WALTHAM, MASS. — Transwestern has arranged the sale of a three-building portfolio totaling 65,200 square feet of office, laboratory and research and development space in Waltham. Taurus Investment Holdings sold the portfolio to a joint venture between Parsada Ventures and KHS Management for $14 million. The buildings are located at 150 and 335 Bear Hill Road and 300 Second Ave. within the Bear Hill Business Park. Chris Skeffington and Roy Sandeman of Transwestern represented the seller and sourced the buyer in the transaction.
CAMBRIDGE, MASS. — CBRE/New England has arranged the sale of an office and retail building located at 1050 Massachusetts Ave. in Cambridge. Putnam Circle Associates sold the 62,474-square-foot property to L&B Realty Advisors for an undisclosed sum. The property is currently leased to several long-term office tenants, including Cambridge 7 Associates, the National Bureau of Economic Research and Northstar Project & Real Estate Services. Pyara Spa & Salon is currently the sole retail occupier in the first-floor retail space. Dave Pergola, Brian Doherty and Chuck Kavoogian of CBRE/NE represented the seller and procured the buyer in the transaction.
CAMBRIDGE, MASS. — Clarion Partners, on behalf of a commingled fund managed by the firm, has acquired a two-building office and life science complex, located at 245 First St. in Cambridge, for $311.2 million. Situated in the East Cambridge/Kendall Square submarket, the complex comprises a six-story, 134,175-square-foot life science facility and a nine-story, 170,714-square-foot office tower constructed above a parking garage. The two buildings are connected by a four-story glass atrium and on-site amenities include a common lobby with seating, an on-site café, structured parking, bike storage, lockers and a shower room. At the time of sale, the property was 96 percent leased to a variety of tenants focused on biotechnology and medical research. The name of the seller was not released.
BOSTON — Paradigm Properties and Alcion Ventures have completed the sale of 101 Tremont, an office and retail building in downtown Boston. GLL Real Estate Partners acquired the property for an undisclosed price. Robert Griffin, Edward Maher and Matthew Pullen of NGKF Capital Markets represented the seller in the transaction. The 11-story building recently underwent extensive base building and tenant area improvements that transformed the asset into a mixed-use property. At the time of sale, the property was 100 percent leased to three innovative healthcare firms and a variety of on-site retailers, including Beantown Pub, Hollywood Nails, Silvertone and Ziggy’s Coffee Bar.
SHREWSBURY, MASS. — CBRE/New England’s Capital Markets team has arranged the sale of Avalon Shrewsbury, a 251-unit garden-style apartment community located in Shrewsbury. Simon Butler and Biria St. John of CBRE/NE exclusively represented the seller, AvalonBay Communities Inc., and procured the buyer, Audubon Shrewsbury LLC, an affiliate of Boston-based Audubon Capital Partners. The Class A community, which was built in 2006, consists of eight three- and four-story garden-style buildings, one two-story garden-style building, five three-story townhouse buildings, two two-story townhouse buildings and one clubhouse building. The 251 units include one-, two- and three-bedroom homes as well as two-bedroom townhomes with an average apartment home size of 1,261 square feet. Community amenities include a freestanding community center, a business center, fitness center, indoor basketball court, while outdoor amenities include a resort-style heated outdoor swimming pool with sun deck, playground and grilling areas. Additionally, there are 36 attached garages with the townhomes and six detached garages.
REVERE, MASS. — CBRE/New England’s Debt & Structured Finance team has arranged $50 million in construction financing for Beach House, a 234-unit luxury apartment development located in Revere, for borrower Baystone Development. The project is located across from Revere Beach and will offer panoramic views of the Atlantic Ocean and Boston’s skyline. Units will feature open layout floor plans; amenities include a resort-style heated outdoor pool, roof deck with views of the Boston skyline, fitness center, resident club area with full kitchen and an entertainment package featuring a theater room. John Kelly, Kyle Juszczyszyn, Chris Coutts and Lenny Pierce of CBRE/NE arranged the loan with First Niagara Bank’s David Yesue and Doug MacLean.
WEST BOYLSTON, MASS. — The Stubblebine Company/CORFAC International has arranged a 163,000-square-foot lease at 70 Hartwell Street West Boylston for Curtis Industries, which produces tractors and mowers, as well as recreation and work vehicles. David and James Stubblebine, Al Ringuette, and Rob Stave of The Stubblebine Company represented landlord D & S Realty LLP in the transaction and procured the tenant. The transaction included an existing 53,000-square-foot building and an addition of 110,000 square feet of 24-foot clear high bay distribution space. The expansion will be completed in July 2017.
CANTON, MASS. — JLL’s Capital Markets team has completed the sale of the Arboretum Apartments in Canton. Universal Realty Inc. purchased the 156-unit value-add multifamily asset, which is located off Route 138, 11 miles south of downtown Boston. The property comprises 12 buildings and a resident clubhouse, and offers amenities such as an on-site dog park, an outdoor basketball court, a fitness center, a grilling area, a pool and a playground. In-unit amenities include private balconies, washer/dryer, central air conditioning, walk-in closets and kitchens with breakfast bars. Travis D’Amato, Michael Coyne, Kevin Gleason and Brendan Shields led the JLL team on the deal, representing the seller and procuring the buyer.
METHUEN, MASS. — Brick, N.J.-based private equity investment group Tryko Partners has acquired Methuen Health & Rehabilitation Center, which is being renamed Cedar View Rehabilitation and Healthcare Center. SMV Methuen LLC sold the property, which was built in 1960 and renovated in 1995. The property is licensed for 107 beds and currently operates 98 beds in 46 resident rooms. The 33,500-square-foot, single-story building sits on a seven-acre parcel at 480 Jackson Street in Methuen. It is the closest skilled nursing facility to Steward Health System’s Holy Family Hospital, a 345-bed short-term acute care hospital, and also near Lawrence General Hospital, a 189-bed short-term acute care hospital. Tryko affiliate Marquis Health Services will immediately launch a $2.5 million renovation to modernize the building and accommodate expanded programming. Steve Thomes and Jacob Gehl of Blueprint Healthcare Real Estate Advisors served as brokers in the sale. Chicago-based Private Bank provided acquisition financing.
BOSTON — J.C. Cannistraro LLC has signed a lease to relocate to a 157,000-square-foot building at 25 Fid Kennedy in Boston’s Raymond L. Flynn Marine Industrial Park and will consolidate its machine shops currently located in Wilmington, Stoughton and Watertown, Mass. Robert Cleary, now at Colliers International, and Rob Nahigian, of Auburndale Realty Co., handled the tenant advisory assignment for the company, which offers plumbing, HVAC, piping, sheet metal and fire protection services. Cannistraro will move roughly 140 manufacturing jobs to the property after its renovation. The lease term with the Economic Development and Industrial Corporation is 50 years with a control period of 70 years.