BOSTON — Home security services provider SimpliSafe has signed a 150,000-square-foot office lease at 100 Summer Street, a 1.1 million-square-foot building in downtown Boston. SimpliSafe will relocate from its existing 80,000-square-foot space at 294 Washington Street next fall. Cushman & Wakefield represented the tenant in the lease negotiations. Newmark represented the landlord, Boston-based private equity firm Rockpoint Group.
AVON, MASS. — New York City-based Ready Capital has closed a $6 million loan for the acquisition and renovation of a 60,000-square-foot warehouse in Avon, a southern suburb of Boston. The nonrecourse, interest-only loan featured a floating interest rate, 36-month term and two extension options. The undisclosed sponsor plans to implement a capital improvement plan to modernize the warehouse and convert a portion of the office suite into flex space.
BOSTON — Locally based developer The Fallon Co. has completed construction of a 310,000-square-foot office project for Massachusetts Mutual Life Insurance Co. (MassMutual) in Boston’s Seaport District. A ribbon-cutting ceremony took place on the morning of Wednesday, Nov. 10. Construction of the build-to-suit property, which will be located within the $4 billion Fan Pier mixed-use development, began in June 2019. Approximately 1,000 employees will work at the 17-story building, which will serve as a hub for the company’s digital and technology divisions.
BREWSTER, MASS. — New York City-based Ready Capital has closed a $9.2 million loan for the refinancing, renovation and stabilization of a 132-unit multifamily property in the Cape Cod community of Brewster. The undisclosed sponsor plans to convert the property from assisted living to an age-restricted community (55+ with no services). The nonrecourse, interest-only loan features a floating interest rate, 36-month term, two extension options and a facility to fund future capital expenditures.
BOSTON — New England Development, in partnership with Stop & Shop, Bozzuto and Southside Investment Partners, will soon break ground on Allston Yards, a 1.2 million-square-foot mixed-use project in the Allston neighborhood of Boston. The site currently houses an older but still-operating Stop & Shop store and parking lots, which will be redeveloped. Built in multiple phases, Allston Yards will feature a 165-unit apartment building; a new Stop & Shop grocery store; 117,000 square feet of retail and restaurant space; 350,000 square feet of office and lab space; and a one-acre community green space. Construction of Building A, which comprises the apartment building and grocery store, is scheduled to commence this month. Construction of the office and life sciences building is slated to begin in the third quarter of 2022. Building A will contribute $1.2 million to the Allston-Brighton Homeowner Fund, a charity created in partnership with the Boston Home Center that aims to increase affordable homeownership opportunities in Allston-Brighton. JLL arranged financing for Building A through Bank of America and TD Bank. The project will extend and expand upon the area’s street grid, providing new connections to the Boston Landing Massachusetts Bay Transportation Authority (MBTA) station and improving both …
MANSFIELD, MASS. — CBRE has negotiated the $17.6 million sale of an 81,596-square-foot light industrial building in Mansfield, located south of Boston. Built in 1986 and renovated in 2017, the property is located within the 50-acre Cabot Business Park and was fully leased to seven tenants at the time of sale. Scott Dragos, Chris Skeffington, Doug Jacoby, Anthony Hayes, Roy Sandeman, Tim Mulhall and Dan Hines of CBRE represented the seller, QS Forbes Boulevard LLC, in the transaction. Andrew Stone of CBRE arranged acquisition financing on behalf of the buyer, Connecticut-based investment firm Brickman.
PEABODY, MASS. — JLL has negotiated the $6.4 million sale of 8 Essex Center Drive, a 67,544-square-foot office building located in the northeastern Boston suburb of Peabody. The three-story building sits on 8.2 acres and was 83 percent leased at the time of sale. Kerry Hawkins and Scott Carpenter of JLL represented the seller, PGA Realty, in the transaction. The duo also procured the buyer, an entity doing business as Essex Drive Realty LLC.
NEWTON, MASS. AND HOLMDEL, N.J. — Industrial Logistics Properties Trust (ILPT) has agreed to acquire all the outstanding shares of Monmouth Real Estate Investment Corp. (NYSE: MNR) for $21 per share in an all-cash transaction valued at approximately $4 billion. The agreement includes the acquisition of $409 million of debt and all of Monmouth’s industrial properties. The transaction is slated to close in the beginning of 2022. Under the agreement, ILPT will add Monmouth’s 126 Class A, single-tenant industrial properties totaling more than 26 million square feet to its portfolio. The Monmouth assets have an average remaining lease term of approximately eight years. The portfolio is over 80 percent leased to tenants that generate yearly rental revenue of $169.4 million. ILPT cites geographic diversity and tenant diversity as benefits of the acquisition. Also, the merger will allow ILPT to improve its tenant base with renters such as Home Depot, Mercedes Benz and Ulta. “This accretive transaction more than doubles the properties in ILPT’s mainland portfolio and this scale is expected to expand ILPT’s growth opportunities and access to capital, which we expect will drive cash flow growth and long-term value for our shareholders,” says John Murray, chief executive officer of …
BURLINGTON, MASS. — CBRE has arranged the sale of Seven Springs, a 331-unit apartment community located in the northern Boston suburb of Burlington. The property was built on 37.8 acres in 2006. Amenities include a pool, fitness center, clubhouse, leasing office, resident lounge, outdoor patio and grilling area and walking trails. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, a joint venture between Clarion Partners and National Development, and procured an undisclosed institutional investor as the buyer.
ASHLAND, MASS. — Boston-based global private equity firm Taurus Investment Holdings has purchased Chestnut Place, a 207-unit apartment community located in the western Boston suburb of Ashland, for $53.6 million. Built in 1971, the property offers studio, one- and two-bedroom units that are furnished with recently upgraded cabinets and kitchens. According to Apartments.com, residences range in size from 373 to 1,000 square feet. Communal amenities include a pool, onsite laundry facilities, a pet play area and package handling service. The seller was not disclosed. Jamie Leachman, Jackie Meagher, and Sean O’Brien arranged acquisition financing through CBRE Global Investors on behalf of Taurus.