News
The Deal Sheet
May 3, 2011
| Construction On Monday, Aviv Centers for Living broke ground on a new $35M seniors care facility on its Peabody campus (after closing on $50M in bonds on Friday). It features a 144-bed skilled nursing and assisted living facility. Once complete, Aviv will be able to relo some services from Swampscott and consolidate everything in Peabody including an adult day care center, an early childhood center, and Jewish Historical Society exhibits. | |
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| One of New England?s largest social service development projects, the $33M, 90k SF Ray and Joan Kroc Corps Community Center in Dorchester/Roxbury officially opened recently. At the ribbon cutting was The Salvation Army, Gov. Deval Patrick, Mayor Thomas Menino, and reps from the project team including Suffolk Construction and The Architectural Team. The new building, funded by a bequest from the estate of Joan Kroc (wife of McDonald?s founder Ray) and local supporters, features a gymnasium, fitness center, chapel/theater, aquatics center, daycare center, classrooms, computer lab, art room, and prayer chapel. | |
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| Hamline University in St. Paul broke ground on a new $30.8M, 75k SF University Center designed by Boston-based Shepley Bulfinch. It's a campus gathering place for commuter and residential students, faculty, staff, and visitors. The project, being built by McGough Construction, aims for LEED Silver certification and a fall ?12 completion.***In a few weeks, the Federated Cos will start construction on the 128-unit multifamily Legacy Park Wakefield in, well, Wakefield. It's a 40-B mixed-income market rate/affordable rental complex that will have two, four-story garden buildings and one, three-story townhome building. Construction is slated for completion 1Q ?12 with pre-leasing to start at the end of this year. This is the fourth development acquisition for Miami-based Federated Companies in ?11. So far, it has bought land in Lynn, Salisbury and Manchester, NH. *** The Edward M. Kennedy Community Health Center in Worcester received $6.4M in bond financing from MassDevelopment to renovate and update the building. The operations of two sites in Framingham will move into the new facility doubling the capacity to serve central and western Mass patients in Worcester. Some bond proceeds will also be used to refi existing debt. | |
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| Core Investments/SMC Corp bought 231 rental apartment units in The 903 Residences at 903 Providence Place in Providenc e, RI. Nearly 100 other units in the building had previously been converted to condos.The seller, the WinnCos, was repped by CBRE/New England?s Paul Donahue and Travis D?Amato. The rental units, 98% occupied, traded for an undisclosed amount. | |
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| Global Crossing has signed up for 4,089 SF at 35 Corporate Dr in the Burlington Centre office park (above) in Burlington with a spring move in planned. CBRE's Jason Levendusky and Kerry Olson Hawkins repped the advisor for the landlord, Bentall Kennedy. The landlord is Multi-Employer Property Trust. Global Crossing was represented by Cushman & Wakefield's Rory Walsh.***Linear Retail announced the official opening last Tuesday of the new Snappy Sushi at 108 Newbury St. Landlord Linear was repped in lease negotiations by its own Jim Clifford; Sterling Real Estate's Michele Messino repped the tenant. This is the second location for the contemporary sushi spot with the other in Davis Square Somerville. The Back Bay store has two levels and an outdoor patio. | |
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| Steffian Bradley Architects? Jane Kralik was elected president of the Board of Design Professionals Risk Control Group and will serve for two years. The DPRCG, a risk purchasing group, aims to improve practice and risk management by sharing information, ideas and advice within the profession.***Jones Lang LaSalle announced that Jim Kolb has joined its construction team as an SVP focusing on new business development for several asset types, staff development, and executive oversight of select projects. Jim?s 25 years of experience includes being general manager for The Middlesex Corp and VP of administration for Columbia Construction. Honors Consigli Construction was awarded the 2011 Build Maine Award for its conversion of the former Sears building in Portland into a new corporate HQ for MaineHealth Portland. This first place award in the building division is given out annually by the Associated General Contractors of Maine. | |
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| The new $100M + Ambulatory Care Center at the University of Massachusetts Medical School in Worcester recently won 2011 Project of the Year Award from the New England Chapter of the Construction Management Association. The project team for the 9-story, 255k SF building included Payette, Consigli Construction, and PMA Consultants. The facility integrates medical education, clinical research, and ambulatory patient care under one roof and can accommodate more than 183,000 patient visits a year. |
