Massachusetts

Eli Lilly Plans $700M Institute for Genetic Medicine in Boston’s Seaport District

by Taylor Williams February 22, 2022

BOSTON — Indianapolis-based pharmaceutical giant Eli Lilly & Co. has unveiled plans for a $700 million institute for genetic medicine in Boston’s Seaport District. The opening is slated for 2024. The company has signed a 334,000-square-foot lease at 15 Necco St., a 12-story healthcare and life sciences building that Alexandria Real Estate Equities (NYSE: ARE) is developing. At the facility, Lilly will develop genetic medicines with a range of applications, including diabetes, immunology and central nervous system research. Curtis Cole, John Carroll III, Evan Gallagher, Tim Allen and Caitlin Mahoney of Colliers represented Eli Lilly in the deal. The site will also include a shared space modeled after Lilly Gateway Labs in San Francisco to support biotech startups in the Boston area. This area will afford users access to dedicated and configurable lab and office space and opportunities for collaboration with Lilly scientists. These companies are expected to generate as many as 150 additional new jobs once the space is fully occupied. The investment follows Lilly’s 2020 Prevail Therapeutics initiative, which centered on the launch of a gene therapy facility in New York City. Lilly projects that within five years, employment at the Boston facility will grow from 120 to …

February 22, 2022

Acquisitions Massachusetts Net Lease Northeast Retail

JLL Negotiates Sale of 115,650 SF Retail Building Leased to BJ’s Wholesale Club in Metro Boston

by Taylor Williams February 18, 2022

ATTLEBORO, MASS. — JLL has negotiated the sale of a 115,650-square-foot retail building in the southern Boston suburb of Attleboro that is net leased to BJ’s Wholesale Club. The tenant has occupied the building since its original construction in 2011. Nat Heald, Chris Angelone and Zach Nitsche of JLL represented the undisclosed seller in the transaction. The buyer and sales price were also undisclosed.

February 18, 2022

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Funds $34.8M Loan for Refinancing of Metro Boston Affordable Housing Property

by Taylor Williams February 17, 2022

ABINGTON, MASS. — MassHousing has funded a $34.8 million loan for the refinancing of Woodlands at Abington Station, a 192-unit affordable housing property located about 20 miles south of Boston in Abington. The property consists of eight buildings that house 78 one-bedroom apartments and 114 two-bedroom apartments. Amenities include a pool, fitness center, community room, tennis courts and a playground. The borrower, Beacon Communities LLC, will use a portion of the proceeds to fund capital improvements and preserve the property’s affordability status.

February 17, 2022

Acquisitions Hospitality Massachusetts Northeast

Wynn Resorts Enters into $1.7B Sale-Leaseback Agreement for Encore Boston Harbor

by Taylor Williams February 16, 2022

EVERETT, MASS. — Las Vegas-based Wynn Resorts (NASDAQ: WYNN) has entered into an agreement with San Diego-based REIT Realty Income Corp. to sell and lease back Encore Boston Harbor, a luxury resort and casino located outside the state capital in Everett. Under the terms of the deal, which is expected to close in the fourth quarter, Wynn will sell all of the real estate assets to Realty Income for $1.7 billion in cash while continuing to operate the property. However, Wynn will retain ownership of a nearby 13-acre site that will eventually house parking and other non-gaming amenities. Wynn will also enter into a triple-net lease with Realty Income that calls for an initial annual rent of $100 million with 1.75 percent increases for the first 10 years. The initial lease term is 30 years, and the contract includes one 30-year renewal option.

February 16, 2022

Development Industrial Massachusetts Northeast

NorthBridge Partners Breaks Ground on 396,375 SF Industrial Project in Boylston, Massachusetts

by Taylor Williams February 16, 2022

BOYLSTON, MASS. — Massachusetts-based developer NorthBridge Partners has broken ground on a 396,375-square-foot industrial project that will be situated on a 55.5-acre site at 80 Pine Hill Drive in Boylston, located northeast of Worcester. Slated for a fourth-quarter delivery, the building will feature a clear height of 36 feet, 92 dock-high doors, 45 trailer parking stalls and 492 car parking spaces. Jeff Black, Sean Burke and Bryan Koop of Colliers arranged $38.7 million in construction financing for the project through Cambridge Savings Bank on behalf of NorthBridge Partners. Colliers has also been retained to lease the property.

February 16, 2022

Acquisitions Massachusetts Northeast Office

Newmark Brokers $129M Sale of Raytheon Office Campus in Woburn, Massachusetts

by Taylor Williams February 11, 2022

WOBURN, MASS. — Newmark has brokered the $129 million sale of a two-building, 440,130-square-foot office campus in the northern Boston suburb of Woburn that is leased to defense contractor Raytheon. The campus includes research and development space, as well as a fitness center, full-service cafeteria, conference facilities and two parking garages. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and William Sleeper of Newmark represented the seller, Atlanta-based Piedmont Office Realty Trust, in the transaction. The team also procured the undisclosed buyer.

February 11, 2022

Paddock-Estates-Boxborough-Massachusetts

Acquisitions Massachusetts Northeast

CBRE Negotiates Sale of 244-Unit Paddock Estates Apartments in Boxborough, Massachusetts

by Taylor Williams February 9, 2022

BOXBOROUGH, MASS. — CBRE has negotiated the sale of Paddock Estates, a 244-unit apartment community in Boxborough, about 30 miles west of Boston. Built in 2017, the garden-style property consists of 11 two- and three-story buildings that house one-, two- and three-bedroom units with an average size of 980 square feet. Amenities include a heated outdoor pool, fitness center, basketball and bocce courts, a business and conference facility, game room, dog park and walking trails. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of Texas-based multifamily developer JPI, in the transaction. The team also procured the undisclosed buyer.

February 9, 2022

Industrial Loans Massachusetts Northeast

Ready Capital Closes $31M Acquisition Loan for Metro Boston Industrial Property

by Taylor Williams February 7, 2022

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.

February 7, 2022

Acquisitions Hospitality Massachusetts Northeast Top Stories

Värde Partners, Hawkins Way Capital Buy Sheraton Boston Hotel for $233M

by Taylor Williams February 7, 2022

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 …

February 7, 2022

Acquisitions Industrial Massachusetts Northeast Self-Storage

Marcus & Millichap Brokers Sale of 242-Unit Self-Storage Facility in Granby, Massachusetts

by Taylor Williams February 4, 2022

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.

February 4, 2022

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