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Massachusetts

Two-Drydock-Boston
AcquisitionsMassachusettsNortheastOffice

KKR, Synergy Acquire Office Building in Boston’s Seaport District for $234.5M

by Taylor Williams

BOSTON — A partnership between global investment firm KKR and Boston-based Synergy Investments has acquired Two Drydock, a 235,000-square-foot office building located in the state capital’s Seaport District, for $234.5 million. The 13-story building features 7,000 square feet of ground-floor retail space that was recently leased to Lord Hobo Brewing Co. and Render Coffee, as well as 150 above-ground parking spaces and a 10,000-square-foot outdoor plaza. Newmark represented the seller, international developer Skanska, which originally broke ground on the property in June 2018, in the transaction.

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AcquisitionsIndustrialMassachusettsNortheast

Avison Young Brokers $37.2M Sale of Metro Boston Industrial Portfolio

by Taylor Williams

FRANKLIN AND DANVERS, MASS. — Avison Young has brokered the $37.2 million sale of a portfolio of two industrial buildings totaling 205,324 square feet in metro Boston. The properties, which were fully leased at the time of sale to tenants such as Panera Bread, JNJ Industries, Lansing Building Products and McCue Corp., are located in the southwestern suburb of Franklin and the northern suburb of Danvers. Scott Jamieson and Brandon Dickason of Avison Young represented the seller, Arris Partners LLC, in the transaction and procured the buyer, Denver-based Black Creek Group.

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AcquisitionsAffordable HousingLoansMassachusettsMultifamilyNortheastSeniors Housing

MassHousing Provides $28.5M in Financing for Affordable Seniors Housing Property in Boston

by Taylor Williams

BOSTON — MassHousing has provided $28.5 million in financing for Council Tower, a 145-unit affordable seniors housing property in the Roxbury neighborhood of Boston. Excluding the property manager’s unit, all of Council Tower’s 28 studios and 117 one-bedroom units are subsidized by a Section 8 Housing Assistance Payment contract. The borrower, the Council of Elders Housing Corp., will use proceeds to refinance existing debt, fund capital improvements and preserve the affordability of the 17-story building.

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Highland-Plaza-Easton-Massachusetts
AcquisitionsMassachusettsNortheastRetail

Atlantic Capital Arranges Sale of 112,869 SF Highland Plaza Shopping Center in Metro Boston

by Taylor Williams

EASTON, MASS. — Atlantic Capital Partners has arranged the sale of Highland Plaza, a 112,869-square-foot shopping center in Easton, located about 30 miles south of Boston. Regional grocer Big Y anchors the property, which was 96 percent leased at the time of sale, with a 56,519-square-foot store. Other tenants include T.J. Maxx and Liberty Mutual. Justin Smith, Chris Peterson, Sam Koonce, Molly Lynch and Ben Starr of Atlantic Capital Partners represented the seller, Cincinnati-based shopping center REIT Phillips Edison & Co. (NASDAQ: PECO), in the deal. The team also procured the undisclosed buyer.

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Company NewsMassachusettsNortheastRetail

Wayfair to Open Three Brick-and-Mortar Stores in Metro Boston in 2022

by Taylor Williams

BOSTON — Wayfair (NYSE: W), a Boston-based e-commerce firm specializing in furniture, will open three brick-and-mortar stores in the Boston area in 2022. The first two stores will be located within open-air centers in Lynnfield and Dedham that are owned by WS Development and will carry the company’s AllModern brands. The third store will be located within Simon Property Group’s Burlington Mall and will carry the Joss & Main brand. Wayfair plans to open more stores to support other brands over the next two years.

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AcquisitionsIndustrialMassachusettsNortheast

GLP Capital Partners Buys Suburban Boston Industrial Portfolio for $173M

by Taylor Williams

BOSTON — GLP Capital Partners has purchased the Northeast Logistics Portfolio, a collection of four warehouse and distribution buildings in the Boston area totaling approximately 1 million square feet, for $173 million. The properties include 192 Mansfield Ave. in Norton; 100 Adams Road in Clinton; and 132 Campanelli Drive and 1010 W. Chestnut St. in Brockton. The portfolio was fully leased to 11 tenants at the time of sale. Robert Griffin, Edward Maher, Matthew Pullen, Tony Coskren, Ed Jarosz, Brian Pinch, Samantha Hallowell and Nick Revers of Newmark represented the seller, Marcus Partners, in the transaction. The team also procured GLP Capital Partners as the buyer.

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Eliot-on-Ocean-Revere-Massachusetts
AcquisitionsMassachusettsMultifamilyNortheast

JLL Negotiates $84.3M Sale of Metro Boston Apartment Community

by Taylor Williams

REVERE, MASS. — JLL has negotiated the $84.3 million sale of Eliot on Ocean, a 194-unit apartment community in the eastern Boston suburb of Revere. Built in 2016, Eliot on Ocean offers one-, two- and three-bedroom units averaging 738 square feet. Residences feature stainless steel appliances, quartz countertops and walk-in closets. Amenities include a fitness center with a yoga studio, sun deck, wine room, game room, clubhouse and a dog grooming station. Scott Aiese, Alex Staikos, Jackie Meagher and Hugh Doherty of JLL represented the seller, Westbrook Partners, in the transaction. Chris Phaneuf, Adam Dunn and Scott DiSciullo of JLL arranged $60.9 million in acquisition financing through Barings on behalf of the buyer, Invictus Real Estate Partners. The loan was structured with a three-year term and a floating interest rate.

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Affordable HousingLoansMassachusettsMultifamilyNortheast

MassHousing Provides $35.3M in Financing for Boston Affordable Housing Properties

by Taylor Williams

BOSTON — MassHousing has provided $16.5 million in tax-exempt construction and permanent financing and $18.8 million in bridge loan financing for Bancroft Dixwell Apartments in Boston. As part of the capital improvement program, the borrower, Urban Edge, will merge the 45-unit Bancroft Apartments in the Roxbury neighborhood with the 33-unit Dixwell Apartments in Jamaica Plain. Of the 78 units, 75 percent are restricted to households earning 60 percent or less of the area median income. The development team includes NEI General Contracting, Davis Square Architects, WinnCos., Construction Services Consultation Co. of New England, Schwarzschild Consulting and Klein Hornig.

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AcquisitionsMassachusettsMultifamilyNortheast

CBRE Negotiates Sale of 111-Unit Multifamily Property in Metro Boston

by Taylor Williams

QUINCY, MASS. — CBRE has negotiated the sale of The Residences at Munroe Place, a 111-unit multifamily property located in the southern Boston suburb of Quincy. The property was built in 2003 and includes 10,100 square feet of retail space that is leased to Starbucks, JPMorgan Chase, T-Mobile and Miam Miam Macaronerie. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, 1205 Hancock Street LLC, an entity controlled by Structure Tone Equities LLC, in the transaction. The trio also procured the buyer, a joint venture between John M. Corcoran & Co. and an institutional investor.

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990-Corporate-Center-Framingham-Massachusetts
AcquisitionsLife SciencesMassachusettsNortheastOffice

Newmark Brokers Sale of 400,000 SF Office, Lab Campus in Metro Boston

by Taylor Williams

FRAMINGHAM, MASS. — Newmark has brokered the sale of 9/90 Corporate Center, a 400,000-square-foot office and laboratory campus located in the western Boston suburb of Framingham. The three-building property was roughly 80 percent leased to 12 tenants at the time of sale. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and William Sleeper of Newmark represented the undisclosed seller and procured the buyer, a partnership between Outshine Properties and Jadian Capital, in the transaction.  

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