BOSTON — New York City-based real estate giant Tishman Speyer has sold Pier 4 Retail, a 16,134-square-foot retail condo in Boston’s Seaport District for $12 million. Built in 2019, the property was fully leased to two restaurant concepts at the time of sale. Chris Angelone, Nat Heald, Kellie Coveney and Zach Nitsche of JLL represented Tishman Speyer in the transaction. The buyer was not disclosed.
BOSTON — GI Partners has acquired 451 D Street, a state-of-the-art life sciences, data center and creative office building in Boston’s Seaport District. The price was not disclosed, but the seller, Related Fund Management, bought the asset for $276 million in 2018, according to reports by the Boston Business Journal. The nine-story, 479,000-square-foot building recently underwent two phases of lab conversion that total over half of the building’s rentable area. The property offers 536 parking spaces; a conference center; amenity center with a lounge, kitchen and games; an onsite cafe; bicycle storage; and a 3,000-square-foot fitness center. Current tenants include AT&T, J.P.Morgan, Silicon Therapeutics, Elektrofi, BT, Inozyme Pharma, Cellink, Stevanato Group Pharmaceutical Systems, Joyn Bio, Sensei Biotherapeutics, DermBoint and Dewpoint Therapeutics. Related will maintain a minority interest in the property and Related Beal will continue to serve as property manager. Eastdil Secured represented the seller in the transaction and placed debt financing for the new ownership group. “The Seaport has become a bona fide life sciences innovation hub and 451 D exemplifies our focus on serving the needs of small and medium-sized lab tenants through Class A reusable buildouts,” says John Sheputis, managing director at GI Partners and head of acquisitions for …
PEABODY, MASS. — JLL has arranged a $20.3 million acquisition loan for a 157,293-square-foot industrial property located in the northeastern Boston suburb of Peabody. Built in 1986, the property was fully leased at the time of the loan closing to Wakefield Moving Storage and Paradigm Precision. Building features include a clear height of 24 feet, 17 tailboard docks, one drive-in door and ample parking. Brett Paulsrud and Amy Lousararian of JLL placed the seven-year, fixed-rate loan through Metro Credit Union. The borrower was a partnership between Oliver Street Capital and Bain Capital Real Estate.
WORCESTER, MASS. — Shawmut Design & Construction has broken ground on a 70,000-square-foot academic building at Clark University in the central Massachusetts city of Worcester. The two-wing building will serve as the new center for the media arts, computing and design programs. Design features will include a multimedia gallery, virtual reality lab, video game library for researching interactive media, a makerspace, incubator space, robotics lab, data science lab, a tiered classroom and faculty offices. Completion is slated for next fall.
MILFORD, MASS. — Ambri, a provider of renewable energy storage solutions, has signed a 140,000-square-foot lease to open a build-to-suit manufacturing facility in Milford, located in the southern central part of the state. The facility will be located within Quarry Square, a retail center that is being redeveloped into an industrial flex property. Steve Clancy and Danielle Simbliaris of CBRE represented the landlord, R.J. Kelly, in the lease negotiations. Chris Scott of Dallas-based Lincoln Property Co. represented the tenant.
RANDOLPH, STOUGHTON AND FOXBOROUGH, MASS. — Newmark has brokered the sale of a portfolio of five industrial facilities totaling 295,602 square feet that are situated on the southern outskirts of Boston. Three of the facilities are located in Randolph, one is in Stoughton and one is located in Foxborough. At the time of sale, the portfolio was 75 percent leased to nine tenants. Robert Griffin, Edward Maher, Matthew Pullen, Tony Coskren, Brian Pinch, Samantha Hallowell and Allie Percoco of Newmark represented the seller, a partnership between Wheelock Street Capital and The Seyon Group, in the transaction. The team also procured the buyer, Ares Management.
BROCKTON, MASS. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Connemara Senior Living, an 86-unit independent living, assisted living and memory care community located in the southern Boston suburb of Brockton. The community was originally built in 1990. Elevation Financial Group acquired the property and plans to convert it to an affordable seniors housing complex. The seller and price were not disclosed.
BROCKTON, MASS. — MassHousing has provided $38.5 million in financing for Pine Commons and Pine Gardens, two affordable housing properties totaling 188 units in Brockton, a southern suburb of Boston. Pine Commons consists of 138 two-bedroom apartments and 30 three-bedroom units across 19 three-story buildings. Pine Gardens comprises 114 two-bedroom apartments and six three-bedroom apartments in 13 three-story buildings. Both properties are part of a larger residential development known as Pine Estates that includes a daycare, pool, basketball court, community room, playground and a computer center. The borrower, Beacon Communities, will use the proceeds to fund capital improvements and preserve the community’s affordability.
MALDEN, MASS. — Manhattan-based DH Property Holdings will develop a 94,095-square-foot industrial facility in Malden, a northern suburb of Boston. DH Property will develop the facility, which will feature a clear height of 32 feet and parking for 197 vehicles, in a joint venture with Pugh Management. Brian Pinch, Tony Coskren, Ed Jarosz, Rick Schuhwerk, Matt Pullen, Samantha Hallowell and Jim Tribble of Newmark brokered the sale of the five-acre site on which the project will be built. Construction is scheduled to begin before the end of the month.
Partnership Breaks Ground on 16.2 MSF Mixed-Use Redevelopment of Suffolk Downs Racetrack Near Boston
REVERE, MASS. — The HYM Investment Group, Cathexis and National Real Estate Advisors have broken ground on the redevelopment of the former racetrack site at Suffolk Downs in Revere, about five miles north of Boston. The project will ultimately span 16.2 million square feet of development, including 10,000 apartments and condominiums; 5.2 million square feet of life sciences and office space; 450,000 square feet of retail and civic space; and 40 acres of parks and open space. The Suffolk Downs thoroughbred racetrack opened in 1935 and was shuttered in 2019. HYM purchased the property in 2017. The 161-acre redevelopment project will connect Revere to the East Boston neighborhood. The groundbreaking marks the official launch of a joint venture partnership between HYM and National on the initial residential components of the redevelopment project. According to a news release, National’s equity participation will enable the delivery of nearly 4 million square feet of residential development (or 4,200 units) to be built at Suffolk Downs over the next eight years. The Boston Globe reports that National committed $775 million in equity financing. The first phase of construction includes a life sciences and biomanufacturing facility as well as a residential building. Named 100 Salt …