Massachusetts

JLL Arranges Sale of Watertown Mall Near Boston for $130M

by Kristin Harlow May 12, 2021

WATERTOWN, MASS. — JLL Capital Markets has arranged the $130 million sale of Watertown Mall, a 260,867-square-foot power center in Watertown, a first-ring suburb just west of Boston. The property is 98 percent occupied by 10 tenants, including Target, Best Buy and the Registry of Motor Vehicles. Situated on 17.8 acres at 550 Arsenal St., Watertown Mall is adjacent to the 1 million-square-foot Arsenal Yards, the mixed-use redevelopment of a former armory. Watertown Mall Associates LP sold the property to Alexandria Real Estate Equities, according to local news outlet Wicked Local. The Watertown market has emerged as a popular life sciences and innovation district, according to JLL. It is located less than three miles from Cambridge and seven miles from downtown Boston. Watertown Mall welcomes more than 2.7 million annual customer visits and is home to the No. 1 most-visited Target store in Massachusetts, according to JLL. “With top-performing retail tenants in place, a premier location and demographics, and the potential to successfully support a variety of different uses, Watertown Mall represents an extraordinary opportunity to own one of the last large parcels in the red-hot Watertown submarket,” says JLL’s Chris Angelone. Angelone, along with colleagues Coleman Benedict, Nat Heald, …

May 12, 2021

Acquisitions Healthcare Life Sciences Massachusetts Northeast Office

Partnership Buys 52-Acre Commercial Campus Near Boston, Plans Life Sciences Conversion

by Taylor Williams May 11, 2021

BEDFORD, MASS. — A partnership between boutique investment manager Optimum Asset Management, Boston-based developer Redgate and AEW Capital Management LP has purchased a 52-acre commercial campus in Bedford, located northwest of Boston. The new ownership plans to convert the existing 288,000-square-foot anchor office building into a life sciences facility. The site also has the capacity to support another 300,000 square feet of office, lab and manufacturing space. The seller was not disclosed. Matt Sherry and Jon Schneider of JLL brokered the sale. JLL is also marketing the property for lease.

May 11, 2021

Industrial Loans Massachusetts Northeast

Natixis Provides $104.7M Loan for Industrial Portfolio Near Boston

by Taylor Williams May 6, 2021

WILMINGTON, MASS. — Natixis has provided a $104.7 million loan for the Boston Infill Portfolio, a collection of industrial buildings totaling 687,000 square feet in Wilmington, located north of the state capital. The portfolio offers proximity to Interstates 93 and 95 and was leased to 20 tenants at the time of the loan closing. Tim O’Donnell and David Douvadjian Jr. of Newmark arranged the five-year, floating-rate loan on behalf of the borrower, a joint venture between Oliver Street Capital and an undisclosed global alternative investment firm. The joint venture originally acquired the portfolio in December 2020.

May 6, 2021

Development Healthcare Massachusetts Northeast Office

Moderna to Expand Biomanufacturing Campus in Norwood, Massachusetts, by 350,000 SF

by Taylor Williams May 5, 2021

NORWOOD, MASS. — Moderna Inc. will expand its Moderna Technology Center biomanufacturing campus in Norwood, a southern suburb of Boston, by about 350,000 square feet. The biotechnology and pharmaceutical giant plans to renovate and expand its existing production and lab space and has acquired a 240,000-square-foot building on the same campus, ultimately yielding a 50 percent expansion and a total footprint of 650,000 square feet. The expansion will support Moderna’s efforts to ramp up production of its COVID-19 vaccine in late 2021 and early 2022. Moderna originally opened this facility in 2018.

May 5, 2021

Acquisitions Industrial Massachusetts Northeast

Stubblebine Brokers Sale of 60,000 SF Industrial Property in Brockton, Massachusetts

by Taylor Williams May 5, 2021

BROCKTON, MASS. — The Stubblebine Co. has brokered the $5.1 million sale of a 60,000-square-foot industrial building in Brockton, a southern suburb of Boston. The property offers clear heights of 24 to 28 feet and a fully built-out retail showroom. David Skinner, David Stubblebine and James Stubblebine of The Stubblebine Co. represented the seller, FW Webb Co., in the transaction. Mark Donahue of M. Donahue Associates represented the buyer, WB Mason.

