Massachusetts

CBRE/NE Negotiates Sale of 195-Unit Apartment Community in Suburban Boston

by Amy Works August 26, 2016

MALDEN, MASS. — CBRE/New England has brokered the sale of 480 Main Street, an infill apartment community located in Malden. Residence at Malden Square, an affiliate of Priderock Capital Partners, sold the 195-unit property to The DSF Group for an undisclosed price. The five-story property features 30 studios, 115 one-bedroom apartments and 50 two-bedroom units with an average unit size of 768 square feet. Additionally, the building features four retail suites totaling 7,599 square feet. The apartments are 100 percent market rate and the retail space is partially leased to a bakery and drop-off dry cleaning service. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the deal.

August 26, 2016

Massachusetts Multifamily Northeast

CBRE/NE Negotiates $40.4M Sale of Apartment Community in Massachusetts

by Amy Works August 19, 2016

ANDOVER, MASS. — CBRE/New England has arranged the sale of Andover Place Apartments, a garden-style apartment community located at 650 Bulfinch Drive in Andover. A joint venture between Taymill Partners and LEM Capital acquired the 220-unit property from Andover Place Apts. LLC, an affiliate of Roseland Residential, for $40.4 million. Built in 1989 and situated on 34.3 acres, Andover Place Apartments features two studio units, 132 one-bedroom apartments, 74 two-bedroom apartments and 12 three-bedroom units, ranging from 518 square feet to 1,225 square feet. Simon Butler and Biria St. John of CBRE/New England represented the seller and procured the buyer in the deal. Roseland Residential Trust is a subsidiary of Mack-Cali Realty Corp.

August 19, 2016

Hospitality Massachusetts Northeast

Nordblom Co. Sells Hotel Development Site in Boston Suburb

by Amy Works August 18, 2016

BURLINGTON, MASS. — Nordblom Co. has completed the disposition of a hotel development site with the 3rd Ave development, an urban, retail-walking street lined with restaurants, cafes, retail boutiques connected with pedestrian walkways and public green space in Burlington, a suburb of Boston. The site will be home to Massachusetts’ first Archer Hotel, a new collection of boutique hotels with locations in New York City, Napa, Calif., and Austin, Texas. The new hotel will feature 147 rooms. Denny Meikleham and Alan Suzuki of HFF represented the seller in the transaction.

August 18, 2016

university-station-westwood-massachusetts

Massachusetts Mixed-Use Northeast Retail Top Stories

American Realty Advisors Purchases 400,000 SF Retail Center Near Boston for $206M

by Haisten Willis August 17, 2016

WESTWOOD, MASS. — American Realty Advisors, an institutional real estate investment manager, has acquired the shops at University Station, a newly constructed, 400,000-square-foot retail asset in the Boston suburb of Westwood. Located within a 130-acre mixed-use development, the purchase price was $206 million. Wegmans, a regional supermarket chain, anchors the retail portion of University Station. Other tenants include Nordstrom Rack, Marshalls and PetSmart. “The average term of in-place leases for the property is approximately 15 years, while 95 percent of the asset’s total income is generated from its national tenant base,” says Shelley. “We believe these characteristics will provide stabilized, risk-adjusted returns for our investors over time.” University Station services a 13-town area with 214,700 residents and an average annual household income in excess of $121,000. The property is situated 15 miles from downtown Boston near I-95 and Route 128, which draw 140,000 vehicles per day. It is located across the street from the area’s sole Amtrak/MBTA commuter rail station, which transports 1.3 million travelers annually. New England Development will continue to serve as the management and leasing agent for the retail center. Robert Griffin Jr., who was with Cushman & Wakefield and is now with Newmark Grubb Knight Frank, …

August 17, 2016

Massachusetts Northeast Office

Boston Realty Advisors Arranges $38.5M Sale of Office Building in Boston

by Amy Works August 12, 2016

BOSTON — Boston Realty Advisors has brokered the sale of an office building located at 311 Summer St. in Boston’s Fort Point neighborhood. Qatar-based Alduwaliya acquired the property for $38.5 million, or $673 per square foot. The seven-story, 57,225-square-foot brick-and-beam building was 100 percent leased at the time of sale. Jason Weissman, Nick Herz and Michael D’Hemecourt of Boston Realty Advisors represented the undisclosed seller in the deal.

August 12, 2016

Hospitality Massachusetts Northeast

Claremont Brookline Suites Opens 130-Suite Homewood Suites Hotel in Boston

by Amy Works August 12, 2016

BOSTON — Claremont Brookline Suites has opened the Homewood Suites by Hilton Boston/Brookline. Located at 111 Bolyston St., the 130-suite hotel features an indoor pool, fitness center and complimentary hot breakfast. Claremont Brookline Suites developed and owns the property.

August 12, 2016

Massachusetts Northeast Office

The RMR Group Acquires Tremont Realty Capital

by Amy Works August 12, 2016

NEWTON, MASS. — Newton-based The RMR Group Inc. has acquired Tremont Realty Capital, a firm that specializes in commercial real estate finance. Boston-based Tremont principally raises debt and equity capital for owners and commercial real estate and serves as a manager of funds invested in commercial real estate loans. The RMR Group purchased the assets of Tremont for an upfront price of $2.2 million, excluding transaction costs. Since its founding in 2000, Tremont has completed more than $4.6 billion worth of commercial real estate transactions and currently has over $200 million of real estate loans under management. The CenterCap Group served as advisor to Tremont in the transaction.

August 12, 2016

Massachusetts Northeast Office Retail

Clarion Partners Sells 184,642 SF Office/Retail Building in Boston for $100.5M

by Amy Works August 9, 2016

BOSTON — Clarion Partners has completed the sale of a 13-story office and retail building located at 535-545 Boylston St. in Boston. An undisclosed buyer acquired the 184,642-square-foot building for $100.5 million. At the time of sale, the property was 87 percent leased to a variety of tenants, including TD Bank, GNC and three restaurants. Robert Griffin, Edward Maher, Matthew Pullen, Jim Brady and Jason Cameron of NGKF Capital Markets represented Clarion Partners in the deal.

August 9, 2016

Massachusetts Multifamily Northeast Office

Thibeault Development Acquires Two Buildings in Boston from Related Fund Management

by Amy Works August 8, 2016

BOSTON — Thibeault Development has acquired 15 and 19 Congress Street in Boston from Related Fund Management, a subsidiary of Related Cos., for an undisclosed price. Totaling 54,461 square feet, the properties are part of a master redevelopment plan for Congress Square in Boston’s Financial District. In 2013, Related Fund Management acquired the five buildings that are being redeveloped by Related Beal. The buyer plans to transform the buildings into residences with approximately 5,750 square feet of street-level retail and restaurant space with immediate access to Quaker Lane. Biria St. John of CBRE represented Related Beal in the transaction.

August 8, 2016

Loans Massachusetts Northeast Retail

Fantini & Gorga Secures $9.3M Loan for Self-Storage Facility in Massachusetts

by Amy Works August 2, 2016

AUBURN, MASS. — Fantini & Gorga has arranged $9.3 million in financing for a Casey Storage Solutions-branded self-storage facility located on State Route 20 in Auburn. Casey Investment Real Estate LLC was the borrower. Situated on 6.4 acres, the 12-building asset features 104,449 square feet of rentable space with 739 units in a mix of climate-controlled and standard units. Casimir Groblewski and Chris Miller of Fantini & Gorga arranged the financing for the borrower.

August 2, 2016

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