Massachusetts

Edens to Build $200M Mixed-Use Development in Boston’s South Bay

by Nellie Day May 16, 2016

BOSTON — The Boston Redevelopment Authority Board has given approval for Edens to construct a 700,000-square-foot mixed-use development in the South Bay submarket of Boston. The 10-acre, $200 million development will sit adjacent to Edens’ South Bay Center in Boston’s Dorchester neighborhood. This approval was the last hurdle to starting the project, and Edens plans to break ground in June. The proposal calls for 113,000 square feet of restaurants and shops, a 12-screen luxury AMC Theatre with IMAX, a flagship Wahlburger’s, a 130-room hotel and two parking garages. Edens will also partner with Mill Creek Residential to develop 475 multifamily units at the project. The multifamily component will contain a mix of studio to three-bedroom apartments. The mixed-use project will be built on a site that currently contains a vacant industrial property and concrete plant. During construction, Edens also plans to upgrade the 427,289-square-foot South Bay Center, which is home to tenants such as OfficeMax, Marshalls, Old Navy, Target, The Home Depot, Bed Bath & Beyond and TJ Maxx. Columbia, S.C.-based Edens develops, owns and operates community shopping centers in primary U.S. markets. Its institutional-quality portfolio contains more than 130 retail centers. Mill Creek Residential Trust LLC is a national …

May 16, 2016

Massachusetts Northeast Retail

SVN|Parsons Commercial Buys 36,000 SF Retail Center in Massachusetts for $3.1M

by Amy Works May 13, 2016

ASHLAND, MASS. — SVN|Parsons Commercial Group|Boston has acquired a retail center located at 300 Eliot St. in Ashland for $3.1 million. The 36,000-square-foot property is fully leased with long-term tenants. Garrett Quinn of SVN|Parsons Commercial Group|Boston brokered the transaction. The seller was Ash Realty Trust, which originally purchased the property in 1996. SVN|Parsons owns the adjacent flex/industrial buildings: 240 Eliot Street, 250 Eliot Street, 260-270 Eliot Street, 280 Eliot Street and 290 Eliot Street. With this purchase, Parsons has expanded its Eliot Street portfolio to 279,233 square feet across six buildings, while controlling 20 acres of land.

May 13, 2016

Industrial Massachusetts Northeast

Calare Properties Leases 40,000 SF to OMNIlife science in Massachusetts

by Amy Works May 13, 2016

RAYNHAM, MASS. — Calare Properties has leased 40,000 square feet of industrial/flex space to OMNIlife science Inc. OMNI will relocate from its current location in East Taunton, Mass., and fully occupy the building, which is located at 480 Paramount Drive in Raynham. The building will serve as the medical technology company’s new headquarters. The facility features 20-foot clear ceiling heights, eight tailboard doors and 111 surface-level parking spaces. Steve Clancy of CBRE represented the tenant in the deal.

May 13, 2016

Industrial Massachusetts Northeast Office

EMD Serono Selects JLL Construction for $12M Expansion Project

by Amy Works May 11, 2016

BILLERICA, MASS. — EMD Serono, the biopharmaceutical business of Merck KGaA, has selected JLL Construction for its $12 million expansion project in Billerica. The new 30,000-square-foot building will expand the existing research and development complex. Additionally, the facility will accommodate 120 new and current employees who will focus on accelerating innovation in R&D, particularly on oncology, immune-oncology and immunology. JLL Construction broke ground for the project in early May and construction is slated to begin in late spring 2016.

May 11, 2016

Massachusetts Northeast Office

Deka Immobilien Acquires 220,000 SF Office Building in Boston for $139M

by Amy Works May 6, 2016

BOSTON — Deka Immobilien GmbH has acquired an office building located at 175 Federal St. in Boston from Blackstone for $139 million. Built in 1979, the 220,000-square-foot building is leased to 34 tenants, with the major tenant being Fiduciary Trust Co., an independent asset manager. Additionally, the Class A property features 25 parking spaces. The buyer plans to place the property in the Deka-ImmobilienGlobal portfolio, an open-ended real estate mutual fund.

