HAVERHILL, MASS. — Marcus & Millichap has brokered the $4.5 million sale of a 142,000-square-foot office building in Haverhill, located north of Boston near the Massachusetts-New Hampshire border. Built in 1911 and renovated in 2005, the eight-story building, which has conversion potential, was leased to more than 70 tenants at the time of sale. Luigi Lessa and Harrison Klein of Marcus & Millichap represented the seller, a family ownership group, in the transaction. The duo also procured the buyer.
MIDDLEBOROUGH, MASS. — Massachusetts-based Christmas Tree Shops will close all of its roughly 70 stores, according to reports from multiple mainstream news outlets including CNN and USA Today. Previously, the chain planned to sell, following filing for Chapter 11 bankruptcy in May. Now, all stores will be closed, unless a last-minute buyer comes forward. Formerly, the brand was owned by Bed Bath & Beyond, which sold the concept to Handil Holdings in 2020 and filed for bankruptcy itself earlier this year.
LAWRENCE, MASS. — MassDevelopment and Reading Cooperative Bank have provided a $6.6 million loan for a project that will convert two vacant buildings in Lawrence, located near the Massachusetts-New Hampshire border, into a 24-unit affordable housing complex. The buildings previously housed a mix of office and retail uses, and the residential complex will include a food hall in the remaining retail space. MassDevelopment and Reading Cooperative Bank were equal participants in the loan, and MassDevelopment also enhanced the loan with a guarantee. Construction will begin in July and last about a year. The borrower is The Jowamar Cos.
SPRINGFIELD, MASS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $24 million loan for the refinancing of Marriott Springfield Downtown, a 266-room hotel that overlooks the Connecticut River in western Massachusetts. Robert Damigella of MMCC originated the five-year loan, which was structured with an interest rate of 6.25 percent, 25-year amortization schedule and a 47 percent loan-to-value ratio. The borrower and direct lender were not disclosed.
MAYNARD, MASS. — Alaka’i Technologies, a locally based provider of air mobility systems, has signed an 18,473-square-foot office lease in Maynard, a western suburb of Boston. Trevor Holmes and Garrett Quinn of SVN | Parsons Commercial Group | Boston represented the tenant, which is taking space at the 1.1 million-square-foot Mill & Main complex, in the lease negotiations. James Tambone of Lincoln Property Co. represented the landlord, an entity doing business as AS Clocktower LLC.
HAVERHILL, MASS. — Locally based owner-operator The Procopio Cos. is underway on construction of The Beck, a 290-unit, transit-served multifamily project that will be located in the northern Boston suburb of Haverhill. The Beck will consist of two five-story residential buildings and more than 6,000 square feet of retail space. The development also includes the construction of a 1.4-acre public waterfront park with an amphitheater. Dellbrook | JKS is the construction manager of the project, and CUBE3 is the architect. Needham Bank provided construction financing. Completion is slated for spring 2025.
CHARLESTOWN, MASS. — Developer Hood Park LLC has topped out a 186,000-square-foot life sciences facility in the northern Boston suburb of Charlestown. The five-story building at 100 Hood Park Drive will complement an existing structure that features 61,139 square feet of lab space, 40,000 square feet of retail space and a 900-space parking garage. Both buildings will serve as anchors for Hood Park, a 20-acre project that is a redevelopment of the former facility of dairy producer H.P. Hood & Sons. At full build-out, Hood Park will comprise 1.8 million square feet of office and life sciences space, 100,000 square feet of retail and restaurant space and 335 residential units.
IPSWICH, MASS. — MassDevelopment, the state development finance agency and land bank, has provided a $32.5 million tax-exempt bond for Agawam Village, a 94-unit affordable housing complex in Ipswich, located northeast of Boston in Essex County. Agawam Village was built in 1970 and offers one-, two-, three- and four-bedroom units across seven buildings. Specific information on income restrictions was not disclosed. The borrower, a joint venture between an affiliate of The Ipswich Housing Authority and Harborlight Homes of Beverly, will use the financing to acquire and renovate the property. The Massachusetts Department of Housing & Community Development also provided $20.1 million in Low-Income Housing Tax Credit equity for the purchase and rehabilitation.
BROCKTON, MASS. — Urban Air Adventure Park, an entertainment concept centered on trampolines, has signed a 52,900-square-foot retail lease in the southern Boston suburb of Brockton. The freestanding building sits on four acres across the street from Westgate Mall. Rob Robledo and John Ferris of CBRE represented the landlord, locally based investment firm The Bulfinch Cos., in the lease negotiations. The opening is slated for spring 2024.
NATICK, MASS. — Locally based developer Stonegate Group has broken ground on Stonegate St. Patrick, an 89,500-square-foot, mixed-use redevelopment in Natick, a western suburb of Boston. Designed by Finegold Alexander Architects, the project will convert the site of a former school into a property with 46 apartments, four townhomes and 14,000 square feet of retail space. Apartments will come in one-, two- and three-bedroom formats, and 14 apartments will be reserved as affordable housing. Townhomes will feature three- and four-bedroom layouts. Nauset Construction is the general contractor for the project, a tentative completion date for which was not disclosed.