Massachusetts

Senate Construction Completes Phase II of Mixed-Use Project in Massachusetts

by Amy Works November 19, 2015

GROTON, MASS. — Senate Construction Corp. has completed the second phase of construction at Boynton Meadows, a mixed-use development in Groton. The second phase consists of eight townhomes, ranging in size from 2,000 square feet to 2,500 square feet with additional walkout and basement space. The first phase of the project, which was completed in 2012, included mixed-use office and retail space, including a yoga studio, bakery and dental office, and the third phase, slated to begin soon, will include seven residential units. Developed by Mount Laurel Development the overall project includes the restoration of a historic, colonial structure, the addition of retail space and the construction of 15 townhouse units overlooking Gibbet Hill. Maugel Architects designed the mixed-use project, which was financed by Bank of New England.

November 19, 2015

Industrial Massachusetts Northeast

Calare Properties Buys 84,000 SF Industrial/Flex Building in Massachusetts

by Amy Works November 18, 2015

CANTON, MASS. — Calare Properties has acquired an 84,000-square-foot industrial/flex building, located at 95 Shawmut Road in Canton, for an undisclosed sum. The facility features flexible space options for companies in search of warehouse, distribution and office uses and offers 22-foot clear ceiling heights, 18 dock doors, one drive-in door and 305 on-site parking spaces. The property is currently fully leased to five tenants, with a remaining average lease term of 5.5 years. The name of the seller was not disclosed.

November 18, 2015

Loans Massachusetts Multifamily Northeast

Federal Capital Partners Provides $14.5M in Construction Financing for 33-Unit Luxury Condos in Boston

by Amy Works November 11, 2015

BOSTON — Federal Capital Partners has provided a $14.5 million senior construction loan for the development of a condominium project located at 170 W. Broadway in South Boston. The loan was funded in partnership with Boston-based The Grossman Companies. KEM Development Co. is developing the project, which will feature 33 one- and two-bedroom luxury condos, including eight penthouses with rooftop decks, below-grade garage parking and 5,000 square feet of ground-floor retail space. Construction began in August and delivery is slated for fourth quarter 2016.

November 11, 2015

Massachusetts Northeast Office

The Davis Companies Taps Margulies Perruzzi Architects to Revitalize Two Office Buildings

by Amy Works November 9, 2015

MEDFORD AND BURLINGTON, MASS. — The Davis Companies has selected Margulies Perruzzi Architects to revitalize and reposition two office building properties. The architectural and interior design firm will upgrade the main entrance, lobby and common areas of One Cabot Road in Medford and One Burlington Business Center in Burlington. Constructed in 1989, One Cabot Road is a 400,000-square-foot office building featuring a full-service cafeteria, fitness facility, abundant power and emergency systems and a generous parking ratio, including 170 executive spaces inside the building. The property is currently 94 percent leased, with approximately 30,000 square feet available and 130,000 square feet becoming available in 2017. One Burlington Business Center is a four-story, 176,000-square-foot office building located adjacent to the Lahey Hospital and Medical Center. The building is occupied by Lahey Hospital and Medical Center and Silverink Communications, among others.

November 9, 2015

Massachusetts Northeast Office Retail

Related Beal Completes Interior Renovations, Adds Six Tenants at Presidents Place in Massachusetts

by Amy Works November 2, 2015

QUINCY, MASS. — Related Beal has completed the interior renovation of Presidents Place, a mixed-use property located at 1250 Hancock St. in Quincy. The renovation program included the modernization of the elevators, common corridors and restrooms; a new lobby and signage; and improvements to the building’s façade and parking garage. In addition to the renovations, Related Beal signed six new tenants to the 350,000-square-foot building: Barnes & Noble Bookstore, Mass Bay Credit Union, The Townshend, Best of Care, Beacon Clinical Research and Jimmy John’s Gourmet Sandwiches. Additional tenants at the property include Quincy College, Harvard Vanguard and Best Doctors. The property is owned and managed by Related Beal in partnership with Boston Andes Capital.

