Massachusetts

JLL Arranges $190M Refinancing for Legacy Place Shopping Center in Dedham, Massachusetts

by Taylor Williams June 5, 2023

DEDHAM, MASS. — JLL has arranged a $190 million loan for the refinancing of Legacy Place, a 675,000-square-foot shopping center in Dedham, a southwestern suburb of Boston. Whole Foods Market, The Apple Store, L.L. Bean and Showcase Cinemas anchor the center, which was built in phases between 2008 and 2009 and renovated between 2020 and 2022. Other tenants include Nike, Athleta, Industrious, Shake Shack, Lululemon, Sephora, Sweetgreen and Yard House. The property sits on a 37-acre site at the corner of I-95 and U.S. Route 1 within a trade area that totals more than 1.3 million people. A syndicate of lenders consisting of Wells Fargo and Truist provided the financing to the borrower, a partnership between Boston-based WS Development and Nuveen Real Estate. Brett Paulsrud, Henry Schaffer, Hugh Doherty, Chris Angelone and Zach Nitsche of JLL arranged the debt. Specific loan terms were not disclosed. According to the capital markets team that worked on the deal, Whole Foods is the most highly trafficked store in Massachusetts for the Austin-based grocer, and Legacy Place as a whole is the most visited lifestyle center in New England. “This transaction further proves that in spite of macroeconomic headwinds, large-format retail properties in premier …

June 5, 2023

Acquisitions Massachusetts Northeast Retail

ShopOne Centers REIT Acquires 117,337 SF Retail Property in East Longmeadow, Massachusetts

by Taylor Williams June 2, 2023

EAST LONGMEADOW, MASS. — New York City-based ShopOne Centers REIT Inc. has acquired Heritage Park Plaza, a 117,337-square-foot retail property in East Longmeadow, located in Hampden County in western Massachusetts. Grocer Stop & Shop anchors the property, which was 98 percent leased at the time of sale. Other tenants at Heritage Park Plaza include Petco, orangetheory Fitness, Panera Bread, Dollar Tree, Pure Barre, 99 Restaurant & Pub and H & R Block. ShopOne Centers acquired the asset in a joint venture with Pantheon Group and an undisclosed institutional investor. The seller was also not disclosed.

June 2, 2023

Acquisitions Industrial Massachusetts Northeast

Marcus & Millichap Arranges $7M Sale of Industrial Property in North Attleborough, Massachusetts

by Taylor Williams June 2, 2023

NORTH ATTLEBOROUGH, MASS. — Marcus & Millichap has arranged the $7 million sale of a 48,000-square-foot industrial property in North Attleborough, located outside of Providence in the southern part of the Bay State. The property was built on seven acres in 2006 and features clear heights of 19 to 21 feet, 16 drive-in doors and 68 car parking spots. At the time of sale, the property was leased to tenants such as Tri-Alpha Gymnastics, Fastenal Co., Autopart International and Red Herring Motion Picture Lighting Inc. Harrison Klein and James Manning of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

June 2, 2023

Leasing Activity Life Sciences Massachusetts Northeast Office

Newmark Arranges 7,397 SF Office, Life Sciences Lease in Burlington, Massachusetts

by Taylor Williams June 1, 2023

BURLINGTON, MASS. — Newmark has arranged a 7,397-square-foot office and life sciences lease in Burlington, a northwestern suburb of Boston. The tenant, medical imaging services provider UII America Inc., has committed to leasing space at Blue Sky Center, a 158-acre campus. Matt Malatesta, Tyler McGrail, Michael Frisoli and Margaret Fee of Newmark represented the owner, Nordblom Co., in the lease negotiations. Malatesta and Dave Townsend, also with Newmark, represented the tenant. Amenities at Blue Sky Center include a fitness center, café, basketball court, gaming area and a golf simulator.

