Massachusetts

Salem Station LLC Sells 266-Unit Apartment Community in Salem, Massachusetts

by Amy Works December 11, 2015

SALEM, MASS. — CBRE/New England has negotiated the sale of Jefferson at Salem Station, a garden-style apartment community located in Salem. Salem Station LLC sold the property to an affiliate of Bell Partners Inc. for an undisclosed sum. Built in 2002, the property features 266 market-rate apartments spread across five four-story elevator buildings and four two-story townhouse buildings. The units are a mix of one- and two-bedroom apartments and two-bedroom townhomes with an average size of 1,115 square feet. Community amenities include a great room, media room, business center, fitness center and an outdoor pool with sundeck and gas grills. Simon Butler and Biria St. John of CBRE/NE represented the seller in the transaction.

December 11, 2015

Industrial Massachusetts Northeast

Calare Properties Acquires 40,000 SF Industrial/Flex Building in Massachusetts

by Amy Works December 10, 2015

RAYNHAM, MASS. — Calare Properties has acquired an industrial/flex building located at 480 Paramount Drive in Raynham for an undisclosed price. The 40,000-square-foot property is currently vacant. Situated on 7.5 acres and built in 2004, the facility features 20-foot clear ceiling heights, eight tailboard doors, loading docks and 111 surface-level parking spaces. Calare Properties expects the facility to be fully leased in the first half of 2016. CBRE/New England is handling leasing efforts for the property. The name of the seller was not released.

December 10, 2015

Massachusetts Multifamily Northeast

Wood Partners Breaks Ground for 88-Unit Residential Community in Massachusetts

by Amy Works December 9, 2015

MELROSE, MASS. — Wood Partners has broken ground for 37 Washington, a residential development in Melrose. The 88-unit property will feature granite countertops, stainless steel appliances, in-unit laundry and walk-in closets. Additionally, on-site amenities will include a courtyard with fire pit, and outdoor grills and seating. Leasing is expected to begin in November 2016, with the community slated to open in December 2016.

December 9, 2015

Loans Massachusetts Multifamily Northeast

Berkeley Point Capital Closes $19.7M Acquisition Loan for Multifamily Property in Massachusetts

by Amy Works December 8, 2015

SHREWSBURY, MASS. — Berkeley Point Capital has closed a $19.7 million fixed-rate loan for the acquisition and renovation of Ashford Crossing, a 180-unit multifamily development in Shrewsbury. The garden-style apartment complex comprises 15 three-story residential buildings, containing one- and two-bedroom units, as well as a clubhouse featuring a pool, tennis courts, playground and fitness center. The borrower, whose name was not released, plans to renovate the interior and exterior of the property, including upgrades to all kitchens and bathrooms as units turnover. The 12-year loan, which was secured through Fannie Mae, features a six-year interest-only period.

December 8, 2015

Massachusetts Multifamily Northeast

Boston Housing Authority Selects IBA for West Newton/Rutland Revitalization Project

by Amy Works December 7, 2015

BOSTON — The Boston Housing Authority has selected IBA – Inquilinos Boricuas en Acción as the developer for its West Newton/Rutland Streets properties, including the revitalization of 146 units of public housing in Boston’s South End. IBA will lead the redevelopment of 24 historic brick residential buildings, containing existing units of federally subsidized housing, along West Newton and Rutland streets. The two-year project is slated to begin in 2016. As part of the project, IBA will complete the renovation while protecting current residents from displacement and preserving affordability for extremely low-income households over the long term.

December 7, 2015

Massachusetts Multifamily Northeast

TGM Associates Acquires 240-Unit Multifamily Property in Massachusetts

by Amy Works December 7, 2015

SOUTH LAWRENCE, MASS. — TGM Associates has acquired TGM Andover Park, a 240-unit multifamily property located at 100 Hawthorne Way in South Lawrence, for an undisclosed price. Constructed in 2000 and 2001, the eight-building community features a two-story clubhouse with an outdoor pool and a mix of one- and two-bedroom apartments with attached garages in select units. TGM plans to renovate the apartment interiors, including new cabinets, countertops, appliances, light fixtures and hardware. Additionally, the company plans to upgrade the common area amenities with the addition of a fitness center, media center and café lounge area. The name of the seller was not released.

