Massachusetts

Horvath & Tremblay Negotiates $7.2M Sale of Grocery-Anchored Retail Center in Wareham, Massachusetts

by Taylor Williams August 10, 2021

WAREHAM, MASS. — Horvath & Tremblay, a national brokerage firm based in metro Boston, has negotiated the $7.2 million sale of Wareham Marketplace, a 35,247-square-foot retail center located about 70 miles south of Boston. German discount grocer Aldi anchors the newly constructed property. Other tenants include Dollar Tree, AutoZone, Wendy’s and Mattress Firm. The pad sites occupied by the latter three tenants were not part of the sale and are being marketed separately. Bob Horvath and Todd Tremblay of Horvath & Tremblay represented the seller and procured the buyer in the deal.

August 10, 2021

Loans Massachusetts Multifamily New Jersey Northeast

PGIM Real Estate Provides $178M Refinancing for National Manufactured Housing Portfolio

by Taylor Williams August 6, 2021

NEWARK, N.J. — PGIM Real Estate, the real estate investment and financing business of PGIM, has provided $178 million in fixed-rate debt for the refinancing of a national portfolio of five manufactured housing communities. The properties total 1,731 sites and are located in Massachusetts, New Jersey, Illinois and Florida. Amenities of the portfolio, which was 99 percent occupied at the time of the loan closing, include pools, fitness centers, putting greens, clubhouses, bocce ball courts and dog parks. In addition, four of the five properties feature age restrictions. The borrower was Chicago-based Hometown America. Bellwether Enterprise arranged the debt.

August 6, 2021

Industrial Leasing Activity Massachusetts Northeast

TriMark USA Signs 345,000 SF Industrial Lease in Bellingham, Massachusetts

by Taylor Williams August 6, 2021

BELLINGHAM, MASS. — Restaurant equipment and foodservices supplier TriMark USA LLC has signed a 345,000-square-foot, full-building industrial lease at Bellingham Distribution Center, located about 40 miles southwest of Boston. Dallas-based Lincoln Property Co. developed the building, which features a clear height of 36 feet, 130-foot truck court depths and 227 car parking spaces, in partnership with global investment manager Barings. Ed Jarosz and Rick Schuhwerk of Newmark represented the tenant in the lease negotiations. Ellison Patten and James Tambone of Lincoln Property Co. represented the landlord on an internal basis.

August 6, 2021

Life Sciences Market Reports Massachusetts Northeast Northeast Market Reports Retail

Low Interest Rates Spearhead Uptick in Retail Investment Throughout Boston

by Taylor Williams August 6, 2021

By Taylor Williams The business of trading retail properties is booming across the greater Boston area, and the combination of cheap capital, a desire to recoup lost business and potential changes in tax law are prompting buyers and sellers alike to transact at a frenetic pace. As is often the case in times of robust investment sales activity, low interest rates are the straw that stirs the drink. At its latest meeting in June, the Federal Reserve opted to hold the federal funds rate — the short-term rate by which lending between financial institutions is priced — at a target range of 0 to 0.25 percent. The Fed cut rates by 100 basis points to this target range in March 2020 in response to the COVID-19 outbreak and has kept them there ever since. A fiscal policy defined by record-low rates is persisting even in the face of inflation, which hit its highest mark in 13 years when the U.S. Consumer Price Index rose by 5.4 percent in June 2021 relative to June 2020. Economists have cited sustained injections of federal stimulus and relief money and elevated government spending in response to the pandemic as the key drivers of this …

August 6, 2021

Development Industrial Massachusetts Minnesota North Carolina Top Stories

JLL Arranges $157.3M Equity Partnership for Industrial Developments in Minnesota, North Carolina

by Julia Sanders August 6, 2021

MINNEAPOLIS AND BOSTON — JLL Capital Markets has arranged a $157.3 million joint venture equity partnership for the development of three bulk distribution and life sciences projects in Minnesota and North Carolina. Colin Ryan, John Huguenard, David Berglund, Pete Pittroff and Patrick Nally of JLL arranged the equity investment with Rockpoint Group LLC, a Boston-based real estate private equity firm, on behalf of the Minneapolis-based developer, Oppidan Investment Co. Blake Hastings, Jay Moore and Tim Brent of Oppidan are leading the project development. “We are excited to embark on a programmatic relationship with Rockpoint and continue to grow the industrial and logistics vertical at Oppidan,” says Blake Hastings, president of Oppidan. “Our cultures are very well aligned, and we look forward to a long, deep relationship.” The portfolio will include nine buildings on three construction sites that total about 1.6 million square feet. Five buildings are expected to begin construction this year, and completion of all nine are anticipated by 2023. The Minnesota facilities are planned for industrial use while the North Carolina facilities will be for life sciences firms. Two of the nine buildings will be within Chaska Creek Industrial Park, which is 26.5 miles from Minneapolis in Chaska. …

