Massachusetts

JV Plans $26M Apartment Complex in Boston’s Allston Neighborhood

by Amy Works February 4, 2015

BOSTON — The Grossman Companies and The Waypoint Companies have partnered to acquire a 0.7-acre land site that has been permitted for an 80-unit apartment complex in Boston’s Allston neighborhood for $3.5 million. The joint venture is seeking investors willing to provide 58 percent of the equity to acquire the land, which is located at 61-89 Braintree St., and fund soft costs until it either sells the permitted land or closes on a construction loan. The $26 million 61-89 Braintree Street project will be the largest modular construction project in the city. The project was designed and permitted to use modular construction to ensure quality control, a fast-track construction schedule, greater energy efficiency and the reduction of excess materials.

February 4, 2015

Industrial Massachusetts Northeast Office

IPG Photonics Acquires Three Buildings for $32.4M Total in Marlborough

by Amy Works January 29, 2015

MARLBOROUGH, MASS. — IPG Photonics has acquired three buildings, totaling 269,000 square feet, in Marlborough. The total purchase price for the properties was $32.4 million. The acquisitions include 156,630 square feet at 377 Simarano Dr. for $25.6 million and a two-building campus located at 257 and 259 Cedar Hill St. for $6.8 million. IPG immediately occupied 12,000 square feet at 377 Simarano Dr. and plans to expand into the balance of the property as space becomes available. IPG is retrofitting the facility at 257 and 259 Cedar Hill St. and plans to move into the property in the second quarter of 2015. IPG Photonics currently occupies approximately 500,000 square feet in nearby Oxford, Mass., and needs additional space to expand its operations. David Stubblebine and James Stubblebine of The Subblebine Company/CORFAC International represented IPG in the transaction.

January 29, 2015

Massachusetts Northeast Office

Columbia Property Trust Buys 274,218 SF Boston Office Building for $152M

by Amy Works January 19, 2015

BOSTON — Columbia Property Trust has purchased an office building located at 116 Huntington Ave. in Boston’s Back Bay submarket. Broadway Partners, advised by Soundport Capital LLC, sold the 274,218-square-foot property for $152 million. Constructed in 1991, the 15-story building offers views of the Back Bay, Seaport and South End submarkets, as well as the Charles River. Coleman Benedict, Ben Sayles and Patrick McAneny of HFF marketed the property for the seller and procured the buyer in the transaction.

January 19, 2015

Massachusetts Northeast Office

The Davis Companies Sells Six-Story Office Building in Boston’s Seaport District

by Amy Works January 16, 2015

BOSTON — The Davis Companies has completed the disposition of an office building located at 24 Farnsworth St. in Boston’s Seaport District. Unitarian Universalist Association (UUA), the lead tenant, acquired the property through a previously negotiated lease-to-purchase agreement for an undisclosed price. UUA will relocate its headquarters from Boston’s Beacon Hill neighborhood to the six-story, 74,554-square-foot property. The building offers open floor plans and abundant natural lighting. An investment fund of The Davis Companies originally purchased the mortgage note on the property in May 2012, when the building was only 14.5 percent leased. Within 10 months of the mortgage note acquisition, The Davis Companies brought the property to full occupancy when UUA agreed to move its headquarters to the building. UUA is now exercising its option to purchase, which was part of its new 10-year lease for the remainder of the building.

January 16, 2015

Massachusetts Mixed-Use Northeast

The Pebbles Corp. Selected to Develop $330M Mixed-Use Project in Boston

by Amy Works January 15, 2015

BOSTON — The Pebbles Corp. has been selected to develop its first project in Boston. The firm was selected by MassDot and Massachusetts Bay Transportation Authority (MBTA) to develop a mixed-use project at Turnpike Air Rights Parcel 13, located at the intersection of Boylston Street and Massachusetts Avenue in Boston’s Back Bay neighborhood. Along with Handel Architects and Utile Inc., a Boston-based think tank, Pebbles has proposed The Viola Back Bay, a $330 million, 390,000-square-foot mixed-use development for the site. The proposed plans include a 156-key boutique hotel, 88 condominiums with unobstructed views of the Charles River, 85 residential apartments, 20,000 square feet of retail and 138 on-site parking spaces. The transit-oriented property will be accessible by Hynes Station and offer ground-floor access via a new entrance on Boylston Avenue. HDR Inc., an architecture and engineering firm specializing in transit projects, will serve as station designer for the project. Parcel 13 encompasses approximately 54,500 square feet of air rights over the Massachusetts Turnpike and portions of the MBTA Green Line tunnel across the street the from Hynes Convention Center. Construction is expected to commence in 24 to 36 months pending the approval process.

