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Massachusetts

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DevelopmentIndustrialMassachusettsNortheast

LPC, Stockbridge Begin Work on 176,800 SF Spec Industrial Project in Wrentham, Massachusetts

by Taylor Williams

WRENTHAM, MASS. — A partnership between Dallas-based Lincoln Property Co. and San Francisco-based private equity firm Stockbridge has begun construction on a 176,800-square-foot speculative industrial project in Wrentham, about 40 miles southwest of Boston. The site spans 34.5 acres and is located one mile from I-495. Building features will include a clear height of 32 feet, 35 dock doors, 130-foot truck court depths, 113 car parking spaces and 33 trailer parking stalls. ARCO National Construction Co. is the general contractor for the project, completion of which is slated for late 2023.

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Riverside-Labs-Weston-Massachusetts
DevelopmentLife SciencesLoansMassachusettsNortheast

Newmark Arranges Financing for 340,000 SF Life Sciences Project in Weston, Massachusetts

by Taylor Williams

WESTON, MASS. — Newmark has arranged financing for Riverside Labs, a 340,000-square-foot life sciences project in Weston, a western suburb of Boston. Riverside Labs will comprise three buildings, the first of which is slated for a summer 2023 delivery. David Douvadjian Sr., Timothy O’Donnell, Brian Butler, David Douvadjian Jr. and Conor Reenstierna of Newmark arranged the debt through Royal Bank of Canada on behalf of the borrower, a partnership between Greatland Realty Partners and Rockwood Capital. The loan, the amount of which was not disclosed, is part of Royal Bank of Canada’s $150 million total commitment to the development.

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DevelopmentIndustrialMassachusettsNortheast

Dacon Corp. Completes 135,000 SF Food Manufacturing Facility in Haverhill, Massachusetts

by Taylor Williams

HAVERHILL, MASS. — Locally based design-build firm Dacon Corp. has completed a 135,000-square-foot manufacturing facility in Haverhill, located north of Boston, that is a build-to-suit for Memphis-based Monogram Foods. The facility houses several temperature-controlled storage spaces, as well as production areas and offices. Paradigm Properties developed the facility, which is primarily dedicated to pre-assembled sandwich manufacturing and is ultimately expected to employ about 350 people.

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AcquisitionsMassachusettsMultifamilyNortheastSeniors Housing

Blueprint Arranges Sale of 165-Bed Skilled Nursing Facility in East Boston

by Taylor Williams

BOSTON — Blueprint Healthcare Real Estate Advisors has arranged the sale of Advocate Healthcare of East Boston, a 165-bed skilled nursing facility. The five-story building was originally constructed in 1952 and expanded in 1965. The exiting owner-operator invested in a substantial renovation of the adult day care services wing as well as general improvements throughout the facility. The name of the New York-based buyer was not disclosed.

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East-Boston-Affordable
AcquisitionsAffordable HousingMassachusettsMultifamilyNortheast

EBCDC Acquires Boston Multifamily Portfolio for $47M

by Taylor Williams

BOSTON — The East Boston Community Development Corp. (EBCDC) has acquired a portfolio of multifamily properties totaling 114 units in East Boston for $47 million. The units are spread across 36 buildings in the Jeffries Point, Eagle Hill and Orient Heights neighborhoods and primarily feature one- and two-bedroom floor plans. Kellie Coveney, Jacqueline Meagher, Madeline Joyce and James Burr of JLL represented the seller, a joint venture between The Grossman Cos. and Hodara Real Estate Group, in the transaction. The new ownership plans to convert the assets to affordable housing. Of the 114 units, 28 units will be restricted to households earning 50 percent or less of the area median income (AMI); 40 apartments will be reserved for renters earning 60 percent or less of AMI; 26 residences will be earmarked for families earning 80 percent or less of AMI; and the remaining 20 units will be restricted to renters making 100 percent or less of AMI.

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AcquisitionsMassachusettsMultifamilyNortheast

Heritage Cos. Sells Metro Boston Apartment Complex for $27.1M

by Taylor Williams

REVERE, MASS. — Massachusetts-based investment firm The Heritage Cos. has sold Point of Pines, a 72-unit apartment complex in Revere, a northeastern suburb of Boston. According to Apartments.com, the five-story property was built in 1999 and offers two-bedroom units with an average size of 1,225 square feet. Amenities include a lounge and package handling services. Adam Dunn, Chris Phaneuf and Matt Olson of Berkadia represented The Heritage Cos. in the transaction. The buyer was Massachusetts-based Helge Capital.

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AcquisitionsMassachusettsNet LeaseNortheastRetail

SRS Arranges $16.1M Sale of Metro Boston Retail Property Leased to CVS

by Taylor Williams

WATERTOWN, MASS. — SRS Real Estate Partners has arranged the $16.1 million sale of a 14,400-square-foot retail property located in the western Boston suburb of Watertown. The property was built in 2016 and is leased to CVS on a triple-net basis. Kevin Held of SRS represented the seller, a West Coast-based family trust, in the transaction. Josh Kanter of Marcus & Millichap represented the buyer, a Massachusetts-based private investor that acquired the asset via a 1031 exchange.

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DevelopmentMassachusettsMultifamilyNortheast

Procopio Completes 29-Unit Multifamily Project in Winthrop, Massachusetts

by Taylor Williams

WINTHROP, MASS. — Locally based developer The Procopio Cos. has completed The Somerset, a 29-unit multifamily project in Winthrop, located on the eastern outskirts of Boston. The complex offers one- and two-bedroom units ranging in size from 500 to 1,300 square feet and includes 1,119 square feet of retail space. Residences are furnished with quartz countertops, private decks and in-unit washers and dryers, and communal amenities include a fitness center, onsite parking and bike storage space. The Somerset opened with 35 percent of the units leased. Rents start at $2,650 per month for a one-bedroom unit.

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AcquisitionsIndustrialMassachusettsNortheast

Waldman & Associates Arranges Sale of 124,000 SF Industrial Portfolio in Bourne, Massachusetts

by Taylor Williams

BOURNE, MASS. — Massachusetts-based brokerage firm Waldman & Associates has arranged the sale of a portfolio of seven industrial buildings totaling 124,000 square feet in Bourne, located at the nexus of Cape Cod and the mainland. The sales price was approximately $10.6 million. Dan Waldman of Waldman & Associates represented the undisclosed seller and procured the buyer, Unicorn Realty, in the transaction. Tenants at the portfolio include EOIS, Falmouth Toyota and Cape Cod Tennis & Court.

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AcquisitionsMassachusettsMultifamilyNortheast

Marcus & Millichap Brokers $5.8M Sale of Boston Apartment Building

by Taylor Williams

BOSTON — Marcus & Millichap has brokered the $5.8 million sale of Allston Townhomes, an apartment building located near Boston University. Built in 2011, the property comprises six units. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies that requested anonymity, in the transaction.

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