May 6, 2016

Hospitality Massachusetts Northeast

Hilton Worldwide Opens 293-Room DoubleTree by Hilton Boston Andover

by Amy Works May 5, 2016

ANDOVER, MASS. — Hilton Worldwide has opened DoubleTree by Hilton Boston Andover, located at 123 Old River Road in Andover. The five-story, 293-room hotel features guest rooms with 50-inch high-definition televisions, mini refrigerators, coffeemakers, clock radios, complimentary Wi-Fi; 24-hour fitness center; a heated pool and hot tub; computer station; and a restaurant and bar. The property, which recently underwent a renovation, is owned and managed by Linchris Hotel Corp.

May 5, 2016

Loans Massachusetts Northeast Office

Colliers Arranges $133M in Financing for 500,000 SF Office/Retail Building in Boston

by Amy Works May 4, 2016

BOSTON — Colliers International has arranged $133 million in financing for Park Square Building, an 11-story office and retail building located at 31 St. James Ave. in Boston’s Back Bay neighborhood. Capital Properties took on the loan to replace existing debt and provide capital expenditures for the 500,000-square-foot building including improvements to the lobby and common areas, tenant improvements and leasing commissions. Aareal Capital Corp. provided the three-year loan, which features an interest-only floating rate and two options to extend for one year each. At the time of closing, the asset was 96 percent occupied by a diverse tenant roster, including WeWork, Fiksu, Yahoo, Goji, HNTB and six foreign embassies. Kevin Phelan, Stephen Horan and Patrick Boyle of Colliers represented the borrower in the financing deal.

May 4, 2016

Industrial Massachusetts Northeast

Calare Properties Acquires 119,000 SF Warehouse/Retail Building in Massachusetts

by Amy Works May 4, 2016

STOUGHTON, MASS. — Calare Properties has acquired a warehouse and retail building located at 301 Page St. in Stoughton. The 119,000-square-foot property was purchased for an undisclosed sum. The Class A property is currently fully occupied by Boston Interiors. Built in 2004, the property features 10,000 square feet of office space; 9,000 square feet of showroom space; and 100,000 square feet of high-bay warehouse space. Situated on 17.1 acres, the facility also features 36-foot clear ceiling heights, 16 dock-high doors, two trash dock doors and 113 surface level parking spaces. The name of the seller was not released.

May 4, 2016

Industrial Massachusetts Northeast

The Hampshire Companies Sells 248,500 SF Industrial Facility in Massachusetts

by Amy Works May 2, 2016

NORTH ANDOVER, MASS. — The Hampshire Companies has completed the sale of an industrial building located at 351 Holt Road in North Andover. Atlantic Management Corp. acquired the 248,500-square-foot property for an undisclosed price. At the time of sale, the property was fully leased by, but no longer occupied by, Solo Cup Co. Situated on 27.7 acres, the facility features 26-foot ceiling heights, eight tailboard doors, three drive-in doors, two rail-car doors, 150 automobile parking spaces, 30 trailer parking spaces and 9,000 square feet of office space. Mark Reardon, Bruce Lusa and David Corkey of CBRE represented the seller in the transaction.

May 2, 2016

Massachusetts Northeast Office

Berkeley Investments Acquires 314,176 SF Office Building in Massachusetts for $21.8M

by Amy Works April 27, 2016

MALDEN, MASS. — Berkeley Investments Inc. has acquired an office building located at 200 Exchange St. in Malden. An affiliate of KBS Real Estate Investment Trust Inc. sold the 314,176-square-foot property for $21.8 million. The buyer plans to reposition the property into a mixed-used asset with street-level retail, a state-of-the-art data center and approximately 200,000 square feet of creative office space. Coleman Benedict, Chris Phaneuf, Ben Sayles and Mark Campbell of HFF represented the seller, while Gramercy Property Trust, as asset manager, advised the seller on the transaction.

April 27, 2016

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