News
The Deal Sheet
June 1, 2011
| Leasing |
| MetraTech Corp, a provider of automated business processing solutions, extended its 30k SF lease at 200 West St in Waltham. McCall & Almy?s Neil Schneider repped the tenant; the landlord, Boston Properties, was repped by Jason Fivek and Austin Barett. The Class-A office building is adjacent to the Winter Street interchange on Route 128 not far from Route 2 and the Mass Pike.*** |
| M&R Consultants and NextWorth Solutions signed two new leases totaling 11,961 SF for offices at 700 Technology Park Dr in Billerica. These are the first leases for landlord Campanelli since it acquired 700 and 900 Technology Park Dr last fall. It has done substantial renovations: redesigned lobbies, installed new ceilings, lighting, and floor finishes to common areas, upgraded finishes to the common fitness facility, installed new energy management systems to increase HVAC efficiency as well as completed upgrades to the parking lots and landscaping.*** |
| CPA Powers & Sullivan has leased 8,100 SF of Class-A office space at Digital Realty Trust?s 100 Quannapowitt Prkwy in Wakefield. Jones Lang LaSalle's Tamie Thompson and Dan Cordeau repped owner/developer Digital Realty Trust. The Clark Co's Bill Clark repped the tenant.*** |
| Outerlink Global Solutions, a mobile communication networks company, leased 4,358 SF at 187 Ballardvale St in Wilmington to relo its HQ from Lowell. An August move-in is planned. Colliers?Matthew Daniels, Christopher Lawrence, and Brian Tisbert repped the tenant. Richards Barry Joyce's John Wilson and James Lipscomb repped the landlord, Griffith Properties. |
| Sales |
| The JV Synergy/Independencia purchased 101 Summer St in the Financial District for $11.5M. In May '10, Synergy Investment & Development bought the mostly vacant 51k SF Church Green Building for $5.7M and has since boosted occupancy to 96%. In its fourth deal with Independencia, Synergy retains an ownership stake in the historic building and has full responsibility for its operation. Synergy president David Greaney says that CB Richard Ellis?s Bill Crean, Kevin Kennedy, and Andrea Matteson were instrumental in repositioning the property.*** |
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| Tower Hill Landings, an affiliate of Landings Real Estate Group based in Newport, RI has purchased Kingston Gardens, a 132-unit apartment community located in South Kingston, RI, for $9.4M from Hall Keen CDT Kingston LP, an affiliate of HallKeen Management. Cushman & Wakefield's Capital Markets Group, including Simon Butler, Biria St. John, Michael Byrne and John McLaughlin repped the seller and found the buyer. Kingston Gardens was built in the '60s and '80s and is one mile from The University of Rhode Island.*** |
| Linear Retail Properties purchased the East Greenwich Commons at 507-563 Main St in East Greenwich, RI, for $8M. The property has two retail buildings with 41k SF. Cushman & Wakefield's Geoff Millerd repped the seller and found the buyer, Linear, which now has 57 retail properties in its portfolio. |
| *** |
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| Jumbo Capital Management purchased 600 Longwater Dr in Norwell for $7.9M from Oasis Longwater located in Assinippi Park just off Route 3 at Exit 14. Rader Properties' David Mitchell and Jim Rader repped the seller and found the buyer for the building that is 78% leased. Radar will also handle the leasing.*** |
| Behringer Harvard?s Multifamily REIT I purchased the 200-unit West Village, in Mansfield for $14.5M. The site for the rental apartments at 792 West St was purchased for $1.2M five years ago by Fairfield Residential. The complex features seven three-story buildings, a clubhouse, and pool. |
| Financing |
| P6/Saracen Two Oliver Real Estate, a JV between Saracen Properties and AEW Capital Management, announced yesterday that it closed on a $25M interim bridge loan for Two Oliver Street. Webster Bank financed the transaction brokered by Colliers International's Kevin Phelan, Stephen Horan, and Ryan Bradley. The transaction closed on April 22. |
| Construction |
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| On Thursday, landlord Stephen Golden, with help from Historic Boston and Mayor Thomas Menino, celebrated completion of the $320k restoration of his 116-year-old commercial building. This Historic Boston rehab program is designed to spur economic investment in the Fields Corner neighborhood. The two-story, 8,500 SF Golden Building, which has a history of multiple retail tenants, features a new fa ade. Historic Boston extended the building owner a $210k loan to complete the storefront and fa ade projects. The Golden Building rehab is the first bricks-and-mortar project of Historic Boston's Historic Neighborhood Centers Program, which targets older, historic buildings for improvements to spark further upgrades in older Boston neighborhoods. |
| People |
| James Noonan, a 30-year industry vet, has joined tenant rep CresaPartners in Boston as a project manager. Before Cresa, he was with the Global Real Estate Group at Boston Scientific and was senior director of project management at Fidelity Investments. He began his career at Beaver Builders in Newton, Mass., where he managed ground-up construction of office buildings, shopping malls, and multifamily developments. |
