Massachusetts

Citizens Commercial Banking Provides $70M Construction Loan for Marriott Moxy Hotel in Boston

by Haisten Willis March 13, 2017

BOSTON — Citizens Commercial Banking has provided a $70 million loan to TS Lodging LLC / Norwich Partners to partially finance the construction of a 340-room Marriott Moxy Hotel on the corner of Stuart and Tremont streets in downtown Boston. Citizens is the lead debt arranger of the four-bank group. Construction has begun on the property, which is slated for delivery in the fourth quarter of 2018. Norwich Partners has developed more than two dozen chain-affiliated hotels across New England and Florida. Boston’s Marriott Moxy Hotel will span 142,400 square feet across 25 stories with an illuminated rooftop lounge, 24-hour café, coffee bar, restaurant and lounge. The second and third floors will include common areas, with a fitness center on the third floor.

March 13, 2017

Massachusetts Multifamily Northeast

Chevron Partners to Redevelop Boston Property into Multifamily Residence

by Haisten Willis March 13, 2017

BOSTON — Chevron Partners, a privately-held real estate firm, has acquired 260-262 Commonwealth Ave. in Boston from Commonwealth Realty Trust for $14 million. The 1880-built brownstone will be redeveloped into five apartments, which will be known as Maison Commonwealth. The property, currently a dorm for Bay State College students, includes on-site parking for each residence and is a joint venture between developers Fulton and Marcel Safar. Chevron Partners’ first residential property, Maison Vernon, is located at 41 Mount Vernon St. in Beacon Hill. The renovation is scheduled for completion in late spring 2019.

March 13, 2017

Hospitality Massachusetts Mixed-Use Multifamily Northeast Office Retail

Cottonwood Management Opens Boston Office, Commences Pre-Construction on Mixed-Use Development

by Haisten Willis March 9, 2017

BOSTON — Cottonwood Management Group is opening a new Boston regional office at 101 Seaport Blvd. in the city’s Seaport district. The California-based asset management and development company has also commenced pre-construction on its Seaport Square Parcel M1M2 development, which is located next door. The M1M2 project consists of 1 million square feet of mixed-use development over 3.5 acres in Seaport Square. The residential component includes 730-plus units in two condominium towers and one luxury rental tower. In addition to the residences, the project includes 125,000 square feet of two-story retail and restaurants centered around a vibrant public courtyard. Construction is scheduled to span three years with phased completion dates in late 2019 to early 2020. In addition to serving as its regional office, part of Cottonwood’s Seaport Boulevard space will be used as the sales center for the project’s residential component. The company is preparing for an official groundbreaking for the project in May.

March 9, 2017

Massachusetts Northeast Office

Colliers Arranges 33,000 SF Lease for CuraHealth Hospital in Stoughton, Mass.

by Haisten Willis March 8, 2017

STOUGHTON, MASS. — Colliers International – Boston, the exclusive agent for CuraHealth Hospital at 909 Sumner St. in Stoughton, has arranged a 26,000-square-foot lease with Bay Cove Human Services, headquartered on Canal Street in Boston. Bay Cove will immediately occupy the space and will relocate its addiction services program, which was previously located on Boston’s Long Island. The program was uprooted in 2014 when the bridge connecting to Boston collapsed. David Ellis of Conway Commercial represented the tenant. The campus consists of a medical office building and a hospital building, connected by a recently renovated lobby. In addition to a full-service cafeteria, the building boasts a new HVAC system, piped oxygen, medical gas, steam sterilization and emergency generators.

March 8, 2017

Industrial Loans Massachusetts Northeast

Transwestern Arranges $28M in Refinancing for Five-Building Industrial Park in Boston

by Amy Works March 2, 2017

BOSTON — Transwestern has arranged $28 million in refinancing for Boston | Dedham Commerce Park, a five-building industrial park located at 63, 65, 67, 75-101 and 91 Sprague St. in Boston. Chris Skeffington and Andrew Stone of Transwestern arranged the financing through East Boston Savings Bank for the borrower, First Highland Management and Development Corp. The 654,050-square-foot park was 82 percent leased to more than 30 tenants, including RR Donnelly, Dancing Deer Baking Co. and Sky Zone Boston, at the time of financing.

