Massachusetts

OGR Tewksbury Buys 56-Unit Multifamily Community for $10M

by Amy Works December 19, 2014

TEWKSBURY, MASS. — OCR Tewksbury, an affiliate of Ocean Gate Realty Advisors, has purchased a multifamily community located at 1535 Main St. in Tewksbury, a suburb of Boston. The 56-unit, garden-style property sold for $10 million. Simon Butler and Biria St. John of Cushman & Wakefield/New England represented the seller, Omni Properties, in the transaction. East Boston Savings Bank arranged financing for the acquisition. Ocean Gate Realty Advisors is a privately held real estate investment company with offices in Boston and New York City.

December 19, 2014

Massachusetts Northeast Office

Design Complete for Boston’s One Channel Center

by Amy Works December 15, 2014

BOSTON — ADD Inc., now with Stantec, has completed the design for One Channel Center, the final phase of the Commonwealth Ventures’ 2.1 million-square-foot Channel Center in Boston. The eleven-story, 500,000-square-foot One Channel Center will be home to 4,000 employees of State Street Bank and is part of a multi-building master plan that includes a new two-acre park and a ten-level, 900-car garage. Located at One Iron St., the $175 million project features a two-story lobby and various green elements, including continuous insulation on the facades, efficient mechanical systems, recycled and local materials, and low VOC materials. The building is expected to attain LEED Silver certification upon completion. ADD Inc. recently joined Stantec’s Buildings Group, a team of more than 2,500 design and allied professionals.

December 15, 2014

Massachusetts Multifamily Northeast

Marcus & Millichap Brokers Two Apartment Building Sales Totaling $1.85M

by Amy Works December 15, 2014

MALDEN AND EVERETT, MASS. — Marcus & Millichap has brokered the sale of two apartment buildings in Malden and Everett. The properties are the six-unit building at 78 Florence St. in Everett and the seven-unit building at 23-27 Cedar St. in Malden. The properties sold for $1.85 million total. Evan Griffith of Marcus & Millichap’s Boston office represented the sellers, two private investors, and procured the buyers, also private investors, in the transaction.

December 15, 2014

Massachusetts Multifamily Northeast Seniors Housing

Tryko Partners Buys Seniors Housing Campus in Holyoke, Mass.

by Amy Works December 11, 2014

HOLYOKE, MASS. — Brick, N.J.-based Tryko Partners has acquired the Mont Marie skilled nursing and age-restricted affordable housing campus in Holyoke. The Sisters of St. Joseph of Springfield (SSJ Springfield) sold the property for an undisclosed price. The 52-acre property includes the 84-bed Mont Marie Health Care Center, as well as the Mont Marie Senior Residence and St. Joseph Residence, which offer a total of 80 senior HUD rental units. The purchase was financed through CapitalSource. SSJ Springfield will retain use of the property’s chapel and cemetery through a lease agreement with Tryko.

December 11, 2014

Massachusetts Multifamily Northeast Seniors Housing

LCB Senior Living Opens The Residence at Riverbend in Massachusetts

by Amy Works December 9, 2014

IPSWICH, MASS. — LCB Senior Living has opened The Residence at Riverbend, located at 149 Country Road in Ipswich. The seniors housing property features 53 studio, one-bedroom and two-bedroom units for traditional independent and assisted living, and 22 studio and shared memory-care living apartments. Situated on the former Riverbend Estate along the Ipswich River, the community offers 24-hour security, on-site laundry and cleaning services, a restaurant, an activities program, and building and grounds maintenance. Peabody, Mass.-based Congress Building Corp. provided construction management services for the 75-unit, 73,674-square-foot facility. The developers have conveyed approximately 3 acres of the original 15.5-acre site to the town and the Ipswich River Watershed Association (IRWA) as conservation land along the riverfront. Additionally, IRWA has been granted access to a wetland area of the site for public educational purposes. Norwood, Mass.-based LCB Senior Living was founded in 2010 by the management team of the former Newton Senior Living LLC.

