WESTBOROUGH, MASS. — Bohler Engineering has signed a 20,000-square-foot office lease for its new regional headquarters in the central Massachusetts city of Westborough. The 92,600-square-foot building at 50 Washington St. includes a fitness center and a cafeteria. Steve Woelfel and Kevin Brawley of Colliers represented the tenant in lease negotiations. Bob McGuire and Alison Powers of JLL represented the locally based landlord, Carruth Capital.
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Stop & Shop to Close 32 Stores in the Northeast
QUINCY, MASS. — Stop & Shop, a grocery store chain based in the Boston suburb of Quincy, has announced plans to close 32 locations by the end of this year. Situated throughout the Northeast, the stores — described in a press release as “underperforming” — are located in Connecticut, Massachusetts, New Jersey, New York and Rhode Island. According to the grocer, the affected stores will shutter on or before Nov. 2. Associates at the locations will be offered other employment within the company. “As we announced in May, Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” says Gordon Reid, president of Stop & Shop. The company has remodeled 190 stores since 2018, and Reid notes that the remodeled stores are performing better than the stores selected for closure. Accordingly, Stop & Shop plans to focus on “growth through price investments and store remodels.” Following the closures, Stop & Shop’s portfolio will comprise more than 350 stores across five states, with 81 stores in Connecticut, 115 in Massachusetts, 47 in New Jersey, 91 in New York and 25 in …
BOSTON — Colliers has arranged a $62 million loan for the refinancing of Addison, a 230-unit apartment community in East Boston that was completed in late 2021. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, basketball court, outdoor grilling and dining stations, coworking lounge, industrial kitchen and a maker space equipped with 3D printers, a laser cutter for digital sewing/embroidery machines and art supplies. Jeffrey Black, Bryan Koop, Sean Burke, Kevin Phelan and Matthew Lombardi of Colliers arranged the loan through CrossHarbor Capital Partners. The borrower was a joint venture between Redgate Capital Partners, North River Co. and ELV Associates.
TAUNTON, MASS. — Ferguson Enterprises, a distributor of plumbing and HVAC supplies, has opened a 234,282-square-foot warehouse in Taunton, a southern suburb of Boston. The facility houses a 5,743-square-foot retail store, 30,000 square feet of offices and training space for employees and a designated pick-up and will-call area. Building features include a clear height of 40 feet, three exterior loading ramps and a floor-to-ceiling racking system. Ware Malcomb designed the project, and Connolly Brothers provided construction management services.
LANCASTER, MASS. — MassHousing has provided $8 million in financing for a 32-unit mixed-income housing project in Lancaster, about 45 miles west of Boston. MCO Cottage Rentals will be situated on an 18-acre site and feature 20 two-bedroom units and 12 three-bedroom units, eight of which will be reserved for households earning 80 percent or less of the area median income. The other 24 units will be rented at market rates. The borrower is MCO & Associates. Completion is slated for October.
MassDevelopment Provides $17M Bond Financing for Affordable Housing Project in Lowell, Massachusetts
LOWELL, MASS. — MassDevelopment has provided $17 million in tax-exempt bond financing for a 52-unit affordable housing project that will be located north of Boston in Lowell. The site formerly housed a Merrimack Valley Food Bank warehouse that will be demolished, although select areas of the historic façade will be retained and restored. The majority (41) of the units will be reserved for households earning 60 percent or less of the area median income (AMI), with the other 11 to be set aside for renters earning 30 percent or less of AMI. The borrower is an affiliate of Tremont Development Partners. Eastern Bank purchased the bond.
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Bob’s Stores to Close All 21 Remaining Locations After 70 Years in Business
MERIDEN, CONN. — Bob’s Stores is closing all locations and liquidating its inventory as part of the Chapter 11 bankruptcy restructuring petition filed on June 18. The Meriden-based clothing retailer, which is a subsidiary of GoDigital Media Group, was unable to secure the financing needed to maintain operations. Bob’s began going-out-of-business sales in stores on June 28 with discounts of 30 to 70 percent off merchandise. Hilco Merchant Resources, in a joint venture with Gordon Brothers, is managing the liquidation event that includes all 21 remaining stores throughout Connecticut, Massachusetts, New Hampshire, New Jersey, New York and Rhode Island. Shoppers will find discounts on workwear, footwear, team wear and everyday clothing. Select store fixtures, furniture and equipment will also be available for sale. All sales are final, and the event runs through July 14. “We regret that our financial position necessitated the liquidation of Bob’s Stores,” says Dave Barton, president. “Bob’s has been a stalwart of our local communities for nearly 70 years.” Bob’s began as a single-store surplus outlet in Connecticut in 1954. The chain grew to roughly three dozen locations at its peak. CNBC reports that Bob’s entered a period of financial turmoil at the beginning of this century that eventually amounted …
BOSTON — The Chiofaro Co., a locally based investment and development firm, has begun the second of three phases of the $100 million transformation of International Place, a 1.8 million-square-foot office complex in downtown Boston. Phase II includes the renovation of the “IP Commons” central gathering space, as well as the Fort Hill Plaza and grand entrance, which link the downtown area to the Seaport District. The new central gathering space will feature increased seating, a new 55-foot signature water feature, raised planting beds and an expanded events program. The Fort Hill entrance, which has often been viewed as the project’s “front door,” will be replaced with a modern 32-foot-tall and 80-foot-wide glass portal connecting the updated plaza to the interior IP Commons venue. Built in phases between 1987 and 1992, International Place consists of a 46-story tower and a 35-story building that are home to more than 90 tenants. Global architecture firm Gensler is leading the design of the project, Phase I of which centered on the development of a 16,000-square-foot amenity center known as The Aries Club. Phase I began in October 2023, and the entire redevelopment is expected to take about two years to complete.
CAMBRDIGE, MASS. — Locally based investment and development firm The Davis Cos. has completed a 161,616-square-foot life sciences facility in Cambridge. The facility at 101 Smith Place is one of four buildings within The Quad, a life sciences campus that is home to tenants such as Ginko Bioworks, Civetta Therapeutics, Invaio Sciences, Hyperion and Samsung Electronics. The facility features high-efficiency HVAC systems, surface and below-grade parking, a fitness center and indoor bike storage space. Davis developed 101 Smith Place in partnership with Invesco Real Estate. CBRE is marketing the property for lease.
WELLESLEY, MASS. — Newmark has brokered the $24.3 million sale of a 67,264-square-foot medical office building located at 65 Walnut St. in Wellesley, a western suburb of Boston. Two locally based healthcare systems, Mass General Brigham and Tufts Medicine, serve as the anchor providers. At the time of sale, the property was fully leased to 22 tenants in fields such as dermatology, plastic surgery, urology, ophthalmology, internal medicine and pediatrics, as well as physical and occupational therapy. An affiliate of Haynes Management sold the property to a joint venture between Sendero Capital and TPG Angelo Gordon. Robert Griffin, Michael Greeley, Joseph Alvarado and Casey Valente of Newmark represented both parties in the deal.