Massachusetts

Fantini & Gorga Arranges $13.4M Construction Loan for Boston Multifamily Development

by Amy Works August 10, 2015

BOSTON — Fantini & Gorga has arranged a $13.4 million construction loan for the development of a multifamily property located at 900 Beacon St. in Boston’s Audubon Circle neighborhood. Upon completion, the property will feature 28 market-rate apartments and four affordable units, as well as 4,340 square feet of ground-floor retail space. Additional on-site amenities include underground parking for 30 vehicles and an outdoor patio area to be used by the commercial tenants. Casmir Groblewski, Tim O’Donnell and Despina Hatzipetrou of Fantini & Gorga arranged the financing for the undisclosed developer. The lender is a Massachusetts-based financial institution.

August 10, 2015

Massachusetts Northeast Office

JV Acquires 182,000 SF Laboratory/Office Building in Waltham for $104.2M

by Amy Works August 6, 2015

WALTHAM, MASS. — A joint venture between King Street Properties and Carlyle Group has acquired a laboratory and office building located at 830 Winter St. in Waltham. Intercontinental Real Estate Corp. sold the 182,000-square-foot property for $104.2 million, or $572 per square foot. Built in 2000, the property is designed to accommodate both chemical and biological laboratories. Additional on-site amenities include a full-service cafeteria, outside seating, conference facilities and structured parking. The property was fully leased at the time of sale to tenants including Histogenics Corp., GlaxoSmithKline and ImmunoGen Inc. Chris Skeffington, John Lasher, Roy Sanderman, Jon Varholak and Steve Purpura of Transwestern|RBJ represented the seller and procured the buyer in the transaction.

August 6, 2015

Massachusetts Northeast Office

John Hancock Proposes $350M Redevelopment Project in Boston’s Back Bay

by Amy Works August 6, 2015

BOSTON — John Hancock has filed a letter of intent with the Boston Redevelopment Authority to design and construct an office building in Boston’s Back Bay neighborhood. The $350 million project proposal calls for a 26-story, 625,000-square-foot Class A office tower at 380 Stuart St. If approved, the construction is slated to commence in late 2016, with projected completion date of early 2019. Skidmore Ownings & Merrill and CBT Architects are providing architectural services and Colliers International is serving as project manager for the proposed project.

August 6, 2015

Massachusetts Multifamily Northeast

CBRE/New England Arranges Sale of 115-Unit Apartment Community in Brookline

by Amy Works August 4, 2015

BROOKLINE, MASS. — CBRE/New England has brokered the sale of 1443 Beacon Street, an apartment community located in Brookline, a southwest suburb of Boston. Brookline Associates LP sold the 115-unit property to 1443 Beacon LLC, an affiliate of Boston-based Chestnut Hill Realty, for an undisclosed sum. Built in 1979, the market-rate property offers a mix of one-, two-, three- and four-bedroom layouts, with an average apartment size of 928 square feet. The property also features two commercial medical suites, 122 garage parking spaces, a community room, patio area, sundeck, pool and fitness center. Simon Butler and Biria St. John of CBRE/NE represented the seller in the transaction.

August 4, 2015

Massachusetts Northeast Retail

Bierbrier Development Sells Montello Plaza in Brockton for $18.7M

by Amy Works August 3, 2015

BROCKTON, MASS. — Bierbrier Development has completed the disposition of Montello Plaza, a freestanding retail property located at the intersection of routes 28 and 37 in Brockton. VEREIT, successor to American Realty Capital, acquired the 64,500-square-foot property for $18.7 million. The property is occupied by Stop & Shop. Frank Giso and David Currie of Choate, Hall & Stewart represented Bierbrier Development. VEREIT handled the transaction on behalf of the entity owner, Cole Credit Property Trust IV Inc. Todd Trombley and Robert Horwath of Marcus & Millichap brokered the transaction.

August 3, 2015

Florida Hospitality Massachusetts Northeast

Chatham Lodging Trust Acquires Two Hotels for $55.5M

by Amy Works July 31, 2015

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.

July 31, 2015

Industrial Massachusetts Northeast Retail

Colliers Arranges Two Land Sales Totaling $20.8M in Massachusetts

by Amy Works July 27, 2015

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.

July 27, 2015

Massachusetts Northeast Retail

Cushman & Wakefield Brokers Sale of Highlands Plaza in Massachusetts

by Amy Works July 21, 2015

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.

July 21, 2015

Massachusetts Northeast Office

Hobbs Brook Management Completes Office Renovation in Suburban Boston

by Amy Works July 20, 2015

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.

July 20, 2015

Industrial Massachusetts Northeast

Avison Young Arranges $2.9M Industrial Property Sale in Massachusetts

by Amy Works July 20, 2015

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.

July 20, 2015

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