Massachusetts

The Stubblebine Company Brokers $1M Sale of Health Club Facility in Massachusetts

by Amy Works April 27, 2016

BURLINGTON, MASS. — The Stubblebine Company/CORFAC International has arranged the sale of a health club facility at 12 A St. in Burlington. Academy of Creative Arts acquired the property from Burlington Recreation Group for $1 million. The buyer, which is currently located at 217 Middlesex Turnpike, plans to relocate to the facility. Built in 1977, the 17,500-square-foot facility has been the site of several health clubs, including Gold’s Gym, Mad Maggie’s and Empire Fitness. David Stubblebine, James Stubblebine and Alan Ringuette of The Stubblebine Company procured the buyer and represented the seller.

April 27, 2016

Industrial Massachusetts Northeast

Senate Construction to Build 615,600 SF Distribution Center in Massachusetts

by Amy Works April 25, 2016

WORCESTER, MASS. — Owner/developer 150 Blackstone River Road LLC has selected Senate Construction Corp. to build a 615,600-square-foot distribution center in Worcester. Located at 150 Blackstone River Road within the Quinsigamond Village area, the multi-use high-bay industrial building is slated for occupancy by year’s end. Imperial Distributors Inc. will occupy 325,000 square feet of the new facility. The redevelopment project will receive $5.4 million in tax breaks from the city over a 15-year period.

April 25, 2016

Massachusetts Northeast Office

Chevron Partners Acquires Sears Crescent Building in Boston for $23.8M

by Amy Works April 25, 2016

BOSTON — Chevron Partners has acquired the Sears Crescent building, located at 38-68 Cornhill in Boston. Copley Investments sold the historic property for $23.8 million. Located in Boston’s Government Center neighborhood, the 50,300-square-foot office building is 100 percent leased to 14 tenants and offers street-level retail space. Robert Griffin, Edward Maher, Matthew Pullen and Justin Smith of Newmark Grubb Knight Frank represented the seller in the transaction.

April 25, 2016

Hospitality Massachusetts Northeast

Linchris Hotel Corp. Sells 227-Room Hampton Inn Near Boston Logan International Airport

by Amy Works April 22, 2016

REVERE, MASS. — Linchris Hotel Corp. has completed the sale of the Hampton Inn Boston-Logan Airport, located at 230 Lee Burbank Highway in Revere. The 227-room property was sold for an undisclosed sum. Built in 2001, the seven-story hotel features 672 square feet of function space, an indoor swimming pool, fitness room, business center, complimentary shuttle service and breakfast, an airline crew lounge and dining options at the Two Doors Down Bar & Restaurant. Denny Meikleham and Alan Suzuki of HFF represented the seller in the transaction. The name of the buyer was not released.

April 22, 2016

Massachusetts Northeast Office

Integrated Builders Breaks Ground on Office Expansion in Massachusetts

by Amy Works April 22, 2016

NEWTON, MASS. — Integrated Builders, on behalf of Two Wells Avenue LLC, has broken ground on an expansion at an office building located at Two Wells Ave. in Newton. The new three-story addition will require extensive demolition on the north and west portions of the existing facility and will increase the building’s total size from 69,000 square feet to 127,000 square feet. The updated facility will feature a modern design with a glass exterior, an expanded parking lot, new utilities and an underground storm water infiltration system. Additionally, a 3,162-square-foot common corridor will connect the new and existing buildings. Spagnolo Gisness & Associates is providing architectural services for the project, which is slated for completion in December.

April 22, 2016

Massachusetts Northeast Office

New Dover Associates Brokers $3.9M Sale of Office/R&D Building in Massachusetts

by Amy Works April 20, 2016

NATICK, MASS. — New Dover Associates has arranged the sale of an office/R&D building located at 2-4 Mercer Road in Natick. Nivek Investments I LLC sold the 17,875-square-foot building to 2-4 Mercer Road LLC for $3.9 million. Situated on 1.4 acres, the building is located within the Natick Business Park. Scott Hughes of New Dover Associates represented the seller and procured the buyer in the transaction.

April 20, 2016

Massachusetts Northeast Office Top Stories

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

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