HAVERHILL, MASS. — KeyBank Real Estate Capital has provided $17 million in Fannie Mae financing for Pine Brook Place, a garden-style apartment complex in Haverhill. Built in 1971, the property features 240 residential units. Loan proceeds will be used to refinance the property. Dirk Falardeau of Key’s Commercial Mortgage Group arranged the loan for the undisclosed borrower.
BOSTON — Related Beal has broken ground for Parcel 1B, a mixed-use, transit-oriented development across the street from Lovejoy Wharf in Boston. Designed by CBT Architects, the project will include a 14-story residential building totaling 484,000 square feet with street-level retail and on-site parking, and a 220-room Courtyard Marriott hotel with 2,500 square feet of meeting space, which will be operated by Turnberry Associates. The residential building will feature 239 affordable units that will be restricted to individuals, couples and families with qualified incomes ranging from 30 percent area median income (AMI) to up to 165 percent AMI. The project is slated for delivery in 2018.
MARLBOROUGH, MASS. — CBRE Strategic Partners U.S. Value 7 fund has acquired Bell Wheeler Hill, a multifamily property located at 21 Austen Way in Marlborough. The 274-unit, garden-style apartment was sold for an undisclosed price. At the time of sale, the community was 94 percent occupied. The fund plans to upgrade and rebrand the property as The Heights at Wheeler Hill. The name of the seller was not released.
ROCKLAND, MASS. — Quincy, Mass.-based Jumbo Capital Management has acquired an office building located at 1099 Hingham St. in Rockland. Rockland Havertraw Trust (Grossman Companies) sold the 60,000-square-foot Class A property for $8.5 million. Built in 1989, the three-story office building features a common loading dock, three-story atrium and ample parking. At the time of closing, the property was 94 percent leased to six nationally recognized tenants.
AGAWAM, MASS. — OMG Inc., a commercial roof fastening product manufacturing and supply company, has leased 86,031 square feet of warehouse and office space at 101 Almgren Drive in Agawam. Situated on 14.6 acres, the 187,900-square-foot industrial facility is owned by California-based Four Cities Partner LTD and master leased, as well as substantially occupied by Seattle-based Vaupell Holdings Inc. Sentry Commercial, in association with Hart Corp., represented Vaupell in the transaction.
LOWELL, MASS. — The Stubblebine Company/CORFAC International has brokered the sale of an industrial property located at 170 Lincoln St. in Lowell. The principals of RKKC LLC aka Patriot Care LLC acquired the property for $2 million. Formerly occupied by Prelco, the 39,000-square-foot property features 13-foot clear heights. David Stubblebine, James Stubblebine and Micah Stubblebine of The Stubblebine Company represented the undisclosed seller, while Fran Sagandorf of Taupier represented the buyer in the transaction.
NATICK, MASS. — R.W. Holmes Realty Co. has arranged the sale of a 44,950-square-foot office/warehouse property located at 245 W. Central St. in Natick. Snap-One Corp. sold the property to South Natick Partners LLC for $2.3 million. Situated on 2.5 acres, the property features four tailboard doors, one drive-in loading dock and 100 parking spaces. Craig Johnston of R.W. Holmes Realty represented the seller, while Eric Brosler of MetroWest Commercial Real Estate represented the buyer in the transaction.
WEST ROXBURY, MASS. — Linear Retail Properties has acquired a retail property located at 1869-1881 Centre St. in West Roxbury for $2.1 million. Built in 1920, the 7,335-square-foot property is occupied by Atlas True Value Hardware, Rox Diner, Iron Body Studios and Saigon Nails. The name of the seller was not disclosed.
MIDDLEBOROUGH, MASS. — Novaya Real Estate Ventures has acquired a warehouse property located at 154 Campanelli Drive in Middleborough for $19.7 million. The 275,000-square-foot property is fully leased to alphabroder, an imprintable activewear company, on a long-term basis. JLL represented the seller, AEW, in the transaction.
MARLBOROUGH, MASS. — CBRE/New England has brokered the sale of Bell Wheeler Hill, a 274-unit apartment community located in Marlborough. CBRE Strategic Partners U.S. Value 7 fund, sponsored by CBRE Global Investors, acquired the property from an affiliate of Bell Partners Inc. for an undisclosed price. The community features a mix of one- and two-bedroom apartments, with an average size of 1,015 square feet. On-site amenities include a great room, media room, business center, gym, outdoor pool with sundeck, tot lot, carports, garages and gas grills. Simon Butler and Biria St. John of CBRE/NE represented the seller in the transaction.