August 6, 2021

Healthcare Leasing Activity Massachusetts Northeast

Vascular Care Group Signs 9,843 SF Healthcare Lease in Wellesley, Massachusetts

by Taylor Williams August 4, 2021

WELLESLEY, MASS. — The Vascular Care Group has signed a 9,843-square-foot healthcare lease at 981 Worcester St. in Wellesley, a western suburb of Boston. The two-story building spans 28,120 square feet. Dan Krysiak and Michael Greeley of Newmark represented the landlord, CEA Wellesley Trust, in the lease negotiations. Michael Milano of Spinnaker Healthcare Advisors represented the tenant.

August 4, 2021

Acquisitions Massachusetts Northeast Retail

IPA Negotiates $54.5M Sale of Grocery-Anchored Shopping Center in Metro Boston

by Taylor Williams August 3, 2021

BEDFORD, MASS. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $54.5 million sale of Bedford Marketplace, a 153,000-square-foot shopping center in the northwestern Boston suburb of Bedford. The sales price equates to $355 per square foot. Whole Foods Market anchors the center, which also houses tenants such as Marshalls, Cambridge Savings Bank, Bank of America, Brookline Bank, U.S. Post Office, AFC Urgent Care and Lincoln Liquors. Jim Koury of IPA represented the seller, RFPS 181 Owner LLC, and procured the buyer, Ramco Property Acquisitions LLC. Bedford Marketplace was 97 percent leased at the time of sale.

August 3, 2021

Development Massachusetts Multifamily Northeast

Nauset Construction Completes 93-Unit Multifamily Project in Cambridge, Massachusetts

by Taylor Williams August 3, 2021

CAMBRIDGE, MASS. — Nauset Construction, a locally based design-build firm, has completed 77 Park, a 93-unit multifamily project located in the Alewife area of Cambridge. Designed by Piatt Architects, the transit-served property rises four stories and spans 96,000 square feet. Units feature studio, one- and two-bedroom floor plans ranging in size from 595 to 1,265 square feet. Amenities include a terrace with grilling stations, a café with a full kitchen, multimedia room, sky lounge, fitness center and a dog washing and grooming station. Rents start at $2,200 per month for a studio unit.

August 3, 2021

Connecticut Loans Massachusetts Multifamily Northeast Seniors Housing

Ziegler Arranges $85.5M Bond Financing for Three Senior Living Properties in New England

by Taylor Williams August 2, 2021

CHICAGO — Chicago-based Ziegler has arranged $85.5 million in bond financing for a trio of senior living properties in New England. The properties include the 147-bed Quaboag Rehabilitation and Skilled Care Center in West Brookfield, Mass.; the 150-bed Lutheran Rehabilitation and Skilled Nursing Center in Worcester, Mass.; and the 120-bed Lutheran Home of Southbury (LHS) in Southbury, Conn. The borrower was Ascentria Care Alliance, a Worcester-based skilled nursing operator. Proceeds of the bonds issued through the National Finance Authority will be used to acquire the real estate assets of LHS, fund various capital expenditures across the LHS campus, fund a debt service reserve fund and pay costs of issuance associated with the financing. Proceeds of bonds issued through the Massachusetts Development Finance Agency will be used by Ascentria to acquire the Brookfield and Worcester locations, refinance existing debt obligations in connection with the acquisition and fund improvements to the properties.

August 2, 2021

Development Massachusetts Multifamily Northeast

DivcoWest, LCOR Top Off 468-Unit Apartment Community at Cambridge Crossing

by Taylor Williams July 30, 2021

CAMBRIDGE, MASS. — Developers DivcoWest and LCOR have topped off Park 151, a 468-unit apartment community located within Cambridge Crossing, a 43-acre mixed-use development located at the convergence of Boston, Cambridge and Somerville. Approximately 12 percent (56 units) of the residences will be earmarked as affordable housing, and the building will also house 18,000 square feet of retail space. Amenities will include a pool, terrace with cooking stations, lounge areas and a fitness center. Project partners include architect CBT and general contractor John Moriarty & Associates. Park 151 represents the first of multiple phases of residential development within Cambridge Crossing. Completion is slated for the third quarter of 2022.

July 30, 2021

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