented the seller, Mercury Trading International, and Mark Kearins of Atlantic Commercial Real Estate LLC represented the buyer. 20 Alice Agnew Drive is the former home of Mercury Trading International and is located in the North Attleboro Industrial Park. HTI Medical was established in 1997 as a provider of clinical laboratory and ultrasound equipment.

March 17, 2017

Massachusetts Northeast Office

Skanska USA Tops Out 121 Seaport Office Tower in Boston

by Haisten Willis March 15, 2017

BOSTON — Skanska USA has topped out 121 Seaport, a 17-story, 400,000-square-foot office building under construction in Boston. The construction milestone marks the completion of the building’s steel frame. Designed by CBT Architects, 121 Seaport is scheduled for completion in the first quarter of 2018. The property is located in Boston’s Seaport district across from District Hall and Seaport Square Green. Its three-story lobby will face Boston Harbor and open onto Harbor Way, a 70-foot-wide pedestrian street. A team of nearly 200 construction workers has put more than 35,000 hours into the project to date.

March 15, 2017

Massachusetts Northeast Retail

Kelleher & Sadowsky Brokers $5.5M Sale of Retail Property in Worcester, Mass.

by Haisten Willis March 15, 2017

WORCESTER, MASS. — David Cohen and Jim Cozza and Kelleher & Sadowsky Associates have brokered the $5.5 million sale of 225 Shrewsbury St. in Worcester. The 33,000-square-foot retail space is located on 2.4 acres. The property currently includes four current tenants and will be expanded this year.

March 15, 2017

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