November 2, 2015

Massachusetts Northeast Office

Equus Sells 202,033 SF Office/Retail Property in Boston for $77.5M

by Jaime Lackey October 30, 2015

BOSTON — Equus Capital Partners Ltd., a private equity fund manager, has sold 18 Tremont Street in Boston to an affiliate of DLJ Real Estate Capital Partners for $77.5 million ($384 per square foot). The 12-story, 202,033 square-foot office/retail property was 88 percent leased at the time of sale. Frank Petz and Matt Sherry of Jones Lang LaSalle’s Boston office represented the seller and buyer in the transaction. Equus acquired the property in 2007 on behalf of one of its value-add funds, BPG Investment Partnership VIII and VIIIA LP (a $550 million dollar equity fund), and has since worked to modernize the 100-year-old U-shaped building.

October 30, 2015

Affordable Housing Massachusetts Multifamily Northeast

Second Phase of Affordable Housing Conversion Near Boston Complete

by Jaime Lackey October 29, 2015

LAWRENCE, MASS. — Malden Mills Phase II Loft Five50, which comprises 62 units of affordable housing in Lawrence, is complete. WNC, a national investor in real estate and community development initiatives, provided approximately $12.7 million in low-income housing tax credit (LIHTC) equity to WinnDevelopment to fund the adaptive reuse project that is transforming the historic former Malden Mills manufacturing site into affordable housing. Malden Mills Phase II Loft Five50 delivers a mix of studio, one-, two- and three-bedroom units. Amenities include onsite management, a clubhouse and community area, fitness center, theater, Wi-Fi lounge, laundry facility, playground, picnic area and elevator. Each unit is equipped with air conditioning. WNC also provided $14.4 million in LIHTC equity to help construct the first phase of Malden Mills Loft Five50 in 2012, including 75 units that are fully occupied.

October 29, 2015

Massachusetts Northeast Retail

Linear Buys 35,800 SF Westborough, Mass., Retail Property

by Jaime Lackey October 27, 2015

WESTBOROUGH, MASS. — Linear Retail Properties has acquired 9 West Plaza, located at 1 Oak St. in Westborough. Located at the intersection of Route 9 and Lyman Street, the 35,800-square-foot building located on 5.8 acres features Sleepy’s, Chipotle, FedEx, Hair Cuttery and Gold’s Gym.

October 27, 2015

Massachusetts Mixed-Use Multifamily Northeast Retail

WS Development Acquires 12.5 Acres in Boston’s Seaport District

by Jaime Lackey October 26, 2015

BOSTON — WS Development has acquired a 12.5-acre parcel that spans 10 city blocks and is slated to include 2.8 million square feet of residences, offices, hotels, retail, parks, and community space in Boston. Morgan Stanley and Boston Global Investors (BGI) — long-time development partners of WS Development — sold the parcel for $359 million. The land is located along Seaport Boulevard, Congress Street, and Summer Street. WS Development owns 500,000 square feet of retail on seven adjacent blocks. WS will work with the City of Boston and BGI, which will continue to provide urban planning services, to develop the space.

October 26, 2015

Massachusetts Multifamily Northeast

CBRE/New England Brokers Multifamily Sale in Boston

by Jeff Shaw October 19, 2015

BOSTON — The CBRE/New England Multifamily Capital Markets team brokered the sale of West Square, a 255-unit infill apartment community in the South Boston neighborhood. CBRE/NE represented the seller, a joint venture between Lincoln Property Company and an institutional partner, and procured the buyer, 5514 D Street 320 Boston LLC, an affiliate of Akelius US LLC. Lincoln Property Co. will manage the property. The community was completed in April 2014 and has 33 apartments set aside under inclusionary zoning for residents at 70 percent of area media income. Akelius has also acquired the adjacent property 339 D Street, which comprises 24 apartment units.

October 19, 2015

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