June 1, 2023

Acquisitions Life Sciences Massachusetts Northeast Top Stories

Moderna Acquires 140,000 SF Biomanufacturing Facility Near Boston for $91M

by Kristin Harlow May 31, 2023

MARLBOROUGH, MASS. — Pharmaceutical giant Moderna Inc. has acquired a newly constructed biomanufacturing facility totaling 140,000 square feet in the Boston suburb of Marlborough for $91 million. Oxford Properties Group sold the speculative property, which is located at 149 Hayes Memorial Drive. Oxford originally acquired the vacant, 24-acre site in 2021 and developed it into a two-story, purpose-built biomanufacturing facility. The development features a clear height of 36 feet, four loading docks and multiple freight elevators. The facility is scheduled to open in late 2024 after undergoing substantial build-out for Moderna, which plans to generate more than 200 new jobs in Marlborough by 2026. “While initially developed with a plan to lease the asset and hold for the long term, Moderna’s unsolicited offer to acquire the property allowed us to expedite our business plan execution,” says Chad Remis, Oxford’s North America executive vice president. Oxford’s biomanufacturing portfolio in North America totals 1.4 million square feet with an additional development pipeline of roughly 600,000 square feet. Its largest concentration of facilities is in the Boston region. The Boston metro area ended 2022 with $6.7 billion in life sciences venture capital funding, according to Oxford. “Boston continues to be an unparalleled market …

May 31, 2023

Civic Development Massachusetts Northeast

Simmons University Opens 80,000 SF Science Center, Renovated Library at Boston Campus

by Taylor Williams May 30, 2023

BOSTON — Simmons University has opened an 80,000-square-foot science center and renovated library as part of the second phase of the One Simmons project at its Boston campus. Designed by Elkus Manfredi Architects, the science center houses over 22,000 square feet of lab space, including a new 30-bed nursing and health science simulation center. The reimagined library features 14,000 square feet of new study and collaborative learning space. Developed in partnership with Skanska International, One Simmons is a three-phase project that includes a residential redevelopment component.

May 30, 2023

Leasing Activity Life Sciences Massachusetts Northeast Office

Newmark Arranges 47,578 SF Office, Life Sciences Lease in Burlington, Massachusetts

by Taylor Williams May 30, 2023

BURLINGTON, MASS. — Newmark has arranged a 47,578-square-foot office and life sciences lease in Burlington, a northwestern suburb of Boston. The tenant, metals processor Nth Cycle Inc., has committed to leasing space at Blue Sky Center, a 158-acre campus. Matt Malatesta, Tyler McGrail, Michael Frisoli and Margaret Fee of Newmark represented the owner, Nordblom Co., in the lease negotiations. Nick Amarante and Mekae Hyde of Hughes Marino represented the tenant. Amenities at Blue Sky Center include a fitness center, café, basketball court, gaming area and a golf simulator.

May 30, 2023

Acquisitions Massachusetts Northeast Retail

Newmark Brokers $45.2M Sale of Metro Boston Shopping Center

by Taylor Williams May 26, 2023

HINGHAM, MASS. — Newmark has brokered the $45.2 million sale of Lincoln Plaza, a 127,505-square-foot shopping center located about 20 miles south of Boston in Hingham. A 68,087-square-foot Stop & Shop grocery store and a 31,882-square-foot Marshalls anchor the center, which was 99 percent leased at the time of sale. Robert Griffin, Jon Martin, Paul Penman and Matthew Adler of Newmark represented the seller, AEW, in the transaction and procured the buyer, a subsidiary of Jumbo Capital Inc. Casey O’Brien and Connor Scott of Newmark provided financial analysis support for the deal.

May 26, 2023

Affordable Housing Development Massachusetts Multifamily Northeast

TCB, BHA Break Ground on 223-Unit Multifamily Redevelopment Project in Boston

by Taylor Williams May 25, 2023

BOSTON — The Community Builders (TCB) and the Boston Housing Authority (BHA) have broken ground on the redevelopment of the Mildred C. Hailey Apartments in the state capital’s Jackson Square neighborhood. The project will replace 253 existing units with two six-story buildings that will house 223 units that will be subject to a range of income restrictions. Another 516 units will remain in the public housing program under BHA ownership. The project also includes the construction of a 6,800-square-foot community center and 1,520 square feet of commercial space. A timeline for completion was not disclosed.

May 25, 2023

Development Massachusetts Multifamily Northeast

US2 Begins Leasing 450-Unit Prospect Union Square Apartments in Somerville, Massachusetts

by Taylor Williams May 18, 2023

SOMERVILLE, MASS. — US2, a joint venture between Magellan Development, RAS Development LLC, Cypress Equity Investments and Affinius Capital, has begun leasing Prospect Union Square, a 450-unit apartment community located outside of Boston in Somerville. Designed by Howeler + Yoon, Prospect Union Square consists of a midrise building and a 25-story tower, both of which are situated within the USQ mixed-use development. Units come in studio, one- and two-bedroom floor plans and are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a pool, fitness center, coworking lounge, game room, outdoor grilling and dining areas and a package locker system. Rents start at $2,460 per month for a studio apartment. Move-ins will begin in July.

May 18, 2023

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