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.
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.
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.
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.
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.
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.
LOWELL, MASS. — Anchor Line Partners and Farallon Capital Management have renewed the lease of its long-term tenant, ARRIS, at CrossPoint in Lowell. The provider of entertainment and communications solutions has signed a 10-year lease renewal for 143,594 square feet of space in Tower 3 at CrossPoint. The new term will expire in 2026. Farrallon Capital Management and Anchor Line Partners have invested more than $11 million to create a modern workspace at CrossPoint with flexible work environments, easy access and a rich amenity campus.
BOSTON — Hersha Hospitality Trust has acquired the Envoy Hotel, located at 70 Sleeper St. in Boston’s Seaport District, on a fee simple basis. Norwich Partners sold the 136-room boutique hotel for $112.5 million. Completed in June 2015, the full-service hotel features two food and beverage outlets, Outlook Kitchen + Bar and Lookout Rooftop Bar. The AAA-rated hotel is part of Marriott’s Autograph Collection. The acquisition was funded with 1031 exchange proceeds from Hersha’s sale of seven limited-service assets in Manhattan to the company’s joint venture with an affiliate of Cindat Capital Management Limited. Denny Meikleham and Alan Suzuki of HFF represented the seller in the transaction.
BEVERLY, MASS. — Barnat Development has been selected by the Massachusetts Bay Transit Authority (MBTA) to develop a mixed-use, transit-oriented project at 112 Rantoul St. in Beverly. Located adjacent to the Beverly Depot Garage, the project will feature 70 apartment units and more than 3,000 square feet of ground-floor retail space. Additionally, the project will utilize the existing parking in the MBTA garage to serve the new residences and retail. The project’s total capital investment is $20 million, and permitting is expected to occur this fall.
MALDEN, MASS. — Fantini & Gorga has arranged an $18 million construction loan for the conversion of a historical building in downtown Malden into Residences @ Malden Station 138, an apartment building with amenity retail space. Located at 126-150 Pleasant St., the property will feature 71 residences, indoor parking, a fitness center, furnished roof deck, fireplace, meeting rooms, open seating areas furnished with televisions and a café station. Derek Coulombe, John Gorga and Despina Hatzipetrou arranged the financing for the undisclosed borrower through a regional bank.
