Massachusetts

Boylston Properties, The Wilder Cos. Receive Approval for Mixed-Use Development in Watertown, Massachusetts

by Amy Works January 16, 2017

WATERTOWN, MASS. — The Watertown Planning Board unanimously approved the development of Arsenal Yards, a mixed-use project at the former Arsenal Mall in Watertown. Developers Boylston Properties and The Wilder Cos. plan to add a mixed-use project featuring 350,000 square feet of retail and entertainment space and 500 residences to the existing 100,000 square feet of office space. Construction is slated to begin in six to eight months. The project will feature chef-driven restaurants, a specialty grocery, a wine superstore, a cinema, market-rate and affordable apartments, and a combination of boutiques and national retailers.

January 16, 2017

Massachusetts Northeast Office Top Stories

Mori Trust Acquires 10 St. James and 75 Arlington Office Buildings in Boston for $673M

by Katie Sloan January 12, 2017

BOSTON — Tokyo-based Mori Trust Co. Ltd. has acquired 10 St. James and 75 Arlington, a two-building office property totaling 824,772 square feet in Boston’s Back Bay neighborhood, for $673 million. The LEED Silver-certified portfolio features an enclosed-glass galleria joining the lobbies of both buildings, on-site dining and a 400-space underground parking garage. The property was acquired from Liberty Mutual Insurance, and is home to the company’s Boston headquarters. Liberty Mutual has already moved many of its workers from the two connected buildings to a $300 million tower built at 157 Berkeley St. in 2013, according to reports by The Boston Globe. The company plans to continue to lease space at 10 St. James and 75 Arlington. Robert Griffin, Edward Maher, Matthew Pullen, Alex Foshay, William Anderson and David Martel of NGKF Capital Markets represented the seller in the transaction. John Butterworth, Tim Howe and Andrea DeSimone of CBRE’s New England office are in charge of leasing for the property. An agreement to continue their services has yet to be announced. Mori Trust Co. established its U.S. subsidiary, Mori America LLC, in November 2016. This acquisition is Mori Trust’s first in the United States. Mori Trust is a developer, owner and manager …

January 12, 2017

Industrial Loans Massachusetts Northeast Office

Colliers Closes $19.7M in Financing for Manufacturing, Office Property in Lowell, Massachusetts

by Amy Works January 11, 2017

LOWELL, MASS. — Colliers International Boston has arranged $19.7 million in financing for Calare Properties’ acquisition of MACOM Technology Solutions Inc.’s 150,000-square-foot headquarters, located in Lowell. The seller, MACOM Technology Solutions, has leased back the property for a 20-year term. Proceeds of the financing will be used to purchase the manufacturing facility at 100-144 Chelmsford St., as well as construct a connected 58,000-square-foot office addition to serve MACOM’s expanded headquarters. The financing consists of a first mortgage acquisition and construction loan from Boston Private Bank and Rockland Trust as well as subordinate debt from a community loan fund. Tom Welch, Adam Coppola and John Poole of Colliers secured the financing.

January 11, 2017

Massachusetts Northeast Retail

Joint Venture Acquires 7,000 SF Retail Property in Boston for $13.1M

by Amy Works January 11, 2017

BOSTON — UMNV 346 Newbury LLC, a joint venture between UrbanMeritage and Novaya Real Estate Ventures, has purchased a retail property located at 346 Newbury in Boston. Studio Realty Trust sold the property for $13.1 million. Patagonia occupies the two-story 7,000-square-foot property. Michael Carucci of Gibson Sotheby’s International Realty represented the seller and identified the buyer in the deal.

