MEDFORD, MASS. — Life Time Fitness has opened a 52,000-square-foot gym in Medford, located on the northern outskirts of Boston. Life Time Wellington Station will be a three-story, transit-served facility that will house a 16,000-square-foot floor for personal and group training sessions, a four-lane indoor lap pool, spa and a café. A ribbon-cutting ceremony was held this morning.
CHELSEA, MASS. — A partnership between developers John M. Corcoran & Co. and Joseph J. Corcoran Co. and private equity firm Marcus Partners has received $93 million in construction financing for the redevelopment of the Innes Apartments in Chelsea, a northeastern suburb of Boston. The project will convert an eight-building complex that was originally constructed in the 1950s into a mixed-income community with street-level retail space. A syndicate of lenders led by Cambridge Savings Bank provided the debt. A timeline for completion was not disclosed.
HOLYOKE AND SPRINGFIELD, MASS. — Northeast Private Client Group has brokered the sale of a portfolio of 14 buildings totaling 164 multifamily units, as well as nine commercial spaces, in Western Massachusetts. Specifically, 10 of the buildings are located in Holyoke, and four of the buildings are located in Springfield. Taylor Perun, Alex Burr and Cameron Formica of Northeast Private Client Group represented the buyer and seller, both of which requested anonymity, in the transaction. The sales price was also not disclosed.
MALDEN, MASS. — Locally based brokerage firm Burgess Properties has negotiated the $24.4 million sale of a 64,300-square-foot industrial property located north of Boston in Malden. The facility sits on 3.4 acres and is fully leased to Sunsetter Products, a provider of awnings. Boston-based Quaker Lane Capital purchased the asset from an undisclosed seller. Steve Nohrden of Burgess Properties brokered the deal.
ATTLEBORO, MASS. — MassHousing has provided $18 million in financing for Hillcrest Acres, a 100-unit affordable housing complex located south of Boston in Attleboro. The property houses a mix of floor plans that are reserved for renters earning at various percentages of the area median income and includes a workforce housing component. The borrower is a partnership between nonprofit Retirement Housing Foundation and Schochet Cos. In addition to refinancing existing debt, ownership will use a portion of the proceeds to fund renovations and preserve the property’s affordability status.
LOWELL, MASS. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 90-bed skilled nursing facility in Lowell, a northern suburb of Boston. Located near Lowell General Hospital, the facility has historically maintained stable census levels with a steady stream of referrals and admissions, according to Blueprint. The regional buyer plans to implement a capital improvement program. The seller, price and name of the community were not disclosed.
AVON, MASS. — DH Property Holdings has purchased a 70,337-square-foot industrial property located at 54 Bodwell St. in Avon, a southern suburb of Boston. Brockton Furnace & Duct Distributors Inc. formerly owned and occupied the facility, which sits on 4.6 acres and is currently vacant. Building features include a clear height of 16 feet, 13 loading docks, two drive-in doors and 85 parking spaces. The new ownership plans to implement a value-add program.
BOSTON — MassDevelopment has provided a $36 million tax-exempt bond to fund a project at The Park School in the Brookline area. The project will entail a renovation of an existing building to create space for an art and science wing, the construction of an outdoor turf athletic field and a ropes course and the addition of a new elevator in the main building. Additionally, the school will use bond proceeds to make roof repairs, replace skylights in various facilities and install a new sprinkler system. Construction is underway and expected to be complete in January 2024. Eastern Bank purchased the bond, which will also be used to refinance previously issued debt. Founded in 1888, The Park School is a nonprofit institution with an enrollment of 560 students in grades pre-K through 8.
NORTH BILLERICA, MASS. — RAM Cos. has acquired a 92,000-square-foot warehouse in North Billerica, located north of Boston, via a $14.5 million sale-leaseback with Boston-based information management services firm Iron Mountain. Built in 1985, the property features clear heights ranging from 28 to 45 feet and 10 loading docks. Michael Restivo and Lenny Pierce of JLL represented Iron Mountain in the deal. Mark Campbell internally represented RAM Cos., which plans to implement a value-add program.
BURLINGTON, MASS. — MetLife Investment Management has acquired Burlington BioCenter, a 109,085-square-foot life sciences facility located about 15 miles northwest of Boston, for $103 million. The facility was converted to life sciences from office usage in 2019 and was fully leased at the time of sale. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, a partnership between The Gutierrez Co. and GEM Realty Capital, in the transaction. David Douvadjian Sr. and Timothy O’Donnell, also with Newmark, arranged an undisclosed amount of acquisition financing on behalf of the buyer.