Massachusetts

TIAA Purchases Historic Boston Seaport Office Portfolio for $224M

by Haisten Willis April 20, 2016

BOSTON — An affiliate of TIAA has purchased a seven-property office portfolio totaling 408,342 square feet in Boston for $224 million, or approximately $550 per square foot. An account advised by New York-based Clarion Partners was the seller of the portfolio, which is located in the Fort Point Channel neighborhood of Boston’s seaport district. Clarion acquired the offices in 2012 for a combined $129.3 million from an affiliate of New York-based Angelo, Gordon & Co. Properties within the 97 percent leased portfolio are located at 263 Summer St.; 332 and 374 Congress St.; and 33-41, 34, 38 and 44 Farnsworth St. The six offices span between five and nine stories and were built between 1890 and 1920, according to the Boston Business Journal. The portfolio also includes a 16-space parking lot. Originally built in the early 1900s, the properties feature high-quality office space with exposed ceilings and natural lighting. Coleman Benedict and director Ben Sayles led the HFF investment sales team, which represented the seller and procured the buyer. According to the Journal, the Farnsworth Street offices will host General Electric Co. (GE) temporarily while the company builds a permanent headquarters on nearby Necco Ct. “TIAA is one of the …

April 20, 2016

Loans Massachusetts Multifamily Northeast

CBRE/NE Arranges $84.3M in Financing for To-Be-Built Apartment Community in Boston

by Amy Works April 19, 2016

BOSTON — CBRE/New England has arranged $84.3 million in total financing for Serenity, a to-be-built apartment community in Boston’s Longwood Medical Area. The borrower, Longwood Group, has begun construction on the 195-unit property. John Kelly, Michael Prakken and Sam Dylag of CBRE/NE procured the financing for the borrower. Upon completion, the property will feature one 15-story building with both low- and mid-rise sections and approximately 1,860 square feet of street-level retail space. On-site amenities will include a pool, green roof space, a lounge, billiards rooms, kitchen, fitness center, library and computer room.

April 19, 2016

Massachusetts Northeast Office Retail

SVN|Parsons Commercial Group Brokers $7.8M Sale of Office/Retail Property in Massachusetts

by Amy Works April 19, 2016

ASHLAND, MASS. — SVN|Parsons Commercial Group|Boston has arranged the sale of an office/retail property located at 200 Homer Ave. in Ashland. WD Homer LLC acquired the property from NEREEF Ashland LLC for $7.8 million. The buyer plans to upgrade the building to attract more businesses to Ashland. Victor Galvani of SVN|Parsons Commercial Group|Boston represented the seller and buyer in the transaction.

April 19, 2016

Massachusetts Northeast Office

New Dover Associates Negotiates 15,504 SF Sale of Office/R&D Building in Massachusetts

by Amy Works April 19, 2016

NATICK, MASS. — Sunshine Technologies Holding Corp. has acquired an office/R&D building, located at 21 Strathmore Road in Natick. GMG 21 Strathmore Road LLC sold the 15,504-square-foot property for $3.9 million. Scott Hughes of New Dover Associates and Nina Crowley of Boston Signature Homes co-brokered the sale.

April 19, 2016

Loans Massachusetts Northeast Retail

Cushman & Wakefield Arranges $43.5M Loan for Retail Property in Boston

by Amy Works April 15, 2016

BOSTON — Cushman & Wakefield’s Equity Debt & Structured Finance Group has arranged a $43.5 million loan with Mesa West Capital for a short-term floating rate execution to maximize proceeds on a luxury retail property located at 201 Newbury St. in Boston. Situated in Back Bay, the 24,716-square-foot property is 87 percent leased to retailers, including Anthropologie, Dr. Martens, Ted Baker and Timberland. Trisha Connolly of Cushman & Wakefield represented the borrower 201 Newbury – Prince LLC in the short-term loan transaction.

April 15, 2016

Loans Massachusetts Multifamily Northeast

Fantini & Gorga Secures $5.2M Loan for Boston Apartment Property

by Amy Works April 11, 2016

BOSTON — Fantini & Gorga has arranged $5.2 million in permanent financing for South Huntington Apartments, a multifamily property located at 46-82 S. Huntington Ave. in Boston. Casimir Groblewski and Despina Hatzipetrou of Fantini & Gorga arranged the refinancing with RiverSource Life Insurance Co. for the borrower, a local real estate developer and manager. Consisting of 10 three-story, connected buildings, the property features 108 residential units in a mix of oversized studios and one-bedroom layouts.

April 11, 2016

Healthcare Massachusetts Northeast Office

RAM Acquires 97,403 SF Flex Property in Massachusetts for $8.1M

by Amy Works April 8, 2016

BILLERICA, MASS. — The RAM Companies has acquired a Corporate Place, a 97,403-square-foot property located at 261 and 267 Boston Road in Billerica, for $8.1 million. Built in 1985 and 1986, the Class B multi-tenant asset comprises a 61,795-square-foot facility and a 35,608-square-foot building. The flex/R&D property is 85 percent occupied with a variety of tenants, including Lahey Health Primary Care, New England Rehabilitation Hospital and SI2 Technologies. The name of the seller was not released.

April 8, 2016

Massachusetts Northeast Office

Joint Venture Acquires 73,500 SF Office Property in Downtown Boston for $33M

by Amy Works April 7, 2016

BOSTON — Brookfield Property Partners, in conjunction with AustralianSuper Pty., has acquired an office building located at 15 Broad St. in downtown Boston. Broder sold the 10-story, 73,500-square-foot office property for $33 million. Dave Pergola and Brian Doherty of CBRE/New England represented the seller and procured the buyer in the transaction.

April 7, 2016

Hospitality Massachusetts Northeast

Hilton Worldwide Opens 127-Room DoubleTree Hotel in Massachusetts’ South Shore

by Amy Works April 7, 2016

ROCKLAND, MASS. — Hilton Worldwide has open DoubleTree by Hilton Boston-Rockland, located at 929 Hingham St. in Rockland on Massachusetts’ South Shore. Located 21 miles south of Boston Logan International Airport, the hotel features 127 guest rooms, 24-hour room service, a fitness center, business center and an outdoor heated pool. Additionally, the property offers 4,000 square feet of meeting space. Formerly a Holiday Inn, the hotel is owned and managed by Linchris Hotel Corp.

April 7, 2016

Loans Massachusetts Northeast Office

Griffith Properties, Artemis Receive $30.3M in Refinancing for Cambridge Office Building

by Amy Works April 6, 2016

CAMBRIDGE, MASS. — Griffith Properties and Artemis Real Estate Partners have received $30.3 million in refinancing for an office building located at 10 Fawcett St. in Cambridge. Greg LaBine and Porter Terry of HFF arranged the three-year, floating-rate loan through Eastern Bank for the borrowers. Renovated in 2011, the six-story 134,561-square-foot building is fully leased to multiple tenants, including General Services Administration, Raytheon BBN Technologies and Accion International.

April 6, 2016

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