Massachusetts

RISE, DivcoWest Break Ground on 70-Unit Ellery Apartments in Boston

by Taylor Williams February 9, 2023

BOSTON — A partnership between Boston-based developer RISE and San Francisco-based DivcoWest has broken ground on The Ellery, a 70-unit apartment complex that will be located in the state capital’s West Roxbury neighborhood. The four-story building will house one- and two-bedroom units, nine of which will be reserved for households earning 70 percent or less of the area median income. The partnership acquired the site last summer and subsequently completed demolitions of existing structures. Full completion is slated for May 2024.

February 9, 2023

Data Centers Development Industrial Massachusetts Northeast

Nauset Construction Underway on Renovation of 90,000 SF Data Center in Cambridge, Massachusetts

by Taylor Williams February 8, 2023

CAMBRIDGE, MASS. — Locally based firm Nauset Construction is underway on the renovation of a 90,000-square-foot data center that is located across the Charles River from Boston in Cambridge. The project represents the third phase of capital improvements at the property at 300 Bent St. Upgrades will include the demolition and excavation of the existing lobby, the revamping of mechanical and utility systems and the addition of another 8,000 square feet of tenant space. Khalsa Design is the project architect. Construction is anticipated to be complete this fall. CEM Realty Trust owns the property.

February 8, 2023

Development Industrial Massachusetts Northeast Office

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

by Taylor Williams February 3, 2023

HAVERHILL, MASS. — Locally based design-build firm Dacon Corp. has completed a 135,000-square-foot headquarters facility in Haverhill, located north of Boston. The project is a build-to-suit for Edwards Vacuum, which designs and produces advanced technology parts for a variety of industries. The two-story facility, which will be used for cryopump manufacturing, houses spaces for manufacturing, lab work, offices and warehousing and is LEED certified.

February 3, 2023

Acquisitions Massachusetts Multifamily Northeast

Tishman Speyer Acquires East Boston Apartment Complex for $135M

by Taylor Williams February 2, 2023

BOSTON — New York City-based real estate giant Tishman Speyer has acquired The Eddy, a 259-unit apartment complex in East Boston, for $135 million. The 17-story, waterfront property was originally built in 2016 and offers studio, one- and two-bedroom units. Amenities include an outdoor deck with a pool, lounge with a chef’s kitchen and pool table, rooftop terrace and a fitness center. Walker & Dunlop represented the seller, Green Cities Cos., in the transaction. The deal marks Tishman Speyer’s first multifamily acquisition in Boston.

February 2, 2023

Acquisitions Hospitality Massachusetts Northeast

Wardman Group Sells 57-Room Hotel in Lenox, Massachusetts

by Taylor Williams January 30, 2023

LENOX, MASS. — The Wardman Group, a Baltimore-based boutique investment firm, has sold Seven Hills Inn, a 57-room hotel in Lenox, located in the Berkshires region of western Massachusetts. The property was built in phases between 1910 and 1950 and offers recently renovated guestrooms, a pool, outdoor lounge area and two onsite food-and-beverage establishments. Alan Suzuki, Matthew Enright, Emily Zhang and Brooks Murphy of JLL represented Wardman Group, which sold the property as part of a larger portfolio deal, in the transaction.

January 30, 2023

Acquisitions Massachusetts Northeast Retail

Atlantic Capital Partners Arranges Sale of 107,597 SF Shopping Center in Seekonk, Massachusetts

by Taylor Williams January 27, 2023

SEEKONK, MASS. — Atlantic Capital Partners, a division of Boston-based brokerage firm Atlantic Retail, has arranged the sale of Ann & Hope Plaza, a 107,597-square-foot shopping center located in Bristol County in southern Massachusetts. Harbor Freight Tools, Petco and Bed Bath & Beyond anchor the center, which was 86 percent leased at the time of sale, though Bed Bath & Beyond plans to shutter this store as part of a larger wave of closures. Justin Smith, Chris Peterson, Sam Koonce, Cole Van Gelder and Ben Starr of Atlantic Capital Partners represented the seller, Massachusetts-based Seekonk Mall Trust, in the transaction. The team also procured the undisclosed, Rhode Island-based buyer.

January 27, 2023

Acquisitions Massachusetts Northeast Retail

Marcus & Millichap Brokers $9.9M Sale of Shopping Center in Marshfield, Massachusetts

by Taylor Williams January 26, 2023

MARSHFIELD, MASS. — Marcus & Millichap has brokered the $9.9 million sale of The Shops at Ocean’s Gate, a 38,247-square-foot shopping center in Marshfield, about 30 miles south of Boston. The center was built on 1.3 acres in 2010 and was 90 percent leased to tenants such as Domino’s Pizza, The Genesis Fit and Sweetfrog Frozen Yogurt at the time of sale. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller, a limited liability company, in the transaction and procured the buyer, a private investor. Both parties were Massachusetts-based entities that requested anonymity.

January 26, 2023

Acquisitions Industrial Massachusetts Northeast

Berkeley Partners Acquires 215,575 SF Warehouse in Mansfield, Massachusetts

by Taylor Williams January 23, 2023

MANSFIELD, MASS. — Locally based investment firm Berkeley Partners has acquired a 215,575-square-foot warehouse in the southern Boston suburb of Mansfield. At the time of sale, the building was fully leased to an affiliate of global automotive manufacturer Stellantis, which also owned the facility and has agreed to lease back the space. Michael Restivo, Joe Fabiano, Dave MacDonald and Lenny Pierce of JLL negotiated the sale-leaseback. Brett Paulsrud, also with JLL, arranged acquisition financing for the deal.

January 23, 2023

Acquisitions Hospitality Massachusetts Northeast

CBRE Arranges $514M Sale of National Hotel Portfolio

by Taylor Williams January 18, 2023

BOSTON — CBRE has arranged the $514 million sale of a portfolio of 65 hotels totaling 7,865 rooms. The portfolio spans 27 states and numerous operating brands, including 14 Sonesta Simply Suites, 32 Sonesta ES Suites and 19 Sonesta Select hotels. The Midwest represents the largest segment of the portfolio with 20 hotels totaling 2,374 rooms, and the Northeast is second with 18 hotels totaling 2,347 rooms. Massachusetts-based REIT Service Properties Trust sold the assets to 21 separate buyers that mostly consist of family offices and private equity firms. Al Calhoun and Mark Fair of CBRE brokered the deal.

January 18, 2023

Leasing Activity Life Sciences Massachusetts Northeast Office

Newmark Negotiates 30,665 SF Lease at Office, Life Sciences Campus in Billerica, Massachusetts

by Taylor Williams January 17, 2023

BILLERICA, MASS. — Newmark has negotiated a 30,665-square-foot lease at Axis Park North, a six-building, 450,000-square-foot office and life sciences campus in Billerica, a northern suburb of Boston. Rory Walsh, Richard Ruggiero, Torin Taylor and Matthew Adams of Newmark represented the landlord, a partnership between Boston-based Camber Development and Wheelock Street Capital, in the lease negotiations. Kevin Kennedy and Tom Hovey of CBRE represented the tenant, ASMPT AEi, a provider of automated cameras and other digital technologies.

January 17, 2023

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