NANTUCKET, MASS. — DXD Development has broken ground on a 667-unit self-storage facility on Nantucket, an island located off the coast of Massachusetts. SmartStop will manage the facility, which will span 96,238 net rentable square feet, including climate-controlled and vehicle storage spaces. Park East Construction Co. will serve as the general contractor for the project, which is being financed by Centreville Bank. Completion is scheduled for the third quarter of 2025.
LAWRENCE, MASS. — Developer WinnCos. has completed Stone Mill Lofts, a $39.2 million multifamily adaptive reuse project in Lawrence, a northern suburb of Boston. The project converted a 179-year-old structure that originally housed a stone mill into a complex with one-, two- and three-bedroom units. Of the 86 units, 11 are reserved for households earning 30 percent or less of the area median income (AMI); 58 are reserved for renters earning up to 60 percent of AMI; and the other 17 are to be rented at market rates. Amenities include a resident lounge and kitchen, billiards room, fitness center, children’s playroom, resident storage lockers, work-from-home pods, package room and a historic mill exhibit room. MassHousing provided $25.9 million in financing for the project.
HYANNIS, MASS. — Whole Foods Market will open a 42,560-square-foot store at 790 Iyannough Road in the Cape Cod community of Hyannis. The Austin-based grocer is relocating its Hyannis store from 990 Iyannough Road, which has served the community for the past decade. The store will feature full-service meat and seafood counters, a bakery, wellness and beauty section and a prepared foods counter. The grand opening is set for Thursday, Oct. 10.
CAMBRIDGE, MASS. — Newmark has brokered the $20.1 million sale of Porter Square Galleria, a 55,610-square-foot retail property located across the Charles River from Boston in Cambridge. A 28,893-square-foot Target store anchors the property, which was 96 percent leased at the time of sale. Other tenants include One Medical, Anna’s Taqueria and Citizens Bank. Robert Griffin, Jonathan Martin and Paul Penman of Newmark represented the undisclosed seller in the transaction and procured the buyer, locally based investment firm Crosspoint Associates. David Douvadjian Sr., Timothy O’Donnell, David Douvadjian Jr. and Conor Reenstierna of Newmark arranged acquisition financing for the deal.
BEDFORD, MASS. — A partnership between Boston-based Camber Development and Connecticut-based Wheelock Street Capital has completed a 147,000-square-foot industrial and life sciences project in Bedford, about 20 miles northwest of Boston. The project represents Phase I of a larger manufacturing campus known as 44 Middlesex, and the second phase will also center on the delivery of a 147,000-square-foot building. Construction of that facility is expected to begin in 2025 and to last about a year. Both buildings will be two-story structures and will have 105,000 square feet on the ground floor and a 42,000-square-foot mezzanine space on the second floor, as well as clear heights of 36 feet. Newmark is the leasing agent for the development.
LYNN, MASS. — MassDevelopment has provided $7.5 million in tax-exempt bond financing for a project in the northeastern Boston suburb of Lynn that will convert the upper portion of a former commercial building into a 24-unit affordable housing complex. Units will be reserved for formerly homeless adults aged 18 to 24 that earn 30 percent or less of the area median income. Eastern Bank purchased the bond. The developer, nonprofit organization Harborlight Homes, will also utilize $6.4 million in federal Low-Income Housing Tax Credits to finance construction of the project.
BEDFORD, MASS. — JLL has arranged a $150 million loan for the refinancing of Bedford Labs, a 288,000-square-foot life sciences facility located about 20 miles northwest of Boston. Bedford Labs, which sits on a 52-acre site that can support up to 300,000 square feet of new construction, is a redevelopment of a former single-tenant office building. The facility includes a 28,000-square-foot amenity space and was fully leased to biotechnology firm Sarepta Therapeutics at the time of the loan closing. Brett Paulsrud, Tom Sullivan and Mike Shepard of JLL arranged the loan through an affiliate of Apollo Global Management. The borrower is a partnership between AEW Capital Management, Redgate and Optimum Asset Management.
WORCESTER, MASS. — WinnCos. has broken ground on Residences on Lincoln Square, a $51 million seniors housing redevelopment project in the central Massachusetts city of Worcester. The project will transform the historic Worcester Boys Club property, which was originally built in 1930 and has been vacant since 2006, into an 80-unit, age- and rent-restricted complex. The existing building will be redeveloped to house 16 units, and a new building will be constructed to house the remaining 64 units. Residences will come in studio, one- and two-bedroom units, with 11 units to be set aside for residents with disabilities. Full completion of the project is slated for 2026. F.W. Madigan Co. Inc. is serving as the general contractor, and Maugel DeStefano Architects is the project architect.
BOSTON — FTI Consulting has signed a 21,910-square-foot office lease renewal in downtown Boston. The global economic and business advisory firm will remain on the ninth floor at 200 State Street, a 16-story building that is 94 percent leased. Connor Faught of Colliers represented the tenant in the lease negotiations. Tim Bianchi, Deb Gould, and Bill Anderson, also with Newmark, represented the landlord, Carr Properties.
BOSTON — Local developer Chestnut Hill Realty has delivered Franklin at Hancock Village, a 250-unit multifamily project in the Brookline area of Boston. The eight-story building houses one-, two- and three-bedroom units, and 20 percent of the residences have been reserved as affordable housing. Amenities include an outdoor putting green, grilling and picnic area, resident lounges, fitness center, café, community room, conference rooms, game and media rooms and a pet spa. Move-ins will begin in the coming weeks. Rents start at roughly $3,200 per month for a one-bedroom apartment.
