DEDHAM, MASS., AND FT. LAUDERDALE, FLA. — Chatham Lodging Trust has acquired two hotels from Claremont Cos. for $55 million, or approximately $298,000 per room. The company purchased the 81-room Residence Inn Boston in Dedham, which recently underwent a $2 million renovation program, and is under contract to acquire the 105-room Residence Inn Fort Lauderdale Intracoastal/Il Lugano in Fort Lauderdale. The 14-story property was converted from a Il Lugano Hotel and Residences to a Residence Inn in 2014. Both properties will be managed by Island Hospitality Management.
WESTWOOD AND NEWTON, MASS. ¬— The Boston office of Colliers International has arranged two commercial land sales totaling $20.8 million. In Westwood, Prime Auto Group acquired 12 acres at 375 Providence Highway for $16.3 million. The buyer plans to develop three car dealerships on the site. In Newton, Dinosaur Capital Partners purchased three acres at 70 Rowe St. for $4.5 million. The buyer plans to develop a Verizon facility on the site. James Elcock of Colliers facilitated both transactions. The names of the sellers were not disclosed.
EASTON, MASS. — Cushman & Wakefield has brokered the sale of Highlands Plaza, a retail property in Easton. Ohio-based Phillips Edison & Co. acquired the 112,869-square-foot property for an undisclosed price. At the time of acquisition, the Hannaford-anchored shopping center was 94 percent occupied. Robert Griffin, Geoffrey Millerd and Justin Smith of Cushman & Wakefield represented the seller, Boston-based Samuels & Associates.
WALTHAM, MASS. — Hobbs Brook Management LLC has completed the renovation and sustainable upgrade to an office building located at 610 Lincoln St. North in Waltham. Intended for single- or multi-tenant occupancy, the property features flexible floor plans, on-site dining, multiple amenities and access to the Forefront Conference Center. Designed by Margulies Perruzzi Architects, the renovated building includes 86,169 square feet of highly efficient office space on three floors, ample parking and front-desk security. The lobby features a two-story glass vestibule. Some 6,000 square feet of additional office space was created by lowering the building grade and moving mechanical equipment to the roof. Slated to achieve LEED Silver certification, the property, which is located within Hobbs Brooks Office Park, features a new HVAC system, windows, electrical systems and fireproofing. The project team includes Columbia Construction Company, Studio 2112, AHA Consulting Engineers, Souza True & Partners, H.W. Moore Associates and Entegra.
SHARON, MASS. — Avison Young has brokered the sale of an industrial/flex property located at 6 Merchant St. in Sharon. Franchi Merchant Street LLP acquired the property for $2.9 million, or $97 per square foot, from Legacy Real Estate Ventures. The 30,300-square-foot property is fully leased to six tenants. Michael Smith, Scott Jamieson, Brandon Dickason and Bill Sullivan of Avison Young represented the seller in the transaction.
FRAMINGHAM, MASS. — NorthMarq Capital has secured $1 million in acquisition financing for a 21,940-square-foot warehouse/office property located at 223 Arlington St. in Framingham. The loan, which was provided by a local bank, features a fully amortizing 20-year term. Ed Reikstins of NorthMarq’s Boston office arranged the financing for the undisclosed borrower.
NORWOOD, MASS. — Summit Hotel Properties Inc. has acquired the Hampton Inn Boston-Norwood, a 139-room hotel located at 434 Providence Hwy. in Norwood for $24 million. The company plans to spend $2.3 million on capital improvements, which will include a conversion to a Hampton Inn & Suites by Hilton, at the property during the second half of 2016. Additionally, the company has entered into a management agreement with Interstate Hotels & Resorts to manage the property. The name of the seller was not released.
CAMBRIDGE, MASS. — Hunt Mortgage Group has secured a $2.3 million Freddie Mac loan for the refinancing of a multifamily property located in Cambridge. The borrower is Agora Market Street LLC. Located 19-25 Market St., the 16-unit property comprises three-bedroom/one-bathroom units and is 100 percent occupied. Hayley Suminski of Hunt Mortgage negotiated the financing.
EASTON, MASS., ANN ARBOR, MICH., AND MODESTO, CALIF. — Phillips Edison Grocery Center REIT II has acquired three grocery-anchored shopping centers in Massachusetts, Michigan and California. The REIT acquired Highlands Plaza, a 112,869-square-foot Hannaford-anchored shopping center in Easton. Additional tenants include TJ Maxx, Liberty Mutual and Supercuts. The company also acquired Crossroads Towne Center, a 102,275-square-foot Kroger-anchored center in Ann Arbor, and Central Valley Marketplace, an 81,897-square-foot PAQ Food 4 Less-anchored center in Modesto. The acquisition price and name of the seller were not released.
MIDDLEBOROUGH, MASS. — Braintree, Mass.-based Campanelli Construction has completed a 63,000-square-foot renovation of the formerly vacant Cranberry Specialty/St. Luke’s Hospital in Middleborough. The renovation transformed the property into the 72-bed High Point Hospital, a state-of-the-art psychiatric hospital for High Point Treatment Center. High Point currently operates inpatient and outpatient programs in Plymouth, Brockton, New Bedford and Taunton, Mass. The new hospital will create 200 jobs, including physicians, nurses, clinicians, maintenance staff, housekeepers, dietary, mental health and administrative staff, for the area.