PEABODY, MASS. — JLL has negotiated the $6.4 million sale of 8 Essex Center Drive, a 67,544-square-foot office building located in the northeastern Boston suburb of Peabody. The three-story building sits on 8.2 acres and was 83 percent leased at the time of sale. Kerry Hawkins and Scott Carpenter of JLL represented the seller, PGA Realty, in the transaction. The duo also procured the buyer, an entity doing business as Essex Drive Realty LLC.
NEWTON, MASS. AND HOLMDEL, N.J. — Industrial Logistics Properties Trust (ILPT) has agreed to acquire all the outstanding shares of Monmouth Real Estate Investment Corp. (NYSE: MNR) for $21 per share in an all-cash transaction valued at approximately $4 billion. The agreement includes the acquisition of $409 million of debt and all of Monmouth’s industrial properties. The transaction is slated to close in the beginning of 2022. Under the agreement, ILPT will add Monmouth’s 126 Class A, single-tenant industrial properties totaling more than 26 million square feet to its portfolio. The Monmouth assets have an average remaining lease term of approximately eight years. The portfolio is over 80 percent leased to tenants that generate yearly rental revenue of $169.4 million. ILPT cites geographic diversity and tenant diversity as benefits of the acquisition. Also, the merger will allow ILPT to improve its tenant base with renters such as Home Depot, Mercedes Benz and Ulta. “This accretive transaction more than doubles the properties in ILPT’s mainland portfolio and this scale is expected to expand ILPT’s growth opportunities and access to capital, which we expect will drive cash flow growth and long-term value for our shareholders,” says John Murray, chief executive officer of …
BURLINGTON, MASS. — CBRE has arranged the sale of Seven Springs, a 331-unit apartment community located in the northern Boston suburb of Burlington. The property was built on 37.8 acres in 2006. Amenities include a pool, fitness center, clubhouse, leasing office, resident lounge, outdoor patio and grilling area and walking trails. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, a joint venture between Clarion Partners and National Development, and procured an undisclosed institutional investor as the buyer.
ASHLAND, MASS. — Boston-based global private equity firm Taurus Investment Holdings has purchased Chestnut Place, a 207-unit apartment community located in the western Boston suburb of Ashland, for $53.6 million. Built in 1971, the property offers studio, one- and two-bedroom units that are furnished with recently upgraded cabinets and kitchens. According to Apartments.com, residences range in size from 373 to 1,000 square feet. Communal amenities include a pool, onsite laundry facilities, a pet play area and package handling service. The seller was not disclosed. Jamie Leachman, Jackie Meagher, and Sean O’Brien arranged acquisition financing through CBRE Global Investors on behalf of Taurus.
HAVERHILL, MASS. — Locally based owner-operator The Procopio Cos. will develop The Beck, a 290-unit multifamily project that will be located in the northern Boston suburb of Haverhill. The Beck will consist of two five-story residential buildings, 6,750 square feet of retail space and 3.2 acres of public parks, playgrounds and hiking/jogging trails. Dellbrook | JKS is the construction manager of the project, and CUBE3 designed the project. Construction is scheduled to begin next spring and to be substantially complete by 2024.
BOSTON — CBRE has arranged the $175 million sale of the Partners Industrial Portfolio, a collection of six buildings totaling 802,194 square feet in various suburban submarkets of Massachusetts. Specifically, the properties are located in Franklin, Andover, Wilmington, Tewksbury, Hopkinton and Auburn. Scott Dragos, Doug Jacoby, Chris Skeffington, Anthony Hayes, Roy Sandeman, Tim Mulhall and Dan Hines of CBRE represented the seller, AEW Capital Management, in the transaction. The buyer was New York City-based Link Logistics Real Estate. At the time of sale, the portfolio was 100 percent leased to eight tenants with a weighted average remaining lease term of 6.3 years.
BOSTON — RLJ Lodging Trust, a Maryland-based hospitality REIT, has acquired the 205-room AC Hotel by Marriott Boston Downtown for $89 million, or roughly $434,000 per room. The hotel opened in 2018 within the Ink Block, a mixed-use development located at the former site of the Boston Herald headquarters. Amenities include a fitness center, outdoor patios, 2,500 square feet of customizable meeting space and multiple food and beverage concepts. The seller was not disclosed.
WESTBOROUGH, MASS. — Amazon (NASDAQ: AMZN) has opened a 350,000-square-foot robotics facility in Westborough, about 30 miles west of Boston, a move that adds about 200 new jobs to the regional economy. The facility will feature corporate offices, research and development labs and manufacturing space for the production of mobile drive units, which are used for inventory selection and transportation in the company’s automated warehouses. Amazon also operates a robotics facility in North Reading, Massachusetts.
BOSTON — Commercial investment firm FoxRock Properties has acquired a 76,698-square-foot, Class A office building located at 176 Federal St. in downtown Boston for $43.5 million. According to LoopNet Inc., the eight-story building was originally constructed in 1901 and renovated in 1986. At the time of sale, the property was 80 percent leased, with law firm Rich May and financial advisory group Capstone Partners being the largest tenants at roughly 20,000 and 11,000 square feet, respectively. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, Federal Street 176 Holdings Inc., in the deal.
DEER PARK AND HAUPPAGE, N.Y. AND RANDOLPH, MASS. — A joint venture between regional investment firm Pacer Partners and New York City-based Drake Real Estate Partners has purchased three industrial buildings totaling approximately 63,000 square feet. Two of the single-tenant buildings are located on Long Island in the communities of Deer Park and Hauppage, and the third is located in the southern Boston suburb of Randolph. Thomas Didio Jr. of JLL arranged acquisition financing for the transaction through ConnectOne Bank. The seller was not disclosed.
