THE DEAL SHEET
| Invesco Real Estate Advisors has paid $128M to Real Estate Capital Partners for the 150K SF retail building at 350 Washington St in Downtown Crossing, CBRE/New England reported yesterday. |
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| The Boston office of CBRE's National Retail Investment Group, which repped the seller and found the buyer, includes Chris Angelone, Bill Moylan, Jim Koury, Nat Heald, and Josh Klimkiewicz. CBRE will be the exclusive leasing agent and property manager for the building, which was originally constructed in ?65 and renovated in 2000. It's considered theflagship Boston location of TJ Maxx, Marshalls, H&M, and Town Sports International.SALESKS Partners paid $8.2M to New Boston Fund for a 113K SFbuilding at 33 Boston Post Rd in Marlborough (the Rt 495 market). The building, about 75% leased, features a fitness center and cafeteria. *** Concord Baptist Church paid $3M to buy a 22K SF masonry building on nearly four acres at 180 Blue Hill Ave in Milton from Temple Shalom of Milton. NAI Hunneman?s investment sales team of David Ross and Gina Barroso repped the seller and found the buyer. David says that there's strong demand for properties of non-profits and religious groups to be redeveloped for other uses. LEASING KHJ Brand Activation, a branding firm, leased 15K SF in theSeaport West Tower at the waterfront. Leaving Charlestown after 15 years, it plans to add to its 38-person staff after the move early next year. KHJ was repped by Colliers International and landlordPembroke Real Estate by Jones Lang LaSalle. *** |
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| At 201 Broadway in Cambridge, Linguistic Systems renewed its lease, and Radius Health and Percipio Media have signed new leases for office space totaling approximately 20K SF. Cushman & Wakefield's David Townsend repped Percipio and Colliers International's Benjamin Coffin repped the landlord, The Davis Companies. At Davis? nearby Henderson Carriage Building,Technical Education Research Centers renewed its lease for approximately 30K SF for the long term. Cushman and Wakefield'sMark Winters and David Townsend repped TERC, and Davis?Duncan Gilkey repped the landlord.***Affectiva leased 7,653 SF at 411 Waverley Oaks Rd in Waltham'sWaverley Oaks Office Park from Duffy Properties to renew and expand there. NAI Hunneman?s Michael McCarthy and Brendan Daly repped the tenant and the landlord repped itself. DEVELOPMENT A partnership of New England Development, Eastern Real Estate, and Lubert-Adler acquired an 80-acre property located on Palm Beach Lakes Boulevard at Interstate 95 in West Palm Beach, Fla. They plan to develop Palm Beach Fashion Outlets, an open-air outlet center, and an adjacent shopping center featuring a mix of national and retail tenants, which will open in '13. The partnership bought the site from ORIX Capital Markets and Macy?s and Dillard?s department stores. *** |
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| The Northbridge Companies broke ground on its fifth assisted living community in Massachusetts, Stonebridge at Burlington in the ?burb of the same name. The 110-unit assisted living and memory care community at 50 Network Dr has a menu of features including: a full-service spa, caf , theatre, a pub/lounge, and programs such as the Brain Gym. Cambridge Savings Bank andFidelity RE Opportunistic Income Fund are providing financing for the housing scheduled to open in fall 2012. FINANCING The 1285 Trust has secured $11.6M in financing for its retail building at 1285 Beacon St in Brookline. A mortgage was arranged by EagleBridge Capital's Brian Sheehan and Ted Sidelwith a commercial real estate fund. The three-year-old, two-story, 36K SF building has underground parking for 50 cars.ASSIGNMENTS Columbia Construction will provide pre-construction andconstruction management services for Massachusetts College for Liberal Arts/North Adams' first campus project in 40 years, The $40M, 67K SF new Center for Science and Innovation was designed by Einhorn Yaffee Prescott and funded by the state Division of Capital Management (DCAM). *** CBRE/New England has been selected to lease 50 Post Office Square, the former NE Telephone Art Deco gem. Commonwealth Ventures and Bentall Kennedy are renovating and rebranding the tower, once known as 185 Franklin St. It has about 400K SF to lease. |
