WESTBOROUGH, MASS. — Ultima Hospitality has acquired the DoubleTree by Hilton Hotel Boston – Westborough in Westborough, approximately 35 miles form downtown Boston, for an undisclosed price. The 223-room hotel features 13,300 square feet of meeting space, a full bar and restaurants and an indoor pool. The property recently underwent a renovation of its common areas and Ultima plans to renovate the guestrooms. The name of the seller was not released.
WORCESTER, MASS. — CBRE/New England has arranged the sale of Plantation Ridge, a multifamily property located in Worcester. TGM Plantation Ridge sold the 330-unit property to Audubon Plantation Ridge LLC, an affiliate of Boston-based Audubon Capital Partners, for an undisclosed price. Built in 2004, the property offers a mix one- and two-bedroom layouts, averaging 959 square feet. Community amenities include a freestanding community center, business center, pool and fitness center, as well as 30 underground parking spaces and 52 detached garages. Simon Butler and Biria St. John of CBRE/NE represented the seller in the transaction.
HAVERHILL, MASS. — C-F Cold Storage has acquired a climate-controlled industrial property located at 10 Creek Brook Dr. in Haverhill. Marwick Associates sold the 108,689-square-foot property for $12.2 million. The property features a state-of-the-art refrigeration system, 34-foot clear heights and highway access. James Stubblebine and David Stubblebine of The Stubblebine Company/CORFAC represented the buyer, while Mark Reardon and Jason Levendusky of CBRE/New England represented the seller in the transaction.
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 …