THE DEAL SHEET
| The Davis Cos has entered the DC market by partnering with Herndon, Va.-based American Real Estate Partners to buy 1140 and 1146 19th Street NW in the CBD downtown. |
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| The buildings, which total 111k SF, are in the Golden Triangle, two and a half blocks from the Dupont Circle and Farragut North Metro stations and are leased to law firms, medical offices, and professional organizations. The new owners can add about 60k SF and tentatively plan to add three floors to the top of the buildings and do renovations.*** BTW … The Davis Cos also entered the Greater Philadelphia market. It formed a partnership with MIM-Hayden Real Estate Fund to acquire the Valley Forge Office Center, a 258k SF twin building office complex at 530 and 580 East Swedesford Rd in Wayne, Pa. In December '10, the partnership had acquired the first mortgage on the property from CW Capital. It has since taken full ownership as a recapitalized entity with ample funds for tenant improvements, leasing commissions, and significant building improvements. The partnership plans to upgrade the complex to Class-A standards and will add amenities, including a fitness center and cafeteria. *** |
| Boston Capital announced today that it's invested $4.9M in equity in the rehab of New Hope Home, a140-unit multifamily development for seniors in Long Beach, Calif. The developer is an affiliate of Barker Management, based in Anaheim, and the General Partner is New Hope Home, based in Long Beach. The development features 84 studios and 56 one-bedroom units located in one, eight-story building. Amenities include controlled entry, an elevator, community room, laundry rooms, computer center, central A/C, storage, overnight security, seniors programs and services. Units will be available to seniors ages 62 or older earning 60% or less of the area median income. |
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| Brookline Bancorp purchased 131 Clarendon St in the Back Bay for nearly $14M. Currently vacant, the 62k SF, 1922 building was formerly home to the Hard Rock Caf and the Boston Athletic Association, the governing body of the Boston Marathon. Cushman & Wakefield's capital markets group of Rob Griffin and Ed Maher with downtown brokers Dave Martel and Frank Nelson repped the seller and found the buyer.Development Dorchester Bay Economic Development Corp and Quincy Geneva Housing Corp will renovate and build a total of 129 public housing apartments in Grove Hall. The $53M project, approved last week by the Boston Redevelopment Authority, will be carried out in two phases by the development team, which includes: Elton & Hampton Architects, SAS Design, Mitchell Fischman, and Howard Stein Hudson. *** John D. Murphy Co held a groundbreaking Thursday for a new 117k SF office/warehouse building at the Walpole Park South complex that it's building on spec. Advantage Construction will do design-construction and NAI Hunneman?s Cathy Minnerly will lead the leasing team. The existing seven buildings at the 466k SF Walpole Park South are fully leased. *** Friends of KIPP Academy Lynn Charter School Foundation received $26M in New Markets Tax Credits financing through MassDevelopment to buy a six-acre site on High Rock St in Lynn and build a 68k SF middle and high school for grades 5-12. The new facility will replace the 14k SF space KAL currently leases from the Boston Archdiocese. Boston Private Bank & Trust Co purchased the bond, with participation by Citizens Bank and Boston Community Capital. JP Morgan Chase purchased the tax credits. The new building will include: 36 classrooms, 16 specialty rooms, a gym, cafeteria, library media center, athletic fields, and outdoor recreational space. *** Jackson Square Partners will build the new $16M, 38k SF Jackson Square Recreation Center that includes a multi-season ice rink and indoor activity facility. A few days ago, the BRA gave the green light for the project to JSP, which includes the Jamaica Plain Neighborhood Development Corp, Urban Edge Housing Corp and the Hyde Park Task Force. BHNA is the architect. Leasing ECM Plastics has signed a new lease withlandlord KBS Capital Advisors at 111 Adams Rd in Clinton, 35 miles west of Boston. The building is part of Adams Road Industrial Park, a two-building industrial property, at 100 & 111 Adams Rd. The Stubblebine Co's James Stubblebine repped the landlord, an affiliate of KBS Realty Advisors of Newport Beach, Calif., and ECM repped itself. People Brian Barriero, has joined Jones Lang LaSalle?s property management team as regional director. Brian will oversee property management services throughout New England and focus on new business development with investor clients across all commercial property types. He has more than 20 years of real estate management experience and recently he was VP, director of management services with Grubb & Ellis management services responsible for business development, and profitability of management services for the Boston office. *** William McKenna has joined Quincy-based J. Calnan & Associates as a project manager. He'll be responsible for delivering project management services, expanding the corporate, private school, and life science project portfolios, and driving sustainability initiatives. He'll also manage and coordinate projects from preliminary planning through construction and final occupancy. Prior to joining J. Calnan Bill was a project manager for A-Z Corp, overseeing several projects for Pfizer in Cambridge and for Lonza Biologics in Hopkinton and Portsmouth, NH. |