March 2, 2017

Massachusetts Northeast Retail

Horvath & Tremblay Facilitates $9M Sale of Retail Property in Brockton, Massachusetts

by Amy Works March 1, 2017

BROCKTON, MASS. — Horvath & Tremblay has brokered the sale of a retail property located at 1267 Main St. in Brockton. An undisclosed buyer acquired the property for $9 million. CVS/pharmacy will occupy the newly constructed 12,900-square-foot building under a 25-year triple-net lease with five five-year extension options. Bob Horvath and Todd Tremblay of Horvath & Tremblay represented the undisclosed seller and procured the buyer in the deal.

March 1, 2017

Massachusetts Northeast Retail

Linear Retail Acquires Retail Property in Medford, Massachusetts, for $4.7M

by Amy Works February 23, 2017

MEDFORD, MASS. — Linear Retail has purchased a retail property, located at 85 High St. in Medford, from Case Real Estate Capital for $4.7 million. CVS/pharmacy occupies the 15,700-square-foot property, which was built in 1996. Geoffrey Millerd, Justin Smith, Paul Penman and Matthew Waisnor of NGKF Capital Markets represented the seller in the deal.

February 23, 2017

Industrial Massachusetts Northeast

The RAM Cos. Acquires Two Industrial Properties in Suburban Boston for $10.1M

by Amy Works February 22, 2017

BILLERICA AND MARLBOROUGH, MASS. — The RAM Cos. has acquired two industrial and flex buildings, located at 35 Dunham Road in Billerica and 734 Forest St. in Marlborough, for $10.1 million. The Billerica property offers 65,912 square feet of space and is located within Middlesex Corporate Park. Tark Inc., SciSafe and Microchips Biotech are tenants at the property. Situated within Cedar Hill Business Park, the Marlborough property features 54,884 square feet of industrial space. At the time of sale, the property was fully leased to a variety of tenants, including CeQur Corp., Sunrun, Chroma Systems Solutions and Commonwealth Financial Network. The name of the seller was not released.

February 22, 2017

Hospitality Massachusetts Northeast

HFF Negotiates Sale of 351-Room Courtyard Boston Logan Airport

by Amy Works February 21, 2017

BOSTON — Affiliates of Rockwood Capital have completed the disposition of Courtyard Boston Logan Airport, located at 225 William F. McClellan Highway in Boston. The 12-story hotel features 351 guest rooms, 2,257 square feet of function space, an indoor swimming pool, fitness room, business center, complimentary shuttle service and Brinkley’s Restaurant & Lounge. Daniel Peek, Denny Meikleham, KC Patel and Alan Suzuki of HFF represented the seller in the transaction. The name of the buyer and acquisition price were not released.

February 21, 2017

Industrial Massachusetts Northeast

Calare Properties Secures Full Ownership of 552,000 SF Industrial Property in Chicopee, Massachusetts

by Amy Works February 15, 2017

CHICOPEE, MASS. — Calare Properties has acquired full ownership of a two-building industrial property located at 425 Meadow St. in Chicopee. Calare secured full ownership of the asset through a recapitalization. Calare has managed and owned the property with a joint venture majority partner since 2014. Situated on 47 acres, the 552,000-square-foot asset comprises a 402,000-square-foot manufacturing facility and a 150,000-square-foot high-bay warehouse. Along with the acquisition, Calare has finalized two leases at the property. Callaway Golf Co. has signed a 10-year lease extension for the manufacturing facility through 2028, and Granite City Electric signed a long-term lease for 80,000 square feet of the warehouse space.

February 15, 2017

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