Massachusetts

Harbor Group International Sells 1,722-Unit Multifamily Portfolio in Metro Boston

by Kristin Harlow August 9, 2023

BOSTON — Harbor Group International (HGI), a privately owned international real estate investment and management firm, has sold a 1,722-unit multifamily portfolio comprising six properties in metro Boston. A fund managed by Bridge Multifamily Fund Manager LLC, an affiliate of Bridge Investment Group Holdings Inc. (NYSE: BRDG), was the buyer. While the sales price was undisclosed, HGI purchased the portfolio in 2019 for $384 million. At that time, the firm instituted a $13.6 million capital improvement program to renovate interior units, upgrade amenities, address deferred maintenance and enhance overall curb appeal. The properties include Commons at Haynes Farm in Shrewsbury, Middlesex Crossing in Billerica, Meadows at Marlborough and Heights at Marlborough in Marlborough, Stone Ends in Stoughton and Village at Marshfield in Marshfield. The portfolio is surrounded by large employment hubs and situated in close proximity to major highways and Metro Boston Transit Authority train stations, according to HGI. “The Boston portfolio sale further exemplifies HGI’s ability to identify strategic opportunities to divest high-quality stabilized assets amid varying market conditions,” says Richard Litton, president of HGI. “The properties are well-positioned in their respective submarkets, as the in-place rents have been significantly below the rents of similar renovated Class A properties. …

August 9, 2023

Rowen-at-the-Pinehills-Plymouth-Massachusetts

Development Massachusetts Multifamily Northeast

Bozzuto Begins Leasing 178-Unit Apartment Complex in Plymouth, Massachusetts

by Taylor Williams August 4, 2023

PLYMOUTH, MASS. — Maryland-based developer Bozzuto has begun leasing Rowen at The Pinehills, a 178-unit apartment complex in Plymouth, located in the southern coastal part of The Bay State. The four-story building houses one-, two- and three-bedroom units that feature stainless steel appliances, quartz countertops and tile backsplashes. Select residences also offer private balconies/patios. The amenity package consists of a pool, landscaped courtyards, fitness center with yoga and Pilates studios, a library with coworking spaces, entertainment and demonstration kitchen, billiards room, pet spa and storage lockers. Rents start at $2,550 per month for a one-bedroom apartment.

August 4, 2023

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $13.3M in Financing for Affordable Housing Complex in Springfield, Massachusetts

by Taylor Williams August 4, 2023

SPRINGFIELD, MASS. — MassHousing has provided $13.3 million in financing for Van der Heyden Apartments, an affordable housing complex located in the western Massachusetts city of Springfield. The undisclosed borrower will use the proceeds to acquire and renovate the property as well as preserve its affordability status. Built in 1914, the property totals 45 units. Under the new affordability agreement, 18 of the units are reserved for households earning 30 percent or less of the area median income (AMI). The other 27 are earmarked for renters earning 50 percent or less of AMI. Residences come in one- and two-bedroom floor plans. As part of the renovation, the building’s commercial space will be converted into a supportive services area with an office and meeting room.

August 4, 2023

The-Residences-at-River's-Edge-Medford-Massachusetts

Acquisitions Massachusetts Multifamily Northeast

Pacific Urban Acquires 222-Unit Apartment Complex in Metro Boston

by Taylor Williams August 3, 2023

MEDFORD, MASS. — Pacific Urban Investors, a California-based owner-operator, has acquired The Residences at River’s Edge, a 222-unit apartment complex located in the northern Boston metro of Medford. Built in 2009, the property offers studio, one-, two- and three-bedroom floor plans. Onsite amenities include a pool, fitness center and outdoor grilling and dining stations, and the property is also situated adjacent to a 10-acre riverfront park. The seller and sales price were not disclosed.

