NORWOOD, MASS., EAST ISLIP, N.Y., AND GREENSBURG, PA. — Horvath & Tremblay has arranged the sales of three retail assets in Norwood, East Islip and Greensburg. The firm facilitated the $1.9 million sale of a leasehold interest of TD Bank in Norwood and the $1.5 million sale of a leasehold interest of a TD Bank in East Islip. Bob Horvath, Todd Tremblay and Peter Butler of Horvath & Tremblay represented the undisclosed seller and procured the undisclosed buyer. Additionally, Horvath & Tremblay arranged the $2.1 million sale of an Applebee’s restaurant located at the Westmoreland Mall in Greensburg. Mark Brockwell, Bob Horvath and Todd Tremblay represented the undisclosed seller in the deal.
NORTON, MASS. — KeyBank Real Estate Capital, on behalf of NorthBridge Partners LLC, has secured a $19 million CMBS first mortgage loan for the acquisition of a warehouse and distribution facility located in Norton. Built in 1999 and renovated in 2004, the 347,000-square-foot property is occupied by Autopart International Inc. John Christen of KeyBank’s Commercial Mortgage Group structured the non-recourse loan with a 10-year term, five-year interest-only payment period and a 30-year amortization schedule.
BOURNE, MASS. — Linear Retail Properties has leased 18,100 square feet to PetSmart at its Bourne Bridge Crossing, a shopping center located at 2 Bridge Approach St. in Bourne. Joel Kadis and Greg Drocz provided in-house representation for the landlord, Linear Retail Properties, while Andrew Bonica of Eastern Retail and Brian Goodwin of Metro Commercial Real Estate represented the tenant in the deal. Additionally, Eastern Mountain Sports is relocating inline to 4,103 square feet and Starbucks Coffee extended its lease at the shopping center. Kadis and Drocz represented Linear Retail, while Ken Green of RCS Real Estate Advisors represented the tenant in the relocation.
NORTH CHELMSFORD, MASS. — NorthMarq Capital has arranged $8 million in refinancing for Chelmsford Mills, an office property located at 51 Middlesex St. in Chelmsford. The loan features a 10-year term and a 25-year amortization schedule. The property features 208,698 square feet of office space. Ed Reikstins of NorthMarq secured the refinancing for the undisclosed borrower.
BOSTON — Capstone Development Partners and Provident Commonwealth Education Resources Inc. have closed on the financing for a $139 million student housing and dining community to be constructed on the University of Massachusetts Boston campus. The development will be the first on-campus student housing at the university. The two-building, 250,000-square-foot community is set to feature 1,077 beds targeted for primarily first-year students and an approximately 23,000-square-foot dining facility. The property will also include living-learning amenities such as seminar rooms, study lounges and other social and academic amenities to support student success and enhance the quality of campus life. Structured as a public-private partnership project, the development is being financed by tax-exempt revenue bonds issued by the Massachusetts Development Authority and underwritten by Citigroup. Provident Commonwealth Education Resources will own the housing and dining space, subject to a ground lease from the institution. UMass Boston and Capstone On-Campus Management will manage the housing. The design-build team for the project includes Elkus Manfredi Architects and Shawmut Design and Construction. Construction is slated to begin within the coming weeks, with completion scheduled for fall 2018.
MAYNARD, MASS. — Colliers International, on behalf of developer Capital Group Properties, has secured a grocery anchor for the planned 293,500-square-foot Maynard Crossing property in Maynard. Market 32 by Price Chopper has signed a lease for 68,000 square feet of space at the mixed-use project, which is slated to break ground in the second quarter of 2017 with completion scheduled for summer 2018. Upon completion, the project will feature two full-service and two fast-casual restaurants, a 20,000-square-foot health club, a community bank, hardware store, apparel stores, and medical care center, as well as 180 residential rental units and a 143-unit independent senior living facility. Colliers International Boston is the leasing team for the development.
R.W. Holmes Realty Facilitates $1.9M Sale of Office, Warehouse Property in Bellingham, Massachusetts
BELLINGHAM, MASS. — R.W. Holmes Realty has arranged the sale of an office and warehouse building located at 24 Williams Way in Bellingham. Gainsboro Brothers LLC sold the property to Matt Clark of TMC Holdings & Development for $1.9 million. Situated on three acres, the building features 34,700 square feet of office and warehouse space. The buyer plans to renovate the property and site for multi-tenant use. John Eysenback of R.W. Holmes represented the seller and buyer in the deal.
BOSTON AND CAMBRIDGE, MASS. — Investcorp has expanded its U.S. real estate portfolio with $250 million in acquisitions in Boston and Denver. The five investments include 20 buildings totaling 1.8 million square feet of office, industrial, flex and laboratory space. The company’s Boston acquisitions include the four-building Boston Metro Industrial, a 900,000-square-foot development in Boston that is 95 percent leased, and Blackstone Science Square, a 99 percent-leased, 76,038-square-foot office and laboratory property in Cambridge.
QUINCY, MASS. — Campanelli, in partnership with TriGate Capital, has sold Heritage One and Heritage Two, two office buildings located in Quincy. Foxrock Properties has purchased Heritage One, a 173,000-square-foot office building, while Grander Capital Partners has acquired Heritage Two, a 183,000-square-foot office building. State Street Corp. occupies more than 50 percent of Heritage One, while Heritage Two is 93 percent occupied by a variety of tenants, including Massachusetts Teachers Association, Healthcare Financial, G-Force Shipping, Pharmalogics Recruiting and Stran Promotional Services. Robert Griffin, Edward Maher, Matthew Pullen, Judy Ravech, Samantha Hallowell, Michael Frisoli and David Douvadjian of Newmark Grubb Knight Frank represented the seller in the deal. The acquisition prices were not disclosed.
ANDOVER, MASS. — Spear Street Capital has completed the disposition of an office building located at 400 Minuteman Road in Andover. Carter Validus Mission Critical REIT II acquired the property for $37 million. The 153,000-square-foot building is fully occupied by Time Warner Cable and The Weather Company. The building is part of the seven-building Minuteman Park, a 1 million-square-foot Class A office campus. Campus amenities include two full-service cafeterias, a coffee bar, two fitness centers and a game room/lounge. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and Torin Taylor of Newmark Grubb Knight Frank represented the seller in the deal.