Massachusetts

Greatland Realty Partners Breaks Ground on 180,000 SF Life Sciences Project Near Boston

by Taylor Williams April 28, 2021

LEXINGTON, MASS. — Locally based developer Greatland Realty Partners has broken ground on Revolution Labs, a 180,000-square-foot life sciences project in Lexington, a northwestern suburb of Boston. Revolution Labs will feature purpose-built laboratory infrastructure, full-service onsite amenities and multi-functional outdoor spaces. SGA is the project architect, and Callahan Construction Managers is the general contractor. JLL is handling leasing for the property. The development team expects the property to be available for occupancy by the third quarter of 2022.

April 28, 2021

Development Life Sciences Massachusetts Northeast Office

Davis, BDG to Develop 450,000 SF Life Sciences Campus in Metro Boston

by Kristin Harlow April 23, 2021

WATERTOWN, MASS. — A joint venture between two locally based firms, The Davis Cos. and Boston Development Group, will develop a 450,000-square-foot life sciences campus at 66 Galen St. in the western Boston suburb of Watertown. Phase I of the project, construction of which is set to begin in May, will consist of a 224,106-square-foot research and lab building. Amenities will include a fitness center, bike room and an onsite café and retail space. Elkus Manfredi is the architect for the project. About 40 percent of the site’s total acreage will be dedicated to parks and green spaces.

April 23, 2021

Acquisitions Massachusetts Northeast Retail Top Stories

JLL Arranges $295M Sale of Stop & Shop-Anchored Grocery Portfolio in Northeast

by Julia Sanders April 23, 2021

QUINCY, MASS. — JLL Capital Markets has arranged the $295 million sale of a portfolio of 11 single-tenant retail buildings net leased on a long-term basis to Stop & Shop in markets throughout Connecticut, Massachusetts and Rhode Island. JLL marketed the portfolio on behalf of the sellers, Winstanley Enterprises and Surrey Equities. The Inland Real Estate Group of Cos. Inc. was the buyer. Additionally, JLL arranged two acquisition loans totaling approximately $158 million on behalf of the new owner. The two 10-year, fixed-rate loans were originated by JLL through a life insurance company and a CMBS lender. The 11 buildings in the portfolio are all net leased to Stop & Shop, a division of Ahold Delhaize USA Inc., which is the third-largest supermarket operator in the U.S. Quincy, Mass.-based Stop & Shop is the No. 1 grocer by market share in Connecticut, Massachusetts and Rhode Island, according to JLL. The 748,141-square-foot portfolio includes three properties in the Boston area; one in the Cape Cod, Mass. area; four in the Providence, R.I. area; and three in the Hartford, Connecticut area. According to a JLL research report, titled “U.S. Grocery Tracker 2021,” grocery-anchored retail centers continue to be investors’ preferred retail property …

April 23, 2021

Alta-at-River's-Edge-Wayland-Massachusetts

Development Massachusetts Multifamily Northeast

Wood Partners Breaks Ground on 218-Unit Apartment Project Near Boston

by Taylor Williams April 21, 2021

WAYLAND, MASS. — Multifamily developer Wood Partners has broken ground on Alta at River’s Edge, a 218-unit apartment project in the western Boston suburb of Wayland. The property will offer one-, two- and three-bedroom units with stainless steel appliances, smart thermostats and private balconies. Amenities will include a clubroom, game lounge, fitness center, indoor golf simulator, a pool, fire pits and outdoor grilling stations. The opening is scheduled for summer 2022.

April 21, 2021

Acquisitions Industrial Massachusetts Northeast

Marcus & Millichap Brokers Sale of 106,693 SF Industrial Building in Lawrence, Massachusetts

by Taylor Williams April 21, 2021

LAWRENCE, MASS. — Marcus & Millichap has brokered the sale of a 106,693-square-foot industrial building located at 65 Manchester St. in Lawrence, a northern suburb of Boston. The sales price was $3 million. The property is situated within a qualified opportunity zone about 1.7 miles from Interstate 93. Harrison Klein and Luigi Lessa of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties requested anonymity. The property, which was built around the turn of the 20th century and renovated in 2002, was sold via online auction in conjunction with Evan Koransky at Ten-X.