January 15, 2015

Massachusetts Multifamily Northeast

Marcus & Millichap Brokers Sale of 24-Unit Apartment Complex in Massachusetts

by Amy Works January 14, 2015

FALL RIVER, MASS. — Marcus & Millichap has brokered the sale of Jencks/Flint Street Apartments, a multifamily complex located at 311 Jencks St., 322 Flint St. and 309 Flint St. in Fall River. A limited liability company purchased the 24-unit property for $1.1 million. The property features 18 two-bedroom units, six one-bedroom units, laundry facilities in each building and off-street parking. Tony Pepdjonovic of Marcus & Millichap’s Boston office represented the seller, a private investor, and secured the buyer in the transaction, which closed with a 9.69 percent cap rate.

January 14, 2015

Loans Massachusetts Multifamily Northeast

HFF Arranges $50.15M Sale, $21.2M Financing for 136-Unit Massachusetts Multifamily Property

by Amy Works January 13, 2015

BROOKLINE, MASS. — HFF has arranged the $50.15 million sale of a 136-unit multifamily property located at 1440 Beacon St. in the Coolidge Corner neighborhood of Brookline. Additionally, the firm arranged $21.2 million in financing for the acquisition. HFF marketed the property for the seller, a joint venture between Westbrook Partners and Nordblom Co. An affiliate of Visconsi Cos. Ltd. purchased the asset, which will be managed by Samuel & Associates. The 15-year, fixed-rate acquisition loan was arranged through New York Life Real Estate Investors. The transit-oriented residential community, which has direct access to MBTA’s Green Line, features a mix of studio and one-bedroom apartments. On-site amenities include a parking garage, patio area with gas grills, and a fitness center. Mark Campbell, Coleman Benedict, Ben Sayles and Jackie Meagher of HFF represented the seller in the deal. Greg LaBine, also of HFF, led the firm’s debt placement team that arranged the financing.

January 13, 2015

Loans Massachusetts Northeast Retail

NorthMarq Capital Arranges $10.3M in Refinancing for Massachusetts Retail Property

by Amy Works January 12, 2015

MILFORD, MASS. — NorthMarq Capital has arranged $10.3 million in refinancing for Quarry Place II, a retail property located at 99-103 Cedar St. in Milford. The 55,000-square-foot property is anchored by The Sports Authority. The transaction was structured with a 10-year term and 25-year amortization schedule. Joseph Hegenbart and Ryan Demadis of NorthMarq Capital’s Boston office arranged the financing for the borrower, Quarry Place II LLC, through NorthMarq’s relationship with a regional bank.

January 12, 2015

Loans Massachusetts Northeast Office

HFF Closes $150M Financing for 125 Summer St. in Boston’s Financial District

by Amy Works December 19, 2014

BOSTON — HFF has placed a $150 million mortgage on 125 Summer St., a Class A office tower in Boston’s Financial District. Located along the Rose Kennedy Greenway, the 475,303-square-foot, transit-oriented property offers access to the MBTA and commuter rail lines via South State Station. Additionally, the 22-story property features below-grade parking for 273 vehicles, a Bright Horizons daycare and a Starbucks. HFF worked on behalf of the borrower, Oxford Properties Group, to secure the fixed-rate loan through Guggenheim Commercial Real Estate Finance LLC. Oxford acquired the property as part of a larger officer portfolio in September. Riaz Cassum, John Fowler and Patrick McAneny of HFF represented the borrower in the transaction.

December 19, 2014

Massachusetts Northeast Office

Roseview-PMRG Fund I Acquires Cambridge Office Building for $41.5M

by Amy Works December 19, 2014

CAMBRIDGE, MASS. — Roseview-PMRG Fund I has acquired 100 CambridgePark Drive, a Class A office building located in Cambridge, from Transatlantic Investment Management. The five-story, 135,572-square-foot property sold for $41.5 million. Constructed in 1992, the brick-clad office building features 27,100-square-foot floor plates and is leased to various tenants, including Cambridge Systematics, Cambridge Savings Bank, ICF International and Modo Labs. Roseview-PMRG plans to invest several million dollars to reposition the property, including renovating the lobby and other common areas. Roseview-PMRG Fund I is a $250 million discretionary fund formed by PM Realty Group and The Roseview Group in July 2014 to acquire and reposition office properties across the United States. The acquisition of 100 CambridgePark is the fund’s first purchase.

December 19, 2014

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