BOSTON — Berkshire Income Realty has acquired Gatehouse 75, an apartment community located in the Charlestown neighborhood of Boston. Metric Corp. sold the 99-unit Class A apartment community for an undisclosed price. Completed in 2014, Gatehouse 75 features a clubroom, fitness center and roof deck, as well as underground parking. Additionally, the property is located near Boston’s North End, Financial District, Government Center, Cambridge and Somerville neighborhoods.
While it was unfortunate to see retail vacancy in Eastern Massachusetts on the upswing during 2014, it was more than offset by new retail construction as major development resurfaced. At year-end, total retail inventory was 191.6 million square feet, an increase from the prior year of approximately 2.1 million square feet. Vacant retail space in the region was up more than 1.3 million square feet, due to major contractions and liquidations such as Building 19, Dots, and Shaw’s Supermarkets. Net absorption ended the year ahead by 712,500 square feet. The 10 towns with the greatest retail supply remain in place from a year ago with one exception: thanks to new Walmart Supercenter and Sam’s Club locations, Fall River replaced Peabody. The top retail hub is Boston, followed by Cambridge, Natick, Brockton and Framingham. Among communities with at least 500,000 square feet of retail space, five towns broke into the top 10 with lowest vacancy rates: Foxboro, Hingham, Hudson, Danvers, and Everett. Abington remained at the top with a 1.2 percent vacancy rate. Foxborough made the biggest leap — up from 58th last year — as the result of Patriot Place filling significant vacancy, and Ocean State Job Lot opening in …
SALISBURY, MASS. — Marcus & Millichap has brokered the sale of a retail property located at Two Lafayette Road in Salisbury. SPC Acquisition Company LLC purchased the 13,225-square-foot building for $7.4 million from Salisbury Ventures LLC. The property is occupied by CVS, under a 25-year lease with four five-year extension options. Bob Horvath and Todd Tremblay of Marcus & Millichap represented the seller, while Laurie Ann Drinkwater and Seth Richard, also of Marcus & Millichap, represented the buyer in the transaction.
BOSTON — Fantini & Gorga has arranged $7 million in permanent financing for a mixed-use portfolio in the John Eliot Square section of Roxbury, a neighborhood in Boston. The financing was arranged on behalf of Roxbury Highland LLC with a major regional financial institution. The four-property portfolio consists of 52 apartments and two commercial spaces, totaling 33,000 square feet of rentable space. Tim O’Donnell and Jason Cunnane of Fantini & Gorga arranged the financing.
WATERTOWN, MASS. — Spear Street Capital has selected CBT Architects to reposition its 200,000-square-foot Riverworks property in Watertown. CBT Architects plans to transform the three historic mill buildings into an integrated office campus. The company will renovate and upgrade the common areas, including the courtyard, lobby and café; upgrade signage; and perform general architectural services for the property, such as space planning. CBT’s design for the property blends a mix of modern and traditional materials and motifs to create inviting and attractive spaces. The project includes work on the main entrance/arrival area, lobby, common hallways and elevator lobbies and fitness center, as well as the café and dining spaces located along the Charles River.
PEABODY, MASS. — Waltham, Mass.-based Vantage Builders Inc. has completed a 55,000-square-foot renovation project for Omnicare Inc. Located at Two Technology Dr. in Peabody, the $1.3 million project includes the creation of new office, pharmacy and shipping/receiving space for the company. The first phase of the project was an interior gut of the building, including the removal of pre-existing offices and structural walls. Additionally, the work included a completely new electrical distribution and lighting, mechanical and plumbing work and new VCT flooring. The office build-out encompassed 16,000 square feet and created a dozen new offices and rooms for cubicles. The new space also includes a lunchroom and high-tech training center with room for 40 trainees. The 22,000-square-foot pharmacy area offers ample room to Omnicare’s staff and robotics equipment, while the shipping area offers 22-foot clear heights and a built-in ramp. Vantage also installed a new HVAC system for the property. The project team included PFB Architects Inc. and Melling Engineering. The building, which is part of Centennial Park, is owned by Combined Properties.
BRAINTREE, MASS. — Bierbrier Development has purchased South Shore Plaza, a shopping center located at the corner of Routes 128 and 37 in Braintree. Carpenter & Co. sold the property for $41.5 million. The 45,000-square-foot retail property is fully occupied by a variety of local and national tenants, including Legal Sea Foods, Starbucks, AT&T, Jos. A. Bank and TGI Friday. Brian Corcoran of Ackman-Ziff arranged $29.6 million in acquisition financing through Wells Fargo for the transaction. Ben Sayles and Coleman Benedict of HFF represented the seller in the deal.
BOSTON — Arbor Commercial Mortgage has funded a $2.4 million loan for Adams Court Apartments, located at 415 River St. in Boston’s Mattapan neighborhood. Secured under the FHA 223(f) Loan product line, the 35-year refinance loan features a 35-year amortization schedule. The 50-unit property features laundry facilities in each building, off-street parking and balconies for most non-ground-level apartments. Ryan Duff of Arbor’s Boston office originated the loan for the undisclosed borrower.
BOSTON — A partnership between Westmont Hospitality Group and Thomas Tan, a member of the Bestford Hospitality Group, has acquired Battery Wharf Hotel, which is part of a mixed-use development in Boston’s North End, for an undisclosed price. Located on the Boston Waterfront, the property features the 150-room hotel, the 13,000-square-foot Exhale Spa, a pocket Maritime Museum, a 24-hour observation deck and more than 15,000 square feet of retail and restaurant space. The buyers plan to upgrade the hotel with new facilities and services. The hotel features 6,000 square feet of meeting space, a fitness center and Aragosta Bar & Bistro. Additional terms of the transaction were not released. Located on the Boston Waterfront, the 150-room Battery Wharf Hotel features a Presidential Suite (pictured).
ANDOVER, MASS. — Wood Partners LLC has broken ground on a mixed-income rental community on the former site of the Rolling Green Golf Course on Wood View Way in Andover. The 224-unit development will include 134 one-bedroom units, 70 two-bedroom units and 20 three-bedroom units, 56 of which will be affordable units. Leasing is expected to being in April 2016 and construction is slated for completion in July 2016. Interior finishes will include granite countertops, stainless steel appliances, wood cabinets, upgraded lighting and plumbing fixtures and wood-plank style flooring. Additionally, each residential building will include a fitness center with cardio and weigh-training and yoga/stretching space. The community clubhouse will feature gaming and media functions, wireless connectivity, a coffee bar and serving kitchen. Other on-site amenities include a saltwater pool, expansive sundeck, two courtyards with grilling stations and outdoor dining space, a multi-use recreational field, half basketball court, children’s outdoor play equipment and a dog park. The property will be managed by Wood Residential Services, Wood Partners’ property management division. WP East Builders is the general contractor, BlackRock is the equity partner, and Chelsea, Mass.-based The Architectural Team designed the community.