This Week's Boston Deal Sheet: Dorchester Apartment Building Sells For $41M
A Newton developer bought an apartment community in Dorchester's historic Lower Mills neighborhood.
An entity linked to Wingate Cos. bought the 133-unit apartment building for $41M, according to public records. The seller was a partnership created and operated by Needham-based Makor Capital LLC.
“Wingate is proud to bring its longstanding mixed-income experience to the stewardship of this unique and historically significant asset benefitting both of Boston’s best urban and suburban markets,” Wingate Senior Vice President Elizabeth Schuster said in a statement.
The apartment building was once home to the Baker Chocolate Factory but then converted into housing in 1980. The property was renovated in 2008.
The community consists of three apartment buildings with a mix of studio, one- and two-bedroom units. Its amenities include a fitness center and business center.
CBRE's Simon Butler, Biria St. John, John McLaughlin and Brian Bowler represented the seller and procured the buyer.
SALES
Marcus & Millichap brokered the sales of three Town Fair Tire locations in Billerica, Brockton and Nashua, New Hampshire, for $7.9M. The buyer of the Massachusetts locations, Orion Buying Corp., was represented by Marcus & Millichap's Jim Koury and Alex Quinn. Colliers' Robert Rohrer Jr. represented the buyer of the Nashua property.
***
New York-based CP Capital acquired Hathon, a 190-unit apartment community in Medway. The apartment community was completed in 2023 on 12.3 acres at 39 Main St., comprising 142 market-rate units and 48 affordable units. The complex also includes coworking spaces, a clubroom, a game room and a resort-style pool.
***
IQHQ sold the site of the former Marty's liquor store at 103 N. Beacon St. to NB Development, the development arm of New Balance, for $17.5M. The sale represents a substantial discount from the $27.5M IQHQ paid in April 2022. The San Diego-based life sciences REIT proposed plans in April 2023 to build a 150K SF lab building on the site.
***
New York-based DLJ Real Estate Capital Partners sold its 53K SF City Square office building to Burlington-based R.J. Kelly Co. for $9.5M, Banker & Tradesman reported. DLJ acquired the building for $7.3M in 2018. The owner completed a fourth-story addition to the building in 2021 and converted the second floor from a parking garage into office and amenity space.
LEASES
Commonwealth Financial Network signed a 152K SF lease at Hobbs Brook Real Estate's 275 Wyman St. in Waltham. The company will occupy more than half of the 300K SF building in the first quarter of 2026. The office building is part of the owner's 2.2M SF, 13-building campus in Waltham. CBRE represented Hobbs Brook Real Estate, and Newmark represented Commonwealth Financial Network.
***
Greatland Realty Partners and Barings secured a 13K SF lease with French biotech company TreeFrog Therapeutics at their Cambridgeport Labs building in East Cambridge. The joint venture bought the 56K SF property at 167 Sidney St. and 99 Erie St. in 2022. Newmark represented Greatland and Barings, and Colliers represented TreeFrog Therapeutics.
CONSTRUCTION AND DEVELOPMENT
Toll Brothers plans to break ground on a 66-unit apartment community for residents 55 and older next to the Sagamore Spring Golf Club in Lynnfield, the Boston Business Journal reported. Sales for the development are scheduled to begin in the summer. The developer received a special permit in October for the development, dubbed Willis Brook at Lynnfield.