December 9, 2014

Massachusetts Northeast Office

Jamestown Acquires 220,000 SF Davenport Building in Cambridge

by Amy Works December 8, 2014

CAMBRIDGE, MASS. — Jamestown, a national real estate and investment firm, has acquired the Davenport building in Cambridge from DivcoWest for an undisclosed price. The property was originally constructed in 1860 as the Davenport Furniture Factory. In 1987 the seven adjoining buildings were renovated to function as a single four-story, 220,000-square-foot office building. Recently the building underwent an $18 million capital improvements program to bring the property to modern standards. The property is currently fully leased to seven tenants: HubSpot, Sonos, PowerSteering Software, npg, Nimbus, Atlas Venture and Manta. Robert Griffin, Edward Maher and Matt Pullen of Cushman & Wakefield of Massachusetts brokered the transaction.

December 8, 2014

Market Reports Massachusetts Multifamily Northeast Northeast Market Reports

Increase in Supply and Rents Follow Rising Demand in Boston Apartment Market

by Jaime Lackey December 3, 2014

The Boston apartment market ranked among the nation’s top cities for revenue growth throughout much of 2013 and 2014. Apartment developers took note of the region’s strong revenue performances and construction levels ramped up, reaching over 7,000 units during the past four quarters. Construction has remained elevated and supply volumes have increased, but not outpacing demand of more than 8,000 units per year. The new luxury apartments provide a lifestyle that is very attractive and, in many cases, comparable to condominium living for would-be buyers who are now renting when faced with few options for buying the limited supply of new condominiums. Luxury apartments offer an excellent alternative and a lifestyle experience that is more akin to condo living than what previous rental buildings offered. Boston has needed new rental inventory for some time now, given that 60 percent of the existing apartment inventory was built prior to 1980. Many of the new luxury buildings feature condo-style finishes, state-of-the-art amenities and services, windows that open, high ceilings, and updated systems. These new buildings also offer a greater variety of floor plans that better address the needs of millennials and professionals who are flocking to downtown Boston for jobs and social …

December 3, 2014

Massachusetts Northeast Office

Spear Street Capital Sells Marlborough Corporate Center for $25.55M

by Amy Works December 2, 2014

MARLBOROUGH, MASS. — Spear Street Capital has completed the disposition of Marlborough Corporate Center, which is located at 377 Simarano Dr. in Marlborough. A private trust controlled by a principal of IPG Photonics purchased the office building for $25.55 million. Built in 1998, the 156,630-square-foot building features a cafeteria and is 30 minutes west of downtown Boston. IPG, a provider of high-power fiber lasers and fiber amplifiers, is a current tenant of the building. David Pergola and Brian Doherty of Cassidy Turley represented the seller in the transaction.

December 2, 2014

Massachusetts Northeast Retail

Marcus & Millichap Brokers $11.34M Sale of CVS/pharmacy in Massachusetts

by Amy Works December 2, 2014

SAUGUS, MASS. — Marcus & Millichap has brokered the sale of a 24-hour CVS/pharmacy location in Saugus. The property sold for $11.34 million, or $879 per square foot. Built in 2008, the property is situated on 1.27 acres at 1075 Broadway St. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a national net-lease investor; Steven Siegel, also of Marcus & Millichap, represented the buyer. Jennifer Athas of Marcus & Millichap is the firm’s broker of record in Massachusetts.

December 2, 2014

Industrial Massachusetts New Hampshire Northeast

RAM Acquires Two Industrial Properties in Merrimack Valley for $21.2M

by Amy Works November 25, 2014

HUDSON, N.H., and CHELMSFORD, MASS. — The RAM Companies has acquired two industrial properties in Merrimack Valley for $21.2 million. The properties are 267 Lowell Road in Hudson and 25 Industrial Avenue in Chelmsford. The 121,533-square-foot property on Lowell Road features lab, clean room space and 401 parking spaces. Additionally, the property recently underwent renovations for its long-term Mercury Systems and Vectron Corp. The 48,734-square-foot property in Chelmsford is fully leased to a variety of tenants, including Comcast and CDM Smith. Dog Jacoby of Colliers Commercial Real Estate brokered the transaction and arranged debt financing through CIBC Bank for the deal.

November 25, 2014

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