BURLINGTON, MASS. — Sophos, a developer and vendor of computer security software and hardware, has leased 42,000 square feet of office space at 3 Van de Graaff Drive in Burlington. The company will use the space for its regional headquarters. Built in 1999 and fully renovated in 2007, the four-story property offers 295,000 square feet of office space. On-site amenities include a cafeteria, fitness center, an open courtyard and conference center. John Boyle, Ryan Romano and Kevin McNamara of Cassidy Turley represented Sophos in the 10-year deal. Steven Murphy of CBRE represented the landlord.
Massachusetts
CLINTON, MASS., AND BELFAST, MAINE — The Boulder Group has brokered the sale of a Walgreens portfolio of five single-tenant, net-leased properties. The properties sold for $39 million. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer, a Midwest-based institutional investment firm, and the seller, a Midwest-based private partnership, in the transaction. The portfolio is comprised of 720 Main Street, Clinton, Mass.; 32 Main Street, Lakeville, Mass.; 268 Main Street, Belfast, Maine; 1112 Civic Center Drive, Rochester, Minn.; and 1537 Charleston Highway, West Columbia, S.C.
BOSTON — Roseland, a subsidiary of Mack-Cali Realty Corp., in partnership with the Massachusetts Port Authority (Massport), has opened Portside at East Pier Building 7, a residential and retail complex located at 50 Lewis St. in Boston’s East Boston neighborhood. The five-story property features 176 apartments, including six extended-stay units, 3,600 square feet of ground-floor retail space and 192 parking spaces. Residential units feature oversized windows, ceramic tiles, stone countertops, kitchen islands, stainless steel appliances, in-unit washer/dryers, hardwood-style flooring, 10-foot ceilings and balconies. The pet-friendly community features a 24/7 concierge, fully equipped fitness center, clubroom with gaming and lounging areas, a conference room and WiFi.
BOSTON — The Residences at Mandarin Oriental Boston is converting 25 of its rental residences into condominiums. Located at 776 Bolyston St., the to-be-converted residences include 19 two-bedroom units and six one-bedroom units ranging from 930 to 1,625 square feet. Additionally, the existing 10 affordable rental properties located within The Residences at Mandarin Oriental Boston will remain unchanged. Jeannemarie Conley of Otis & Ahearn will market and sell the condos in early 2015.
CAMBRIDGE, MASS. — Transwestern | RBJ has brokered a lease between BioMed Realty Trust Inc. and MPM Capital Inc. at the recently completed 450 Kendall Street in Cambridge. MPM Capital, a venture capital firm focusing on the biomedical industry, will occupy 14,511 square feet at the building starting in April 2015. Steven Purpura and Eric Smith of Transwestern | RBJ represented the building owner, BioMed Realty, while John Barry and Jeff Landers, also of Transwestern | RBJ represented the tenant in the transaction. The 60,117-square-foot property is the first speculative office building to be constructed in Cambridge since 2001.
BOSTON — Faros Properties has purchased 20 Ashburton Place, an eight-story office building in Boston’s Beacon Hill neighborhood, for $9.85 million. Built in 1968, the 48,580-square-foot building is occupied by Massachusetts Teachers Association, Beacon Hill Staffing Group and Beacon Hill Consulting Group. Frank Petz, Jessica Hughes and Robert Borden of JLL represented the seller in the transaction.
NEWTON, MASS. — Calkain Companies has arranged the sale of a three-tenant retail building located at 215-217 Needham St. in Newton. Northland 215 Needham LLC purchased the property for $13 million, or $533 per square foot, from JPMCC 2007-CIBC19 Needham Retail LLC. The 24,930-square-foot property is occupied by Five Guys Burgers & Fries, Men’s Wearhouse and PetSmart. Patrick Nutt and Michael O’Mara represented the seller in the transaction.
HYANNIS, MASS. —CBRE/New England’s Debt & Structured Finance team has secured $12 million in construction financing for the Fairfield Inn & Suites by Marriott in Hyannis. The loan from Cambridge Savings Bank allows the borrower, The Simon Konover Company, to redevelop a current two-story, 99-room Days Inn into a three-story, 125-room Fairfield Inn & Suites. Located at 867 Iyannough Road, the new hotel is expected to open in May 2015. Kyle Juszczyszyn, Carlos Febres-Mazzei, Chris Coutts and Taylor Shepard of CBRE/NE arranged the financing on behalf of the borrower.
BOSTON — EagleBridge Capital has arranged $3.5 million in mortgage acquisition/construction financing for two condo units located in Boston. Ted Sidel and Brian Sheehan of EagleBridge Capital on behalf of Neelon Properties arranged a $1.8 million mortgage for a unit at 193 Beacon Street and a $1.7 million mortgage for a unit at 71 Marlborough Street in Boston’s Back Bay neighborhood. The Beacon Street property is a two-story, 2,062-square-foot unit with two bedrooms, two and one half-baths, hardwood floors, high ceilings, a patio and a garage. The Malborough Street unit a two-story, 1,753-square-foot duplex with three bedrooms, one and one-half bath, hardwood floors, high ceilings and two parking spaces. The lender was a leading financial institution.
RED Mortgage Capital Delivers $10.3M of Refinancing for Victoria Riverside Townhouse Lofts
by Amy Works
NEW BEDFORD, MASS. — RED Mortgage Capital, the mortgage lending entity of comprehensive capital provider RED Capital Group, with assistance from Jeffrey Rome of Capital Access US, has completed a Fannie Mae DUS loan in the amount of $10.3 million. The borrower, Victoria Riverside LLC, will use the loan to refinance Victoria Riverside Townhouse Lofts in New Bedford. The non-recourse, fixed-rate loan features payments based on a 30-year amortization schedule. Victoria Riverside LLC utilized a combination of federal and state historic tax credits to fund a portion of the redevelopment of the former Whitman Mill into 101 townhome lofts. Formerly a cotton mill built in the 1896 by William Whitman, the building is listed in the National Register of Historic Places.