LEXINGTON, MASS. — Linear Retail Properties LLC has acquired the Giroux Building, an 18,228-square-foot multi-tenant retail property in Lexington, for $10.5 million. Located at 1833-1853 Massachusetts Ave., the fully leased property is occupied by Via Lago Restaurant, Yangtze River Restaurant, Eastern Bank and Dellaria Salon. Connie Neville of Sperry Van Ness/Neville & Associates represented the seller, The Giroux Building LP, in the transaction.
NEEDHAM, MASS. — Cushman & Wakefield has brokered the sale of TripAdvisor | Needham, a newly constructed office building located in Needham. An entity controlled by U.S. Realty Advisors LLC purchased the six-story, 280,892-square-foot LEED Gold property for an undisclosed price. The property, which features a café, fitness center, outdoor amphitheater and structured parking, will serve as the global headquarters for TripAdvisor. Robert Griffin, Edward Maher and Matt Pullen of Cushman & Wakefield represented the seller, Normandy Real Estate Partners, in the transaction. Additionally, Jay Wagner and Timothy Hosmer of Cushman & Wakefield placed the acquisition financing with a national life insurance company for the transaction.
GROTON, MASS. — New England Shirdi Sai Parviaar (NESSP) has hired Reading, Mass.-based NM Construction Corp. as general contractor to build the first phase of a Shirdi Sai Baba Temple at 719 Great Rd. in Groton. Designed by BD Nayak Architects, the two-story, 40,000-square-foot temple will be constructed in two phases and, once complete, will be the largest Shirdi Sai Baba Temple in North America. The first phase will include the temple building, a kitchen, a large dining hall and community rooms. The second phase will include three residential units for priests and a 500-seat auditorium. Construction will begin this month, with completion slated for July 2016.
WAKEFIELD, MASS. — Walker & Dunlop has closed a $19.52 million Fannie Mae fixed-rate loan for True North Capital Partners’ acquisition of Wakefield Vista Apartments, a 114-unit property located in Wakefield. The property, which was built in 2013, is located 12 miles north of Boston and features one- and two-bedroom units, with 25 percent of the units set aside for families earning less than 80 percent of the area’s median income. Property amenities include a fitness center, garage parking, in-unit washers and dryers, and a community room with a fireplace and lounge area. Steve Natale and Bill Battaglia led the Walker & Dunlop team that worked with Fannie Mae to structure a 12-year fixed-rate loan with four years of interest-only, with a 77 percent loan-to-purchase price ratio. This is the borrower¹s fifth acquisition in the Boston area.
NORTH ANDOVER AND WALTHAM, MASS. — Burlington, Mass.-based Linear Retail Properties has acquired a three-property retail portfolio, totaling 124,093 square feet, in Massachusetts for $57.5 million. The portfolio includes Eaglewood Shops at 175 Turnpike St. in North Andover, Main Street Marketplace at 1030 Main St. in Waltham and 1036 Main St. in Waltham. Acquired for $34.2 million, the 77,558-square-foot Eaglewood Shops is fully leased to Burtons Grill, Staples, Pier 1 Imports, Jos. A. Bank and Chipotle. The 44,461-square-foot Main Street Marketplace is fully leased and sold for $22.4 million. The adjacent 2,074-square-foot property, 1036 Main Street, was purchased for $850,000. The seller was Ross Hamlin.
NEEDHAM, MASS. — Ultima Hospitality has acquired the Sheraton Needham Hotel, located at 100 Cabot St. in Needham, for an undisclosed price. The 247-room hotel recently underwent an extensive renovation. The new guest rooms feature Sheraton Sweet Sleeper beds, complimentary WiFi, individual climate control and 37-inch LCD televisions. Additionally, the hotel features a fitness center, heated indoor pool, Link Café and Bar, and 15,000 square feet of flexible meeting and event space. The name of the seller was not released.
BURLINGTON, MASS. — A joint venture between National Development, AEW Capital Management and Charles Rivers Realty Investors is rebranding New England Executive Park in Burlington, which the partnership acquired in June 2013, as The District Burlington. The rebranding is part of a multi-phase redevelopment to revamp the 13-builting complex into a walkable, urban-style destination. The planned redevelopment will include a 170-room hotel, restaurant and retail space and a 350-car parking garage, as well as upgrades and renovations for select buildings to create state-of-the-art workspace. Scheduled to begin this summer, the upgrades include the construction of a new parking structure, renovation of Building 7, which will consist of a 54,000-square-foot addition to create 80,000 square feet of modern workspace, a green roof deck and glass exterior that will form the new terminus to the main street. Additional enhancements will include walking trails and utility, paving, lighting, signage and landscape improvements throughout the buildings and along the frontage. The complex features a build-to-suit opportunity of up to 180,000 square feet. AEW owns the property on behalf of the AEW Core Property Trust (U.S.), an open-end core real estate fund. Jones Lang LaSalle is the leasing agent for the property. The project team …
LITTLETON, MASS. — Marriott has broken ground on Courtyard by Marriott at The Point, a $100 million, 540,000-square-foot mixed-use retail destination in Littleton. The four-story hotel will feature 115 rooms with flexible workspaces, casual meeting space, a business center, a 24/7 market, free WiFi, GoBoard Touchscreens, a breakfast area, gym, pool, outdoor courtyard seating and a first-floor restaurant. The hotel joins O’neil Cinemas, The Paper Store and numerous restaurants at The Point. The Courtyard by Marriott is slated to open in Spring 2016. Boston-based Sam Park & Co. is developing The Point, a mixed-used retail center in Boston’s MetroWest area.
LITTLETON, MASS. — MA Littleton Land LLC, a joint venture between an affiliate of Braintree, Mass.-based Condyne Investment Fund II and New York City-based Square Mile Capital Management, has broken ground for a 450,000-square-foot build-to-suit fulfillment center for Potpourri Group. The building is slated to be fully operational in the first half of 2016. Potpourri, a multi-channel direct-to-consumer retailer, will relocate and expand its fulfillment center to the new facility at 3 Distribution Center, in Littleton. The facility will feature a 150-person call center, warehouse space, 400 automobile parking spaces, 18 shipping and receiving docks, 14 trailer staging bays, an emergency generator and racked mezzanine pick levels. Greg Zais and Neil Ross of Jones Lang LaSalle Boston represented Potpourri both on its national site search and documentation, while Deborah Tamulis of Thomson Partners Boston represented Littleton Land LLC in the deal.
MARLBOROUGH, MASS. — CBRE/New England has brokered the sale of Shops at the Pond, a retail property located in Marlborough. RK Center acquired the property for $21.1 million from Kimco Realty Corp. The 104,125-square-foot center is fully occupied by a variety of tenants, including DSW, Best Buy, EMS, Olive Garden and Pure Hockey. Chris Angelone, Bill Moylan and Nat Heald of CBRE/NE represented the seller and buyer in the transaction.