August 3, 2023

Market Reports Massachusetts Northeast Northeast Market Reports Retail

Pace of Growth Slows Throughout Boston Retail Market

by Taylor Williams August 2, 2023

By Taylor Williams For the past several years, including during the height of the pandemic, the Boston retail market has performed well, if unspectacularly. Defined and driven by stable fundamentals in terms of job growth and tenant demand, the state capital’s retail sector has proven itself a reliable environment in which to expand store counts and park long-term money. But few, if any commercial markets and asset classes are wholly immune to the effects of sluggish and disruptive macroeconomic activity. Through no fault of its own, the Boston retail market is seeing its paces of growth slow across the key verticals that are development, leasing and investment sales. That said, seasoned players in this space know better than to panic. Boston remains a dynamic market, despite data from the U.S. Census Bureau showing that the city’s total population shrunk by about 25,000 people, or 3.7 percent, between April 2020 and April 2022. In addition, even in an inflationary economy, Boston consumers tend to retain healthy disposable income levels. A burgeoning life sciences sector that is bringing thousands of well-paying jobs to the city and a steady flow of students and young professionals across its 25-plus colleges and universities lie at …

August 2, 2023

Acquisitions Industrial Massachusetts Northeast

Marcus Partners Sells 1 MSF Industrial Portfolio in Metro Boston for $167M

by Taylor Williams August 1, 2023

BOSTON — Locally based investment firm Marcus Partners has sold a portfolio of six industrial buildings that total roughly 1 million square feet and are located throughout the greater Boston area. The sales price was $167 million. Three of the buildings are located in Franklin, and the other three are located in Sutton, Peabody and Avon. Chris Skeffington, Scott Dragos and Roy Sandeman of CBRE represented Marcus Partners in the transaction and procured the undisclosed buyer.

August 1, 2023

Acquisitions Massachusetts Northeast Restaurant Retail

Wilder Acquires 429,285 SF Walpole Mall in Metro Boston

by Taylor Williams July 31, 2023

WALPOLE, MASS. — Locally based owner-operator Wilder, in conjunction with an undisclosed partner, has acquired Walpole Mall, a 429,285-square-foot shopping, dining and entertainment destination located roughly 30 miles outside Boston. Tenants at the property include Kohl’s, Aldi, Barnes & Noble, Old Navy, Panera Bread, Aspen Dental, T-Mobile, PetSmart, X Golf, Five Guys and LA Fitness. Justin Smith, Chris Peterson, Sam Koonce and Danielle Donovan of Atlantic Capital Partners, a division of Boston-based Atlantic Realty, represented the undisclosed seller in the transaction and procured Wilder as the buyer.

July 31, 2023

Acquisitions Life Sciences Massachusetts Northeast Office

Newmark Brokers $58M Sale of Two Office, Life Sciences Buildings in Andover, Massachusetts

by Taylor Williams July 28, 2023

ANDOVER, MASS. — Newmark has brokered the $58 million sale of two office and life sciences buildings totaling 273,662 square feet in Andover, a northern suburb of Boston. The building at 50 Minuteman Road totals 145,262 square feet and serves as the headquarters of Mercury, a provider of technology solutions for the aerospace and defense industries. The facility at 6 Technology Drive spans 128,400 square feet and serves as a design, development and manufacturing hub for Dräger, a supplier of medical and safety technology products. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, California-based REIT Peakstone Realty Trust, in the transaction. The team also procured the buyer, Boston-based Rhino Capital Advisors.

July 28, 2023

Loans Massachusetts Net Lease New York Northeast Retail

Fantini & Gorga Arranges $10M in Acquisition Financing for Northeast Retail Portfolio

by Taylor Williams July 28, 2023

NEEDHAM, MASS. — Fantini & Gorga, a mortgage banking firm based in metro Boston, has arranged $10 million in acquisition financing for a portfolio of four retail properties occupied by Walgreens in the Northeast. Three of the properties are located in Massachusetts, and the fourth is in New York. Casimir Groblewski and Colin Monahan of Fantini & Gorga arranged the debt through multiple banks on behalf of the borrower, Union Station LP, which acquired the portfolio via a 1031 exchange.

July 28, 2023

Leasing Activity Massachusetts Northeast Restaurant Retail

Seven New Tenants to Join Arsenal Yards in Metro Boston

by Taylor Williams July 28, 2023

WATERTOWN, MASS. — Seven new tenants have committed to spaces at Arsenal Yards, a mixed-use development in Watertown, located roughly 10 miles outside Boston. Tea One Tea House, Skin Laundry, Restore Hyper Wellness and GNC have recently opened stores, and Blackbird Doughnuts is scheduled to open this fall. Chip City and Medium Rare have also signed leases at the development, with Chip City scheduled to open later this year. A partnership between Wilder Cos. and Boylston Properties owns Arsenal Yards.

July 28, 2023

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