January 11, 2017

Massachusetts Northeast Office

Normandy Real Estate Partners Sells Office Building in Concord, Massachusetts, for $63.5M

by Amy Works January 10, 2017

CONCORD, MASS. — Normandy Real Estate Partners has completed the sale of 300 Baker Avenue, an office building located in Concord. Novaya Real Estate Ventures acquired the property for $63.5 million. The 413,415-square-foot office building recently underwent significant renovations, including an updated lobby, common area, amenity and building system upgrades. Amenities at the building include a full-service cafeteria, fitness center, conference center and basketball and volleyball courts. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of NGKF Capital Markets represented the seller in the deal. Additionally, David Douvadjian and Brian Butler of Newmark Grubb Knight Frank arranged acquisition financing for the buyer.

January 10, 2017

Loans Massachusetts Multifamily Northeast

CBRE/NE Secures $31.5M Acquisition Loan for 404-Unit Apartment Community in Massachusetts

by Amy Works January 3, 2017

FALL RIVER, MASS. — CBRE/New England has secured a $31.5 million Fannie Mae loan to finance the acquisition of South Winds Apartments, a 404-unit residential community located in Fall River. Boston-based Taurus Investment Holdings acquired the property for $39.3 million, or $97,400 per unit. Built in 1971, the property comprises 26 buildings featuring a total of 146 one-bedroom, 218 two-bedroom and 40 three-bedroom units. John Kelly and Matt Marshall of CBRE/NE secured financing for the buyer.

January 3, 2017

Massachusetts Multifamily Northeast

Gerding Edlen Acquires 280-Unit Apartment Community in Quincy, Massachusetts, for $89.5M

by Amy Works December 23, 2016

QUINCY, MASS. — An affiliate of Portland, Ore.-based Gerding Edlen has acquired Neponset Landing, a high-rise apartment community located in Quincy. Northwestern Mutual Real Estate sold the 280-unit property for $89.5 million. Built in 2007, the 12-story property features 100 one-bedroom units, 42 one-bedroom with den units, 119 two-bedroom units and 19 two-bedroom with den apartments. Simon Butler and Biria St. John of CBRE/New England represented the seller and procured the buyer in the deal.

December 23, 2016

Loans Massachusetts Multifamily Northeast

EagleBridge Capital Arranges $3.3M in Financing for Apartment Complex in Randolph, Massachusetts

by Amy Works December 21, 2016

RANDOLPH, MASS. — EagleBridge Capital has arranged $3.3 million in permanent mortgage financing for an apartment complex located at 34-42 West St. in Randolph. Ted Sidel and Brian Sheehan of EagleBridge secured the financing, which includes a 10-year term and a 30-year amortization schedule, through Freddie Mac. The two-building complex features 32 apartments in a mix of 14 two-bedroom/one-bath units, 17 one-bedroom/one-bath units and one studio unit. At the time of financing, the property was 100 percent leased. The name of the borrower was not released.

December 21, 2016

Industrial Massachusetts Northeast

Related Beal Acquires 286,000 SF R&D Facility in Boston’s Seaport District

by Amy Works December 20, 2016

BOSTON — Related Beal through Related Real Estate Fund II has acquired a research and development facility located at 27 Drydock Ave. in Boston’s Seaport District for an undisclosed price. The building was purchased through the assumption of an existing long-term ground lease from Zoom Group LLC. At the time of sale, the 286,000-square-foot building was 84 percent occupied by healthcare, pharmaceutical and technology companies, including Dana Farber Cancer Institute, Ginkgo Bioworks, InviCRO, Emulate Inc. and 908 Devices.

December 20, 2016

Massachusetts Multifamily Northeast

Akelius US Buys 153 Apartments in Boston for $64.2M

by Amy Works December 20, 2016

BOSTON — An affiliate of Akelius US has purchased Carson Tower, a multifamily property in south Boston, from a joint venture between Fairfield Residential and an institutional partner for $64.2 million. Built in 1973, the property features 153 apartment units. With this acquisition, Akelius owns 11 properties in Boston and a total of 28 properties in the United States. The name of the seller was not released. Simon Butler and Biria St. John of CBRE/New England represented the seller and procured the buyer in the deal.

December 20, 2016

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