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.
BOSTON — Alexandria Real Estate Equities Inc. (NYSE: ARE) has sold 268,000 rentable square feet within 421 Park Drive, a 660,034-square-foot life sciences development to be built in Boston. An affiliate of Boston Children’s Hospital was the buyer. Upon completion, 421 Park Drive will be part of the larger Alexandria Center for Life Science-Fenway mega campus, which will total more than 2 million square feet at full build-out. The campus, developed in partnership with Samuels & Associates, boasts numerous amenities, proximity to both Cambridge and the Longwood Medical Area, and convenient transportation access. Alexandria will develop and operate 421 Park Drive, which will feature open space, direct connections to the Massachusetts Bay Transportation Authority (MBTA) Fenway station, bicycle and pedestrian paths, and retail space on the ground floor. The price of the portion sold to Boston Children’s Hospital is approximately $155 million, along with development fees to be earned by Alexandria over the next three years. Boston Children’s Hospital will continue to fund its pro rata share of the costs to develop 421 Park Drive. Vertical construction is scheduled to begin later this year and to be substantially completed in 2026. The transaction with Boston Children’s Hospital results in 48.5 …
EVERETT, MASS. — South Carolina-based developer Greystar has begun leasing Mason, a 330-unit apartment community located in the northeastern Boston suburb of Everett. Designed by CBT Architects, the property offers studio, one- and two-bedroom units with stainless steel appliances and quartz countertops. Amenities include a pool, fitness center, outdoor grilling and dining stations and a dog park. According to the property website, rents start at $2,200 per month for a studio apartment.
NEW BEDFORD, MASS. — Protective Life, the Alabama-based holding company of Protective Life Insurance Co., has provided a $10.5 million loan for the refinancing of Rockdale Plaza, a 100,015-square-foot shopping center located in the southern Massachusetts city of New Bedford. Grocer Stop & Shop anchors the center. The borrower, Yale Realty Services Corp., acquired the property in 1997.
FRAMINGHAM, MASS. — Atlantic Capital Partners, a division of Boston-based Atlantic Realty, has arranged the sale of a 64,917-square-foot retail property in Framingham, a western suburb of Boston, that is leased to grocer Stop & Shop. The site spans 7.6 acres and has an average daily traffic count of more than 68,500 vehicles. Justin Smith, Chris Peterson, Sam Koonce and Danielle Donovan of Atlantic Capital Partners represented the seller and procured the buyer, both of which requested anonymity, in the transaction.