BOSTON — Affiliates of Boston-based Rockpoint Group LLC have acquired 99 Summer Street, an office and retail building located in Boston. Cornerstone Real Estate Advisers sold the 20-story property for an undisclosed price. The 270,000-square-foot Class A building was 95 percent occupied at the time of sale. The property will be managed by a Rockpoint affiliate, Rockhill Management, which provides property management and related services for investments made by Rockpoint-sponsored funds.
WORCESTER, MASS. — Kelleher & Sadowsky Associates has arranged the sale of an industrial building located at 70 Quinsigamond Ave. in Worcester. Lutco Inc. acquired the 65,000-square-foot property from A.M. Castle Metals Co. for an undisclosed price. The buyer plans to make several improvements, including significant electrical upgrades, to the property in January 2016.William Kelleher IV and Matthew Mayrand of Kelleher & Sadowsky Associates brokered the transaction.
PHILADELPHIA, BOSTON AND WASHINGTON, D.C. — Modell’s Sporting Goods has acquired three new locations in major cities on the East Coast. The company has acquired 1608 Walnut St. in Philadelphia, 480 Boylston St. in Boston and 715 Seventh St. NW in Washington, D.C., from City Sports for an undisclosed price. Modell’s Sporting Goods will transition the three locations, ranging from 7,500 square feet to 9,000 square feet, from City Sports retailers in early 2016. The acquisition of these locations brings Modell’s total store count to 160 locations in 10 states.
In what was the most dynamic quarter since the dot-com boom in 2000, tenants in Greater Boston absorbed 2 million square feet of office space in the second quarter of 2015. The activity was driven by a number of high-profile construction completions throughout both the urban and suburban areas of the market. The Boston CBD experienced its ninth straight strong quarter with 861,000 square feet absorbed. Notably the activity occurred mostly outside of the boundaries of the “Big 3” Boston submarkets of Back Bay, Seaport District and Financial District (though the latter did absorb 290,000 square feet in its own right). North Station saw a major bump in occupancy with the completion of Converse’s 230,000-square-foot headquarters, causing the submarket’s largest quarterly absorption number on record. Move-ins by Sonos and Safari Books Online added 200,000 square feet of absorption in Midtown, where vacancy has dropped to nearly half of what it was a year ago after State Street’s departure. And development continues at Boston Landing, where the 245,000-square-foot second phase is currently under construction and is already partially pre-leased to the Boston Bruins. Space continues to be scarce in Cambridge, where vacancy is just 5.8 percent and availability is at an …
BOSTON — Hodges Ward Elliott has negotiated the sale of the Godfrey Hotel Boston, a luxury boutique hotel located in Boston. Union Investments acquired the 242-room hotel for an undisclosed price. Located at 505 Washington St., the hotel, which is currently under construction, is slated to open in January 2016. The hotel will feature a chef-driven restaurant, local coffee house, lobby bar, 24-hour fitness center, complimentary WiFi, and digital technology. Oxford Hotels and Resorts, an affiliate of Oxford Capital Group, will operate the hotel on behalf of the new owner.
MALDEN, MASS. — Fantini & Gorga has arranged a $19.9 million first mortgage for Residences @ Malden Station, a recently completed and stabilized multifamily property at 39 Florence St. within Malden Center in Malden. The transit-oriented development features 18 studio units, 39 one-bedroom units and 27 two-bedroom units with granite countertops, stainless steel appliances, and in-unit washer/dryers. On-site amenities include a 24-hour fitness center, common roof deck, clubroom and a WiFi lounge. Derek Coulombe, John Gorga and Despina Hatzipetrou of Fantini & Gorga secured the financing through Lincoln Financial Group for the undisclosed borrower.
AUBURN, MASS. — Kelleher & Sadowsky Associates has brokered the sale of Laurel Hill Apartment Complex, located at 11 Whitney Circle and 1-17 Temple St. in Auburn. Micozzi Management Inc. acquired the property from Laurel Hill Realty Inc. for $3.9 million. The property features 44 two-bedroom/one-bath units and was fully occupied at the time of closing. Donald Mancini and Will Kelleher of Kelleher & Sadowsky brokered the transaction.
All of the property sectors in the Boston area are thriving, thanks to one of the strongest economies in the nation. As of April this year, the unemployment rate in Massachusetts was 4.7 percent and in Boston, it was 3.7 percent, according to the U.S. Bureau of Labor Statistics. Economists generally consider employment to be essentially “full” when unemployment rates dip below 5 percent. By comparison, the unemployment rates in neighboring states were 6.3 percent for Connecticut, 3.8 percent for New Hampshire and 6.1 percent for Rhode Island. The U.S. unemployment rate in April was 5.4 percent. Boston’s overall industrial vacancy rate at the close of the second quarter was 8.1 percent, according to CoStar, and includes warehouse/distribution space, flex space and R&D facilities. It was the fourth consecutive quarter that the vacancy rate has remained in the low 8 percent range. Overall net absorption has been negative this year: -82,364 square feet in the second quarter and -41,089 square feet in the first quarter this year. This compares with positive net absorption of more than 3.1 million square feet in the third and fourth quarters of 2014. However, we believe that the first half of this year is a …
NEW BEDFORD, MASS. — Congressional Bank’s Healthcare Lending group has closed a $3 million bridge-to-HUD loan and a $1.5 million revolving line of credit for the acquisition and renovation of a skilled nursing facility in New Bedford. The revolving line of credit will fund the ongoing working capital needs of the 107-bed facility. Congressional Bank will close its merger with American Bank on January 1, 2016, and the company’s lending capacity will exceed $10 million, allowing it to expand its lending platform.
WILMINGTON, MASS. — Integrated Builders has completed a 29,000-square-foot office and manufacturing build-out for Limbach Company LLC at 46 Jonspin Road in Wilmington. The project included the installation of new flooring, lighting and electrical fixtures, a state-of-the-art HVAC system, partitions and updated fire alarms. The updated facility provides specialized manufacturing space for the mechanical contracting firm. Spagnolo Gisness & Associates Inc. served as architect, while WB Engineers+Consultants provided engineering services for the project.
