PORTLAND, MAINE — Boston Capital is investing in the construction of 409 Cumberland Avenue Apartments, a 57-unit development for families located in Portland. The development will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Avesta Housing Development Corp. is the developer. The construction of 409 Cumberland will generate $5.8 million in local salaries and create more than 87 new jobs in the Portland area. Boston Capital's investment in the development adds 57 units of affordable housing to its apartment portfolio.
Northeast
ENFIELD, CONN. — Enfield Distribution Center LLC has purchased a 235,000-square-foot industrial building at 35 Manning Road in Enfield from Best Realty Associates for $3.5 million. The building is a former Hallmark Cards distribution center. Nicholas Morizio of Colliers International represented the seller and buyer in the transaction.
If 2013 was considered a year of great health in New England retail real estate, we’ll likely need to craft stronger superlatives to describe 2014. Exciting new projects circling metro Boston, rising retailer demand, and a flood of capital chasing retail centers were consistent stories throughout 2013 and will only amplify in 2014. Surprisingly quiet during the prior decade, grocers are now driving much of the activity and creating the lion’s share of the retail headlines. With Whole Foods inhaling five Food-master stores, opening in Lynnfield and exploring any other site that comes available and with Wegmans committed in the Fenway, set to open in Burlington and Chestnut Hill and construction finally underway in Westwood, stories of supermarket growth were ubiquitous throughout 2013. The recent announcement of a new Star Market at North Station provides evidence that the new entity behind the Shaw’s chain may have quickly turned around the grocery operator’s downward spiral while the team at Roche Bros. surprised many in the industry with a small store in Medfield and an urban store to join the Millennium Tower project at Downtown Crossing. And Market Basket? Here’s to hoping that 2014 provides a clearer path for the powerhouse local …
BOSTON — DivcoWest has completed the purchase of One Winthrop Square, a 114,000-square-foot office building in Boston’s Downtown Crossing area. One Winthrop is a five-story building that was constructed in 1873 and most recently renovated in 2008. The building was fully leased at the time of sale. DivcoWest plans to improve the building’s common areas. The building fronts the half-acre Winthrop Square Park and is located within the city’s central business district.
GROTON, CONN. — Marcus & Millichap has arranged the $5.2 million sale of a 34,944-square-foot retail property anchored by a Walgreens in Groton. Seth Richard and Laurie Ann Drinkwater of the firm marketed the property on behalf of the seller, a limited liability company, and represented the buyer, a private investor. Located at 441 Long Hill Road, the 24-hour store features a double drive-thru and separate exit.
LACONIA, N.H. — NAI Norwood Group has arranged the $4.9 million sale of Lakeshore Estates in Laconia, a city located 44 miles south of Manchester. The garden-style apartment complex includes four buildings, totaling 120 units and spanning 118,032 square feet. Andy Fleisher represented the seller, a long-time owner, and assisted the buyer in the sale. The property was 93 percent leased at the time of the sale. Andre Tremblay of Franklin Savings Bank in Bedford, N.H., handled the lead financing. Sugar River Bank provided secondary financing. Andrew Prolman, an attorney with Prunier & Prolman P.A., assisted the buyer in the transaction.
BLOOMFIELD, N.J. —Bechtel and Financial Computer Inc. have joined the tenant base at Prism Capital Partners’ BroadAcres Office Park in Bloomfield. Prism, which owns and manages the four-building, 380,000-square-foot campus, was self-represented by Edwin Cohen. Bechtel, a global engineering, project management and construction company, leased 23,000 square feet on the first and second floors at 300 Broadacres Drive. Christopher Olsen from Newmark Grubb Knight Frank served as tenant broker in the transaction. Financial Computer Inc. leased 4,200 square feet on the second floor of 400 Broadacres Drive. The information technology advisor, specializing in financial services offices, will relocate its headquarters to the property from Fairfield, N.J., in an expansion move. Curtis Foster of Cushman & Wakefield represented the tenant in the long-term transaction.
BOSTON — HFF has arranged $204 million in construction financing for the development of Two Harbor Shore Drive, a 516,000-square-foot office building on Fan Pier in Boston’s Seaport District. HFF worked on behalf of the borrower, a venture between The Fallon Company and an institutional client advised by Cornerstone Real Estate Advisers LLC, to secure the construction loan through RBS Citizens. Due for completion in spring 2016, Two Harbor Shore Drive is a 17-story glass tower. The property will feature 18,000 square feet of ground-floor retail and approximately 380,000 square feet of space will be occupied by law firm Goodwin Procter LLP. John Fowler and Anthony Cutone led the HFF debt placement team representing The Fallon Co.
NEW YORK CITY — Stalco Construction and Perkins Eastman have completed the $24 million expansion and renovation of Lincoln Medical Center Emergency Department in the Bronx. The emergency care facility and Level 1 trauma center is the fifth-busiest emergency department in the United States, according to the companies. The emergency department increased to 57,095 square feet, and the number of treatment bays doubled from 53 to 106. The project includes a dedicated children’s emergency unit, an adult waiting room, new psychiatric and mental health emergency unit, trauma center, asthma patient unit and a women’s health section. The project team included general contractor Stalco Construction; architect Perkins Eastman; construction manager Hunter Roberts; structural engineer GACE Consulting Engineers; mechanical, electrical, and plumbing (MEP) engineer Kallen & Lemelson, Consulting Engineers; geotechnical engineer Pillori Associates; and landscape designer RGR Landscape.
NEW YORK CITY — Besen & Associates has arranged the $9.4 million sale of 820-830 Riverside Drive, a five-story 46-unit apartment property in Manhattan. Built in 1921, the property spans 50,910 square feet. Amit Doshi and Shallini Mehra of Besen & Associates arranged the off-market transaction for the buyer, a local private investor, and the seller, a private equity real estate fund. The average rent per apartment is $1,282 a month. The sale price equates to a 13.3 gross rent multiplier, 4 percent cap rate and $184 per square foot. Bryan McCrossen of Donovan LLP represented the seller, and Eric Berliner of Berliner & Pilson Esq. represented the buyer.