Massachusetts

PROCON Breaks Ground on Redevelopment of Billerica Mall in Metro Boston

by Taylor Williams March 29, 2022

BILLERICA, MASS. — Design-build firm PROCON has broken ground on the redevelopment of Billerica Mall on the northern outskirts of Boston. The main piece is the demolition of an 84,000-square-foot structure that was vacated by Kmart several years ago and the new construction of a 43,000-square-foot grocery store at that site. In addition, the development team, which is led by an entity doing business as F.B. Billerica Realty Investors LLC, will deliver 18,000 square feet of new restaurant space and upgrade the property’s signage, landscaping and utility systems. Lastly, the project team will develop a 200-unit apartment community on the Tower Farm Road section of the site that will include 20 affordable housing units and Class A amenities. Upon completion, a tentative date of which was not disclosed, the project will be branded The Shoppes and Residences at Billerica.

March 29, 2022

Civic Development Massachusetts Northeast

Skanska Tops Out 170,000 SF Belmont Middle School in Metro Boston

by Taylor Williams March 24, 2022

BELMONT, MASS. — International developer Skanska has topped out Belmont Middle School, a 170,000-square-foot civic project on the western outskirts of Boston. In addition to dedicated classroom, recreation and administrative space, the middle school building will share the major facilities of the high school, including the kitchen and café, auditorium, pool and field house. Construction of the middle school marks Phase II of a larger project following the delivery of the 451,000-square-foot high school building. With that project, which was completed last September, Skanska renovated and expanded the building to include new academic and science wings, media and dining areas, administrative health suites and updates to the existing gymnasium and pool. Completion of the middle school building is scheduled for September 2023.

March 24, 2022

Saint-Elizabeth-Medical-Center-Brighton-Massachusetts

Healthcare Loans Massachusetts Northeast

CBRE Arranges $1.7B Recapitalization, Refinancing of Massachusetts Healthcare Portfolio

by Taylor Williams March 22, 2022

NEW YORK CITY — CBRE has arranged the recapitalization and refinancing of a portfolio of eight acute care hospitals located throughout Massachusetts in a transaction valued at $1.7 billion. Specifically, the properties are located in the Brighton and Dorchester areas of Boston, as well as in Methuen, Haverhill, Brockton, Fall River, Taunton and Ayer. Steward Health Care System occupies the hospitals. Under the terms of the transaction, the owner of the portfolio, Medical Properties Trust Inc. (NYSE: MPW), will enter into a joint venture with an affiliate of Macquarie Asset Management, which will acquire a 50 percent interest. Keith Harris, Lee Asher, Chris Bodnar, Ryan Lindsley and Jordan Selbiger of CBRE negotiated the equity restructuring on behalf of Medical Properties Trust. James Millon of CBRE arranged a loan of an undisclosed amount for the refinancing of the existing debt on the portfolio.

March 22, 2022

Acquisitions Massachusetts Northeast Retail

Linear Retail Properties Acquires Two Metro Boston Assets for $12.2M

by Taylor Williams March 17, 2022

WELLESLEY, MASS. — Massachusetts-based owner-operator Linear Retail Properties has acquired two commercial assets in Wellesley, a western suburb of Boston, for a combined price of $12.2 million. The first building spans 11,000 square feet of retail, office and residential space, while the second building comprises 6,000 square feet of retail space. Marilyn Santiago of SVN | Parsons Commercial Group represented the undisclosed seller in the transaction.

March 17, 2022

Development Massachusetts Multifamily Northeast Seniors Housing

Benchmark Nears Completion of 97-Unit Seniors Housing Community in Hanover, Massachusetts

by Taylor Williams March 16, 2022

HANOVER, MASS. — Benchmark Senior Living is nearing completion of Benchmark at Hanover, a 97-unit assisted living and memory care community located about 25 miles southeast of Boston. Benchmark at Hanover totals 91,000 square feet. Udelsman Associates designed the community, which Callahan Construction is building. The community is scheduled to open this summer.

March 16, 2022

Development Massachusetts Multifamily Northeast

Procopio Cos. Tops Off 146-Unit Multifamily Project Near Boston

by Taylor Williams March 11, 2022

LYNN, MASS. — Locally based developer The Procopio Cos. has topped off Mosaic, a 146-unit multifamily project in the northeastern Boston suburb of Lynn. Mosaic will offer studio and one-bedroom units and amenities such as a pool, outdoor grilling areas, a rooftop lounge and remote work areas. In addition, the transit-served property will house three retail spaces. Massachusetts-based DMS Design and CUBE3 are the project architects, and Dellbrook | JKS is the general contractor. Greystar is providing management and leasing services. Full completion is slated for the summer. Rents start at $1,900 per month for a studio apartment.

March 11, 2022

Acquisitions Industrial Massachusetts Northeast Office

JLL Negotiates $21.7M Sale-Leaseback of Industrial Flex Building in Medway, Massachusetts

by Taylor Williams March 10, 2022

MEDWAY, MASS. — JLL has negotiated the $21.7 million sale-leaseback of a 120,000-square-foot industrial flex building located in Medway, about 35 miles southwest of Boston. Built on nine acres in 1983, the property consists of 85,000 square feet of warehouse space and 35,000 square feet of newly renovated office space. Coler Yoakam, Michael Restivo, Martha Nay, Lenny Pierce and Sean Lync of JLL represented the seller and occupant, global IT firm Spencer Technologies, in the transaction. Amy Lousararian led a JLL team that arranged $14.5 million in acquisition financing through HarborOne Bank on behalf of the buyer, Dallas-based Lincoln Property Co.

March 10, 2022

Development Life Sciences Massachusetts Northeast Office

DPS Group Completes $150M Lab, Manufacturing Project in Boxborough, Massachusetts

by Taylor Williams March 9, 2022

BOXBOROUGH, MASS. — Engineering and construction management firm DPS Group has completed a $150 million, build-to-suit life sciences project for viral vector gene therapy firm Vibalogics in Boxborough, about 35 miles west of Boston. The project consists of about 118,000 square feet of lab, office and manufacturing space. Lincoln Property Co. developed and owns the property.

March 9, 2022

Development Industrial Massachusetts Northeast

Polar Design Build to Undertake 83,109 SF Industrial Expansion Project in Taunton, Massachusetts

by Taylor Williams March 9, 2022

TAUNTON, MASS. — Locally based project management firm Polar Design Build Inc. will undertake an 83,109-square-foot industrial expansion project in Taunton, located south of Boston, for Callico Distributors, a provider of paper, plastic and other janitorial supplies. The project involves expanding the tenant’s existing space at 90 Prince Henry Drive, which features a clear height of 32 feet, to total roughly 200,000 square feet. The project will also include the construction of a new detention basin. Completion is slated for December.

March 9, 2022

328-330-Cambridge-St.-Burlington-Massachusetts

Acquisitions Massachusetts Northeast Office

Newmark Brokers $14.3M Sale of Office Building in Burlington, Massachusetts

by Taylor Williams March 8, 2022

BURLINGTON, MASS. — Newmark has brokered the $14.3 million sale of a 21,000-square-foot office building in the northern Boston suburb of Burlington. Built in 2020, the single-story building was designed to accommodate its sole tenant, the Commonwealth of Massachusetts’ Department of Children & Families. Robert Griffin, Michael Greeley, Joseph Alvarado, George Demoulas, Casey Valente, Andy Gallas and Gino Tabbi of Newmark represented the seller and procured the 1031 buyer in the transaction.

March 8, 2022

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