BOSTON — Pebblebrook Hotel Trust has completed the sale of an excess land parcel adjacent to Revere Hotel Boston Common in Boston. An undisclosed buyer purchased the undeveloped land for $6 million. Proceeds of the sale will be utilized for general business purposes, which may include reducing the company’s outstanding debt, special cash dividends resulting from taxable gains on the sales and repurchasing common shares.
GREENFIELD, MASS. — Integrated Builders has completed the construction of Greenfield Toyota and Ford, a joint car dealership located at 1 Main St. in Greenfield. Costing $5.8 million, the new 32,000-square-foot facility replaced the outdated dealership previously located on the site. The facility features 30,000 square feet of dealership space and a 2,000-square-foot system parts mezzanine level. Integrated Builders provided construction management services, while The Curtis Architectural Group served as project architect. The project team also included SVE Associates, Flood Consulting and Environmental Design Engineering Inc.
AMESBURY, MASS., AND LEBANON, N.H. — Fantini & Gorga has arranged $5.3 million in separate first mortgage financings for a freestanding Family Dollar in Amesbury and a newly constructed Tractor Supply Co. in Lebanon. Originally constructed in 1994 as a CVS/pharmacy, the Family Dollar location contains 8,536 square feet of gross leasable area. The property was renovated in 2014 and is now fully occupied by Family Dollar. Constructed in 2015, the build-to-suit Tractor Supply Co. store features 19,097 square feet of gross leasable area. John Gorga and Chris Miller of Fantini & Gorga represented the borrower, a long-term client, and arranged both financings with a regional financial institution.
LAWRENCE, MASS. — Colliers International has brokered the acquisition of a six-story mill building located at 5 Franklin St. in Lawrence. Portland, Ore.-based Taom Heritage acquired the 500,000-square-foot property for an undisclosed price. The property is architecturally significant and the buyer views the building as a unique opportunity to participate in the revitalization of downtown Lawrence. Austin Smith of Colliers represented the buyer, while TA Sullivan Realty represented the seller, Franklin Hampshire Realty Corp.
CAMBRIDGE, MASS. — An affiliate of Longfellow Real Estate Partners has received $51 million in recapitalization financing for a laboratory/biotechnology building located at 1030 Massachusetts Ave. in Cambridge. Greg LaBine of HFF placed the five-year, fixed-rate loan with Capital One Healthcare for the borrower. The 77,805-square-foot property is fully leased to seven tenants: five biotech tenants, an indoor cycling studio and a restaurant, which is slated to open in early this summer.
NORWELL, MASS. — NorthMarq Capital has arranged $2.4 million in refinancing for Longwater Circle, an office property located in Norwell. The commercial mortgage transaction features a long-term fixed rate for more than 10 years with a 30-year amortization and a flexible prepayment schedule. Michael Chase of NorthMarq secured the financing through a regional bank for the undisclosed borrower.
BOSTON — Marcus & Millichap has arranged the sale of a mixed-use property located at 46-50 Blue Hill Ave. in Boston. A private investor sold the property to an undisclosed private investor for $1.6 million. The property features six apartments and three retail spaces. Evan Griffith of Marcus & Millichap represented the seller and procured the buyer in the deal.
FRANKLIN, MASS. — NorthMarq Capital has arranged $50 million for the refinancing of Franklin Village, a grocery-anchored mixed-use property located at 250 Franklin Village Drive in Franklin. The 10-year loan features a 30-year amortization schedule. Greg Nalbandian and Doug Nickerson of NorthMarq arranged the financing through NorthMarq’s correspondent relationship with Sun Life of Canada for the undisclosed borrower. Major tenants at the 303,096-square-foot property are Stop & Shop, Dress Barn and Marshalls.
MARLBOROUGH, MASS. — Deutsche Bank has completed the sale of a mission-critical data center located at 34 St. Martin Drive in Marlborough. Lincoln Property Co. acquired the 203,840-square-foot asset for an undisclosed price. At the time of sale, the property was fully leased to nine tenants, including Tierpoint and Lightower. The facility features enhanced fire protection, environmental control, security, electrical power and technology infrastructure. Frank Petz, Chris Angelone, Jessica Hughes, Matthew Sherry and George Gregory of JLL represented the seller in the deal.
LITTLETON, MASS. — Hanscom Federal Credit Union has purchased an office building located at 25 Porter Road in Littleton. Wheelock Street Capital and Novaya Real Estate Ventures sold the building for $3.2 million. The 67,167-square-foot building is located off Route 2 at the intersection of Interstate 495. David Gilkie and Jim Boudrot of NAI Hunneman represented the buyer in the transaction. NAI Hunneman has been retained to market for lease the remaining space in the building.