This Week's Boston Deal Sheet
Calare Properties has acquired a 35-acre industrial park for $42M on Scotland Boulevard in Bridgewater, according to the Plymouth County Registry of Deeds.
“Increased demand for industrial product coupled with insufficient supply has contributed to occupancy gains throughout 2022 and vacancy rates remain in the low single digits," Calare Vice President Albert Manley said in a press release. “We continue to focus on acquiring and developing well-located, highly functional industrial assets like Scotland Blvd.”
The industrial park includes four properties — 35, 45, 50 and 55 Scotland Blvd. — totaling 279K SF of fully leased warehouse space. Tenants include Johnson & Johnson, Barrett Distribution, Control 7, Fibertec and Winsupply.
The Framingham-based developer also purchased another 8.5-acre site for $1M that it plans to develop. The firm secured a $145.1M loan from Truist Bank for the acquisition, according to the registry of deeds. Calare didn't comment on the financial terms of the acquisition.
Calare has been active in Boston's suburbs, acquiring a Dell training center in Milford for $1.7M in February and part of a former Staples campus in Framingham for $9.5M in June 2020.
FINANCE
Urban Edge has landed a multipronged financing package for a 65-unit affordable housing project in Jackson Square. It landed $21.4M from MassHousing's Conduit Loan Program, $20.8M in Low-Income Housing Tax Credit equity, $5M from the Massachusetts Department of Housing and Community Development, $4.7M from the Boston city government, and a $24M construction loan from Silicon Valley Bank and Eastern Bank.
The project at 1599 Columbus Ave. will provide deeply affordable housing, including 22 units for households making up to 30% of area median income and 43 apartments for households making up to 40% AMI. The project is part of a larger redevelopment of the Jackson Square neighborhood, the Jackson Square Redevelopment, which has created 487 income-restricted apartments since 2012, according to the press release.
PERSONNEL
National Development hired Don Briggs and Charlie Rollins as senior vice presidents in the firm's development group. Briggs previously worked at Eastern Real Estate as its managing director of real estate. He also held senior management positions at Federal Realty Investment Trust and Urban Edge Properties. Briggs will be the project executive for the firm's Iron Works development in South Boston.
Rollins' last role was as executive vice president of Southeast operations for Suffolk. He also worked as the director of construction for Samuels & Associates. At National, Rollins will be in charge of the construction management of two logistics buildings in East Hartford, Connecticut.
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Intercontinental Real Estate Corp. has appointed Paul Nasser as president. In his new role, he will manage the firm's resources including investment and operating disciplines. Prior to the appointment, Nasser was the chief financial officer and chief operating officer for the firm, which is led by Chairman and CEO Peter Palandjian.
DEVELOPMENT
WinnDevelopment has landed green financing as part of its $37.5M redevelopment of the 177-year-old Stone Mill in Lawrence.
Plans to redevelop the property that long defined the city include 86 units of mixed-income housing: 58 of the apartments would be set aside for households making less than 60% of AMI, 11 would be reserved at 30% AMI, and 17 would be market-rate units. The 149K SF redevelopment is planned to be completed for 2024.
WinnDevelopment was award $2.9M from the Merrimack Valley Renewal Fund’s Building Excellence Grant Program in support of the firm's efforts to maximize energy-efficiency in the redevelopment efforts. The fund was created from the $56M Columbia Gas settlement agreement after the Merrimack Valley gas crisis.
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Cambridge became the first city in Massachusetts to abolish parking minimums for new buildings. After the Cambridge City Council voted 8-1, the council set all parking requirements for new developments to zero. This new ruling is aimed at creating a more affordable route for developers to add more housing in the city.
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BioMed Realty broke ground on the 16-story, 600K SF life sciences building in Kendall Square it is developing to be fully occupied by Japanese pharmaceutical company Takeda. Global Live Arts, which partnered with BioMed to bring about the 30K SF performing arts center on the site at 585 Third St., organized a musical performance at the groundbreaking.
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Boylston Properties and Velney Development filed plans with the Boston Planning & Development Agency for a 230-unit project near the Forest Hills Orange Line stop. The project would replace an industrial building and a vacant lot in Roslindale, Boston Business Journal reported. The six-story building will include a mix of studios, one-, two- and three-bedroom units and 124 parking spaces.
The developers also plan to add 38K SF of new open space and will include landscaping featuring 100 new native trees, rain gardens and pollinator corridors.
