Massachusetts

Equity Residential Acquires 270-Unit Reserve at Burlington Apartments in Metro Boston

by Taylor Williams July 13, 2021

BURLINGTON, MASS. — Equity Residential, a Chicago-based REIT, has acquired The Reserve at Burlington, a 270-unit apartment community located northeast of Boston. Built in 2019, the property offers studio, one-, two- and three-bedroom units and amenities such as a clubroom lounge with a catering kitchen, a two-story fitness center, four elevated courtyards and a resort-style pool with an outdoor kitchen and bar. Simon Butler and Biria St. John of CBRE represented the sellers and developers, The Davis Cos. and Principal Real Estate Investors, in the transaction. The Reserve at Burlington was 96 percent occupied at the time of sale.

July 13, 2021

Civic Development Massachusetts Northeast

Shawmut Completes $120M Renovation of Smith College Library in Northampton, Massachusetts

by Taylor Williams July 12, 2021

NORTHAMPTON, MASS. — Shawmut Design & Construction has completed the $120 million renovation of the historic Neilson Library at Smith College in Northampton. The 200,000-square-foot building originally opened in 1909. The library now houses an innovation and entrepreneurship center, as well as a series of classroom spaces, a reading room, private study areas, sunken courtyard and event spaces including an outdoor amphitheater. The library also features a podcast studio and other labs for producing digital content. Renovations began in 2017. Project partners included architectural designer Maya Lin and principal architect Shepley Bulfinch.

July 12, 2021

Acquisitions Industrial Massachusetts Northeast Self-Storage

CBRE Negotiates $74.5M Sale of Industrial, Self-Storage Portfolio Near Boston

by Taylor Williams July 7, 2021

CHARLESTOWN, MASS. — CBRE has negotiated the $74.5 million sale of The Town Industrial Portfolio, a collection of three industrial and self-storage buildings totaling 110,898 square feet in Charlestown. The buildings are situated on a combined 4.3 acres near Interstates 90 and 93 on the north side of Boston. The portfolio consists of a 21,586-square-foot industrial building, a CubeSmart-branded self-storage facility with 617 interior storage units and 28 exterior storage units and a fully leased flex/R&D facility. Scott Dragos, Chris Skeffington, Doug Jacoby, Tony Hayes, Tim Mulhall, Roy Sandeman and Dan Hines of CBRE represented the seller, Center Court, in the transaction. The buyer was The Related Cos.

July 7, 2021

Loans Massachusetts Northeast Seniors Housing

M&T Provides $17.6M Loan for Refinancing of Metro Boston Skilled Nursing Facility

by Taylor Williams July 7, 2021

CHELSEA, MASS. — M&T Realty Capital has provided a $17.6 million FHA-insured loan for the refinancing of a 120-unit skilled nursing facility located in Chelsea, a northeastern suburb of Boston. The loan was completed under HUD’s 232 program, which provides mortgage insurance for residential care properties such as assisted living facilities and nursing homes. The borrower was not disclosed.

July 7, 2021

Development Hospitality Massachusetts Northeast

Shawmut Design & Construction Completes Renovation of 312-Room Langham Hotel in Boston

by Taylor Williams July 2, 2021

BOSTON — Shawmut Design & Construction has completed the renovation of the 312-room historic Langham hotel in Boston. The building was originally constructed in the early 1920s to house The Federal Reserve Bank of Boston and was designated as a historic landmark in 1978. Renovations included the addition of a new entrance canopy and awnings, a refurbished concierge and lounge area, a new staircase and upgraded finishes in guestroom corridors and other common areas. In addition, Shawmut renovated all of the hotel’s guestrooms, as well as the ballroom and the property’s multiple food and beverage spaces.

July 2, 2021

Industrial Leasing Activity Massachusetts Northeast Office

Avison Young Negotiates 40,650 SF Industrial Flex Lease in Metro Boston

by Taylor Williams July 2, 2021

MARLBOROUGH, MASS. — Avison Young has negotiated a 40,650-square-foot lease at an industrial flex property located at 753 Forest St. in Marlborough, a western suburb of Boston. Built in 1986, the 75,000-square-foot property can accommodate office, storage, distribution and technical training uses. Bill Sullivan and Jon Pezzoni of Avison Young represented the tenant, Richardson Electronics, and the landlord, True Associates of Westwood, in the lease negotiations.

July 2, 2021

Development Healthcare Life Sciences Massachusetts Northeast Office

DivcoWest Breaks Ground on 375,000 SF Life Sciences Building at Cambridge Crossing

by Taylor Williams June 30, 2021

CAMBRIDGE, MASS. — Developer DivcoWest has broken ground on a 375,000-square-foot life sciences building at 441 Morgan St. within Cambridge Crossing, a 43-acre mixed-use development located at the junction of Cambridge, Boston and Somerville. Designed by Ennead Architects and Jacobs Consultants, the building will consist of 10 floors of lab space plus two penthouse floors and five outdoor terraces. DivcoWest expects to complete construction of the shell of the building in early 2023 and to subsequently begin interior build-outs of tenant spaces.

June 30, 2021

The-Amelia-Apartments-Quincy-Massachusetts

Acquisitions Massachusetts Multifamily Northeast

Waterton Acquires 200-Unit Amelia Apartments in Metro Boston

by Taylor Williams June 30, 2021

QUINCY, MASS. — Chicago-based investment firm Waterton has acquired The Amelia, a 200-unit apartment community located in the southern Boston suburb of Quincy. The 10-story property was built on 1.2 acres in 2006 and offers studio, one- and two-bedroom units. Amenities include a fitness center, resident clubhouse and an outdoor deck. Waterton will implement a value-add program focused on unit interiors and amenity spaces. The seller was not disclosed.

June 30, 2021

Acquisitions Affordable Housing Massachusetts Multifamily Northeast

Michaels Organization Buys 201-Unit Mixed-Income Housing Property in Springfield, Massachusetts

by Taylor Williams June 28, 2021

SPRINGFIELD, MASS. —The Michaels Organization has purchased Bergen Circle Apartments, a 201-unit mixed-income housing property in Springfield, located in the western part of the state. MassHousing provided Michaels with a $13.3 million construction loan along with a $7.9 million repair loan to fund a renovation program that will include HVAC upgrades, new flooring and appliances and new window installation. The community offers two-, three- and four-bedroom apartments, 118 of which are restricted to households earning up to 50 percent of the area median income (AMI). Fifty-two units restricted to those earning up to 80 percent of AMI. The remaining units are rented at market rates. The general contractor for the renovation program is Michaels Construction; the architect is Urban Practice.

June 28, 2021

Development Healthcare Massachusetts Northeast Office

Quaker Lane, Turnbridge to Develop 160,000 SF Flex Building in Metro Boston

by Taylor Williams June 25, 2021

MALDEN, MASS. — A partnership between regional developer Quaker Lane Capital and Turnbridge Equities will develop a 160,000-square-foot building that can support traditional office or life sciences users in Malden, a northern suburb of Boston. Global architecture firm Gensler is designing the nine-story facility, which will be located within an Opportunity Zone. Construction is expected to begin in the first half of 2022 and to be complete some time in 2023.

June 25, 2021

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