May 5, 2021

Monogram-Food-Solutions-Haverhill-Massachusetts

Development Industrial Massachusetts Northeast

Monogram Food Solutions to Open 135,000 SF Production Facility in Haverhill, Massachusetts

by Taylor Williams May 4, 2021

HAVERHILL, MASS. — Monogram Food Solutions, a manufacturer of prepared foods based in Memphis, will open a 135,000-square-foot production facility within Cedar Brook Park in Haverhill, a northern suburb of Boston. Paradigm Properties is developing the facility as a build-to-suit for Monogram that will consist of 109,000 square feet of multi-temperature warehouse space and a 26,000-square-foot sandwich assembly area. Massachusetts-based design-build firm Dacon Corp. is the design-build firm. Construction is underway and scheduled for completion in mid-2022.

May 4, 2021

Acquisitions Massachusetts Multifamily Northeast

Partnership Acquires Multifamily Portfolio in Chelsea, Massachusetts, for $19M

by Taylor Williams May 3, 2021

CHELSEA, MASS. — Bellingham Square LLC, a partnership between Vantage Real Estate, Harbor Run Development and Wallace Capital, has acquired a portfolio of six multifamily buildings totaling 90 units in Chelsea, a northeastern suburb of Boston. The sales price was $19 million. The portfolio features studio, one- and two-bedroom units and has a historical occupancy rate above 97 percent. John Kelly and Collin Brennan of CBRE arranged $15 million in acquisition financing for the deal. A portion of those proceeds will be used to fund renovations.

May 3, 2021

Development Massachusetts Northeast Office

International Data Group Opens 125,000 SF Office Headquarters in Needham, Massachusetts

by Taylor Williams April 30, 2021

NEEDHAM, MASS. — International Data Group (IDG), a market research and data analytics firm, has opened a new, 125,000-square-foot office headquarters in the western Boston suburb of Needham. The company will consolidate its three main business units — IDC, IDG Communications and primary corporate entity IDG — under one roof. Dyer Brown, an architecture and interior design firm with offices in Boston and Atlanta, designed the facility, which can accommodate about 500 employees.

April 30, 2021

Acquisitions Massachusetts Northeast Office

CIM Group, Nordblom Sell Two Boston Office Towers Totaling 475,000 SF to Blackstone

by Taylor Williams April 29, 2021

BOSTON — A partnership between Los Angeles-based investment firm CIM Group and Massachusetts-based Nordblom has sold 1000 Washington St. and 321 Harrison Ave., two office towers in Boston’s South End neighborhood totaling 475,000 square feet. The partnership originally purchased the properties, in 2017 and repositioned them: 1000 Washington Street, an 11-story, 242,000-square-foot building was renovated to provide Class A office space; and 321 Harrison Avenue, a three-story parking garage, was expanded by eight floors to create an 11-story, 233,000-square-foot office building. Funds managed by Blackstone acquired the buildings, and life sciences company BioMed Realty will operate the properties.

April 29, 2021

Acquisitions Healthcare Industrial Massachusetts Northeast

Clarion Partners Buys 58,935 SF Biomanufacturing Facility in Braintree, Massachusetts

by Taylor Williams April 29, 2021

BRAINTREE, MASS. — New York-based Clarion Partners has purchased a 58,935-square-foot biomanufacturing facility at 55 Messina Drive in Braintree, a southern suburb of Boston. The property features six wet labs, temperature-controlled rooms, a new water filtration system and 18.5-foot ceiling heights. The facility was fully leased to Zimmer Biomet, a global leader in musculoskeletal healthcare, at the time of sale. Scott Dragos of CBRE brokered the deal. The seller was not disclosed.

April 29, 2021

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