April 21, 2021

Theory-Wellness-Bridgewater-Massachusetts

Development Industrial Massachusetts Northeast

Dacon Completes 23,500 SF Cannabis Cultivation Facility in Bridgewater, Massachusetts

by Taylor Williams April 21, 2021

BRIDGEWATER, MASS. — Massachusetts-based design/build firm Dacon has completed a 23,500-square-foot cannabis cultivation facility in Bridgewater, located south of Boston. The project is a build-to-suit for Theory Wellness, a provider of medical and recreational cannabis products with operations in Maine and Massachusetts. The space includes two climate-sensitive growth labs, two extraction labs and a manufacturing area.

April 21, 2021

Healthcare Leasing Activity Life Sciences Massachusetts Northeast Office

Bristol Myers Squibb Signs 113,000 SF Life Sciences Lease Expansion in Boston

by Taylor Williams April 19, 2021

BOSTON — Bristol Myers Squibb has signed a 113,000-square-foot life sciences lease expansion at 250 Water St. at Cambridge Crossing, a 43-acre mixed-use project at the intersection of Cambridge, Somerville and Boston. The global pharmaceutical company is adding the remaining available space to its initial lease, which was announced in August of last year. Developer DivcoWest recently topped off the 480,000-square-foot building and expects to deliver it in 2022.

April 19, 2021

Loans Massachusetts Multifamily Northeast

Berkadia Provides $42.9M Agency Loan for Refinancing of Metro Boston Apartments

by Taylor Williams April 19, 2021

CHESTNUT HILL, MASS. — Berkadia has provided a $42.9 million Freddie Mac loan for the refinancing of Hancock Estates, a garden-style apartment community located in the western Boston suburb of Chestnut Hill. The property totals 88 units, according to Apartments.com. Hancock Estates offers one- and two-bedroom floor plans and amenities such as a community garden, resident lounge, fitness center and outdoor picnic areas. Robert Lipson of Berkadia originated the 15-year loan on behalf of the borrower, Massachusetts-based Chestnut Hill Realty.

April 19, 2021

Development Healthcare Life Sciences Massachusetts Northeast Office Top Stories

IQHQ Begins Construction on $1B Fenway Center Life Sciences Project in Boston

by Taylor Williams April 19, 2021

BOSTON — IQHQ Inc., a developer of life sciences real estate with offices in Boston and San Diego, has begun construction on Fenway Center, a $1 billion project in Boston. IQHQ is co-developing the project with locally based firm Meredith Management. The initial phase of construction centers on the development of a 90,000-square-foot air rights deck that overlooks the Massachusetts Turnpike between Beacon Street and Brookline Avenue. The construction of the air rights deck will be the largest air rights structure built in Boston since Copley Place in 1980 and will take approximately 24 months to complete. Upon completion, Fenway Center will consist of more than 960,000 square feet of life sciences space with 10,000 square feet of retail space across two towers. Construction of the life sciences buildings is expected to be complete in early 2025. The campus will also feature 1.6 acres of landscaped green space and a parking garage that will be accessible from both buildings. The green space will include a large plaza and a public pedestrian walkway. The site is adjacent to BOWER, a new 312-unit luxury apartment complex that contains 38,000 square feet of amenity-oriented retail, the Lansdowne MBTA Commuter Rail Station, Fenway Park …

April 19, 2021

Acquisitions Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

Cambridge Housing Authority Buys, Renovates Affordable Housing Community Near Boston

by Taylor Williams April 16, 2021

CAMBRIDGE, MASS. — MassDevelopment has issued $18.7 million in tax-exempt bond financing for Cambridge Housing Authority’s acquisition and renovation of Harry S. Truman Apartments, a 59-unit affordable seniors housing community in Cambridge. In addition to the tax-exempt bond financing, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $13.8 million in equity for the project. Boston Private Bank purchased the bonds.

April 16, 2021

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