WATERTOWN, MASS. — Engineering and construction management firm DPS Group has completed Phase I of an 80,000-square-foot life sciences project at 650 Pleasant St. in the western Boston suburb of Watertown. The facility will be used as a manufacturing plant for biotechnology firm Arranta Bio. Architecture firm TRIA designed the project.
MINNEAPOLIS — Davis Medical Investors LLC has acquired an eight-property, 309,735-square-foot medical office portfolio for $112 million. The Minneapolis-based buyer acquired the assets through a new fund backed by Capital One. Three of the buildings were purchased from Davis Medical Investors-affiliated partnerships and the other five were acquired from undisclosed, third-party sellers. The portfolio comprises three properties in Minnesota, three in Tennessee and one each in Ohio and Connecticut. The acquisitions in Tennessee and Connecticut represent Davis Medical Investors’ entry into those markets. The portfolio was 99 percent leased at the time of sale with an average lease term of more than eight years. The buildings in the portfolio are an average of 10 years old. According to Mark Davis, founder and managing partner at Davis Medical Investors, the fund will be able to acquire more than 20 medical office buildings totaling up to $240 million. “Despite some of the acquisitions being temporarily put on hiatus because of COVID-19, we stayed in close contact with the sellers to ensure we successfully brought these deals to fruition,” says Stewart Davis, executive vice president of investments at Davis Medical Investors. The properties in the portfolio include: M Health-Fairview in Minneapolis, which is …
OCEANSIDE, GARDEN CITY AND HEWLETT, N.Y. — Mortgage banking firm Talonvest Capital LLC has arranged a $59.5 million bridge loan for the refinancing of three self-storage facilities in New York. The newly constructed properties total 246,248 net rentable square feet and are located in the Long Island hamlets of Oceanside, Garden City and Hewlett. Utah-based REIT Extra Space Storage operates the properties. The nonrecourse loan featured a 48-month term with extension options and a loan-to-value ratio of 80 percent. The borrower was Illinois-based LSC Development. The direct lender was not disclosed.
BREWSTER, MASS. — Private equity firm Elevation Financial Group has purchased Wingate Residences at Brewster Place, a 121,000-square-foot seniors housing property in Brewster, located on Cape Cod. The sales price was $4 million. The property was originally built in 1973, expanded in 1995 and offered skilled nursing and assisted living services before it closed in 2019. Elevation will reposition the site to serve as an independent living community with affordable housing for adults age 55 and above that will be rebranded as Serenity Apartments at Brewster. The seller was not disclosed.
RIDLEY TOWNSHIP, PA. — A partnership between Pennrose, the Delaware County Housing Authority, the County of Delaware and the Pennsylvania Housing Finance Agency has closed on financing for the final phase of the Kinder Park redevelopment in Ridley Township. The project will add 96 units of affordable seniors housing to the Kinder Park site, located near Philadelphia International Airport. The site already features 160 existing affordable apartments for seniors and individuals with disabilities, 154 townhomes, a community building and several parks. This phase is slated for completion in spring 2022.
SPRINGFIELD, N.J. — NAI DiLeo-Bram has brokered the sale of a 22,542-square-foot office building located at 120 Mountain Ave. in the Northern New Jersey city of Springfield. The property sits on a one-acre site with proximity to the Morris Turnpike, State Route 24 and the Garden State Parkway. Robert DiLeo and Robert Dinner of NAI DiLeo-Bram represented the buyer in the transaction. Colliers International represented the seller. Additional terms of sale were not disclosed.
NEW YORK CITY — JLL has negotiated a 14,795-square-foot office lease at 485 Lexington Avenue in Manhattan for marketing company Trusted Media Brands, which is relocating from 750 Third Avenue. The term of the new lease is 10 years. Matthew Astrachan, Mitch Konsker and Kristen Morgan of JLL represented the tenant in the lease negotiations. Paul Glickman, Jonathan Fanuzzi, Diana Biasotti and Kip Orban, also with JLL, represented the landlord, SL Green.
BELMONT, MASS. — Apartment developer Toll Brothers Inc. has completed The Bradford, a 112-unit multifamily project that includes 38,000 square feet of retail space in Belmont, located east of Boston. The three-building complex is located at 525 Common St. near the Waverly Commuter Rail station. The Bradford’s unit mix consists of nine studios, 47 one-bedrooms and 56 two-bedrooms that are furnished with stainless steel appliances, quartz countertops and walk-in closets. Amenities include a rooftop deck with grills and fire pits, a resident lounge and a library room. Peter Quinn Architects designed the project, and Nauset Construction served as the general contractor.
PHILADELPHIA — Rittenhouse Realty Advisors has arranged the sale of a 272-bed student housing portfolio in Philadelphia. The portfolio consists of five buildings totaling 106 units that serve the University of Pennsylvania, Drexel University and Temple University. The portfolio features a mix of newly constructed buildings and value-add assets. The buyer and seller were not disclosed.
BAYONNE, N.J. — German discount grocer Lidl has opened a 30,000-square-foot store within Harbor Point Marketplace in the Northern New Jersey city of Bayonne. Larry Anderson, Steve Durak and Dina Santarelli of Sabre Real Estate Advisors LLC, the national retail advisory practice of the Sabre real estate group of companies, represented Lidl in its site selection and acquisition of the land. The grand opening took place on Nov. 18.