NEW YORK CITY — New York City-based Ready Capital has closed a $31 million loan for the acquisition, renovation and stabilization of a 200,000-square-foot industrial property located in the Andover/Lawrence submarket of Boston. The nonrecourse, interest-only loan carried a 48-month term and a floating interest rate and includes a facility to fund capital improvements. The borrower was not disclosed.
BOSTON — A joint venture between global asset manager Värde Partners and California-based Hawkins Way Capital has purchased the 1,220-room Sheraton Boston Hotel, located at 39 Dalton St. in the city’s Back Bay neighborhood. The hotel sold for $233 million, or roughly $191,000 per room, according to multiple local news outlets including The Boston Globe and WCBV. The partnership purchased the 29-story, 1.1 million-square-foot property from Maryland-based REIT Host Hotels & Resorts Inc. (NASDAQ: HST). The luxury hotel offers amenities such as a pool, business center, fitness center, meeting space, spa and wellness center, convenience store and an onsite restaurant. The Sheraton is Boston’s largest hotel, and the sales price is below that of comparable hotel deals that traded in Boston’s downtown area prior to the pandemic, according to the Globe. Citing data from Pinnacle Advisory Group, the local newspaper puts the downtown Boston hotel market’s average nightly occupancy rate for 2021 at approximately 45 percent. The deal marks the sixth acquisition between Värde Partners and Hawkins Way Capital as part of a larger plan to acquire $1 billion in value-add and distressed hospitality and housing assets in major U.S. cities. The joint venture’s portfolio also includes the DoubleTree by …
GRANBY, MASS. — Marcus & Millichap has brokered the sale of All Town Storage, a 242-unit self-storage facility in Granby, about 90 miles west of Boston. The facility spans 34,250 net rentable square feet, and the site can support the development of two more buildings. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller in the transaction, and Thomas Shihadeh of Marcus & Millichap assisted in closing the deal as the broker of record. Additional terms of sale were not disclosed.
FOXBOROUGH, MASS. — The Kraft Group has selected Boston-based general contractor Suffolk as its construction partner for the redevelopment of Gillette Stadium, the home of the NFL’s New England Patriots and MLS’ New England Revolution. The stadium was built in 2002 and is located south of Boston in Foxborough, Mass. The redevelopment will feature a redesigned plaza leading into the stadium, including an enhanced lighthouse. In addition, the north end of the stadium will be renovated with 75,000 square feet of hospitality and event spaces that bridge the gap between the East and West Putnam Clubs, the Dell Technologies Suite Levels and the upper concourse. The development team expects to complete the project in advance of the 2023 NFL season.
MILFORD, MASS. — An affiliate of Boston-based DSF Group has acquired Rolling Green Apartments, a 304-unit multifamily community located about 40 miles southwest of Boston in Milford, for $87 million. Built in 1970, the 29-building community offers one-, two- and three-bedroom units. About 30 percent (88) of the residences are townhomes that average 1,060 square feet. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of metro Boston-based Philmor Real Estate Investments, in the transaction.
BRAINTREE, MASS. — The Sterling Organization, a Florida-based investment firm, has acquired Stop & Shop Plaza, a 173,798-square-foot retail property located on an 18.7-acre site in the southern Boston suburb of Braintree, for $44.3 million. Grocer Stop & Shop anchors the property, which also houses tenants such as CVS Pharmacy, Town Fair Tire, The Paper Store and Crunch Fitness. Nat Heald, Chris Angelone and Zach Nitsche of JLL represented the undisclosed seller in the transaction.
GLOUCESTER, MASS. — Marcus & Millichap has brokered the $13.4 million sale of Cape Ann Marketplace, a 102,977-square-foot shopping center in the coastal Massachusetts city of Gloucester. Grocer Shaw’s serves as the center’s anchor tenant. Jim Koury and Alex Quinn of Marcus & Millichap represented the seller and sourced the buyer, both of which requested anonymity, in the transaction.
WELLESLEY, MASS. — A joint venture between Dallas-based Lincoln Property Co. and Chilean investment firm Stars REI has acquired Newton Wellesley Executive Office Park, a 130,000-square-foot development located on the western outskirts of Boston. The four-building property was constructed in phases between 1960 and 1989 and was 90 percent leased at the time of sale to both traditional office and medical office users. Robert Griffin, Frank Nelson, Michael Greeley and James Tribble of Newmark represented the undisclosed seller and procured the buyer in the transaction. The joint venture plans to implement a capital improvement program.
WORCESTER, MASS. — Newmark has brokered the $52 million sale of a 176,000-square-foot distribution center in the central Massachusetts city of Worcester. The facility recently underwent a redevelopment project that was completed last year. Robert Griffin, Edward Maher, Matthew Pullen, Tony Coskren, Samantha Hallowell and Brian Pinch of Newmark represented the seller, R.J. Kelly Co., a locally based institutional investment firm, in the transaction. The team also procured the buyer, Boston-based Tritower Financial Group.
SAUGUS, MASS. — JLL has negotiated the $39.5 million sale of Saugus Plaza, a 165,800-square-foot shopping center in the northern Boston suburb of Saugus that is anchored by grocer Stop & Shop. Floor & Décor serves as the second anchor tenant of the center, which was 97 percent leased at the time of sale. Other tenants include Buffalo Wild Wings, North Shore Liquor and King Crab. Federal Realty Investment Trust (NYSE: FRT) sold the property to a partnership between The Grossman Cos. Inc. and Boston-based North Colony Asset Management. Nat Heald, Chris Angelone and Zach Nitsche of JLL brokered the deal.