December 7, 2015

Loans Massachusetts Multifamily Northeast

EagleBridge Capital Arranges $20.5M Construction Financing for Allston Apartment Complex

by Amy Works December 2, 2015

BOSTON — EagleBridge Capital has arranged $20.5 million in construction/permanent financing for an apartment complex located at 61-83 Braintree St. in Boston’s Allston neighborhood. The borrower is a joint venture between The Grossman Companies and Waypoint Cos. The apartment building will feature 80 studio, one-, two- and three-bedroom rental units and ground-floor commercial space. Additionally, the property will feature a rooftop deck, fitness center, bicycle storage and 68 parking spaces. Ted Sidel and Brian Sheehan of EagleBridge Capital secured the financing for the borrowers.

December 2, 2015

Massachusetts Northeast Office

Sperry Van Ness Rebrands as SVN

by Amy Works December 2, 2015

BOSTON — Boston-headquartered Sperry Van Ness International Corp. has changed its signature brand name to SVN. The Sperry Van Ness brand was launched in 1987 and became a national franchise operation in 2003. This year, SVN has added 25 offices nationally and internationally, bringing the company’s portfolio to more than 1,400 advisors and staff in nearly 200 offices worldwide. The SVN brand name and new logo will roll out globally over the next 12 to 18 months.

December 2, 2015

Market Reports Massachusetts Northeast Northeast Market Reports Retail

Boston’s Battle of the Grocers

by Jaime Lackey December 2, 2015

While demand for all types of retail product has been strong over the past few years, investors continue to have a strong appetite for Boston area grocery-anchored shopping centers in 2015 despite meaningful changes to the food distribution industry. The competitive landscape for traditional supermarkets is evolving as value-oriented grocers such as Market Basket, Walmart, Trader Joe’s, Aldi, and Save-A-Lot lure away price-conscious customers, while service-oriented formats such as Wegmans, Whole Foods and Roche Brothers are expanding and gaining market share with more affluent customers. These chains achieve success by targeting the low- and high-end niches of the market. According to IBISWorld, the online grocery sales industry is projected to increase approximately 9.5 percent annually to become a $9.4 billion industry by 2017. Companies such as Amazon and Walmart are increasing their capabilities for selling food and beverages online, and Ahold’s Peapod service continues to expand in an effort to maintain its position as the leading Internet grocer. The food distribution industry has been further saturated by big-box retailers and national pharmacy chains offering a growing selection of packaged goods and dairy products. These non-traditional grocers and e-commerce providers derive much of their profits from non-food items, allowing them to …

December 2, 2015

Hospitality Massachusetts Northeast

The Davis Cos., Rubicon Acquire Hilton Hotel in Massachusetts

by Amy Works November 20, 2015

WOBURN, MASS. — The Davis Cos. partnered with The Rubicon Cos. to acquire the Hilton Hotel at Two Forbes Road in Woburn for an undisclosed price. Situated on eight acres, the full-service hotel features 344 rooms and ample on-site parking. The partnership is working with CBT Architects and hotelier Robin Brown to reposition the property. The renovations will include a reimagined atrium featuring an inviting, contemporary restaurant and lounge; an indoor pool; state-of-the-art fitness center; executive lounge; and an 18,000-square-foot function room and ballroom. The renovation work, which includes a $15 million property improvement plan to meet Hilton brand standards, is scheduled to start in the fourth quarter of 2016. Managed by Pyramid Hotel Group, the hotel will remain operational throughout the renovation process.

November 20, 2015

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