This Week's Boston Deal Sheet

This week, Bisnow says welcome back to the Boston Deal Sheet, which was once published weekly before an indefinite hiatus, and today makes its triumphant return. Every week, we will bring you the biggest leases, sales, financing deals, construction updates and personnel moves happening around the hottest commercial real estate market in the country right now. Have news you’d like to submit? Email andrew.martinez@bisnow.com.

Starwood Capital Group acquired a 331-unit luxury multifamily community in Burlington for $195M.

The Miami Beach-based mega-investor purchased the Seven Springs apartment community from a joint venture of Clarion Partners and National Development, according to CBRE, which brokered the deal. The deal for the MetroWest asset closed in late September, according to Middlesex County land records.

The complex at 1 Seven Springs Lane consists of mid-rise townhomes and other low-density housing across a nearly 38-acre area, CBRE said. The community includes a fitness center, a heated pool and bike trails among other amenities, and sits minutes from Interstate 95. Seven Springs is an approximately 30-minute drive to Boston.

CBRE Capital Markets’ multi-housing experts Simon Butler, Biria St. John and John McLaughlin represented the joint venture, Arborpoint at Burlington LLC, and procured Starwood.

SALES

Boston Properties sold a 333K SF, three-office portfolio in Lexington for $191.5M to SSOP LLC, a company state records show is tied to Wellesley business attorney Wayne D. Bennett.

The 191 Spring St. property is the largest office in the portfolio at 171K SF and was redeveloped in 2018. The other properties are 181 Spring St, a 53K SF office, and 201 Spring St., a 106K SF office. The portfolio is 100% leased, Boston Properties said in a Q3 earnings report.

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Healthpeak Properties spent a combined $120M for eight Alewife properties owned by Boston-based Cabot, Cabot & Forbes, according to Middlesex County property records. The California-based REIT paid $64M for 45 and 67 Mooney St.; 50 Mooney St.; 52 Mooney St.; and 54 and 61 Mooney St., according to land records filed this week. 

In two separate transactions, Healthpeak spent $34M for 127 Smith Place and another $22M for 13 Mooney St. Healthpeak in the past two months spent a combined $253M on nearby Alewife properties.

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Hotel REIT RLJ Lodging Trust paid National Development $89M for the 205-room AC Hotel by Marriott Boston Downtown. The hotel was built in 2018 in Boston’s South End neighborhood and sold for a rate of $434K per key.

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TA Realty acquired a 350K SF warehouse in Taunton from STAG Industrial for $78M, according to Bristol County land records. The warehouse at 800 John Quincy Adams Road is home to Amazon, which signed a new 10-year lease in April 2020.  

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Taurus Investment Holdings purchased Chestnut Place, a 207-unit apartment community in Ashland for $53.6M from Aldwin Partners. Taurus, through its RENU Communities subsidiary, pledged energy updates that could reduce nearly 300 tons of carbon emissions annually from the property.

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Evergreen Medical Properties and Bain Capital Real Estate acquired a 12-building medical office portfolio from Albany Road Real Estate Partners for an undisclosed price. The portfolio includes a combined 573K SF along the I-95 corridor in Massachusetts and Rhode Island.

Newmark’s Healthcare Capital Markets team led by Michael Greeley advised Albany and procured the joint venture buyers.  

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Somerville-based btcRE purchased two Waltham flex buildings for a combined $9.1M in a transaction brokered by R.W. Holmes Realty Co. The properties are 154 Calvary St., a 26K SF flex building sold for $4.4M, and 224 Calvary St., a 29K SF flex building sold for $4.7M, both previously owned by Waltham River’s Edge LLC.

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Private equity giant KKR purchased the 157-room Hyatt Place Boston/Medford Hotel for $26M, according to Middlesex County land records. The seller was Chatham Lodging Trust, which purchased the hotel in 2014 for $29M. The property spans across 102-110, 112, 114, and 116 Riverside Avenue and 8-10 Sables Court. 

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A Malden businessman bought the Sherman Plaza along Route 1 in Saugus for $21M, according to Essex County land records. The buyer, 1160-1170 Broadway LLC, a company owned by Joseph DiNanno, bought the 75K SF shopping center from New Saugus LLC. The property sits approximately 11 miles north of Boston and includes retailers AutoZone and DSW.

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Oklahoma City-based Wiggins Properties sold a 75K SF Norwood warehouse for $18.5M, Norfolk County public records show. The 2 Technology Way warehouse was sold to PPF Industrial 2 Technology, a company tied to Morgan Stanley Managing Director Bennett Weaver.

LEASES

Robotics firms Ondas Holdings and its subsidiary American Robotics will lease a new 18K SF headquarters at Waverley Oaks Park in Waltham, a Duffy Properties mixed-use campus. American Robotics will retain office space in Marlborough and utilize 6K SF of flex lab space in Waltham for drone development.

FINANCING

Owners of a Somerville 191K SF office, lab and biomanufacturing facility completed a $160M recapitalization of the property with a new partner. Wheelock Street Capital joins North Colony Asset Management and North River Co. in owning 200 Inner Belt Road, which is 100% leased to five tenants. International investment firm Barings also lent $120.3M in financing for the recapitalization. 

The Newmark team in the recapitalization includes Newmark co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen and Boston Capital Markets Group Managing Director Samatha Hallowell. Newmark Senior Financial Analyst William Sleeper and the firm’s Boston Debt & Structured Finance Group arranged the Barings mortgage.