This Week's Boston Deal Sheet
The Boston Planning & Development Agency approved several projects throughout the city on Thursday as part of its monthly board meeting.
The agency approved 2.5M SF of new projects, including 145 residential units, according to a release. Notable projects include HYM Investment and My City at Peace's Parcel P3 development, the first phase of Hilco Redevelopment Partners' 776 Summer St. development, and National Development and Mount Vernon Co.'s project on the former WBZ site.
The board also approved Simmons University's 1.7M SF, mixed-use project at 305 Brookline Ave. That development received backlash from residents worried that the development would cast unwanted shadows on the Emerald Necklace parks, the Boston Business Journal reported.
The BPDA also terminated the Widett Circle Chapter 121A project, which Widett REIT had submitted, citing economic and legal circumstances that got in the way of the project. The rejection paves the way for the MBTA to acquire the site.
The agency also paid out $200K from the Harvard Allston fund to local nonprofits including the Allston Brighton Youth Hockey Association, Brazilian's Women's Group and the West End House.
SALES
TPG Real Estate sold a life sciences campus in Waltham for $578M to an affiliate of CS Capital Management. The CenterPoint campus is a 615K SF life sciences campus including three buildings at 43 Foundry Ave, 41 Seyon St. and 152 Grove St. TPG bought the campus for $344M in 2020 from Hilco Real Estate through Alloy Properties, a platform that acquires and operates life sciences and innovation campuses in large markets like Boston.
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Stellanti subsidiary FCA US sold its 215K SF warehouse in Mansfield to Berkeley Partners in a sale-leaseback deal. The property at 550 Forbes St. is part of the Cabot Business Park. JLL's Michael Restivo, Joe Fabiano, Dave MacDonald, Lenny Pierce and Brett Paulsrud represented the seller in the deal.
LEASES
The Pension Reserves Investment Management Board, also known as MassPRIM, signed a lease for 32K SF, an almost 50% increase from its previous 21K SF lease, the Boston Business Journal reported. MassPRIM plans to relocate from 84 State St. to 53 State St., citing an interest in expanding its workforce. The quasi-public agency is the owner of the two properties and plans to continue to pay itself rent.
FINANCING
EagleBridge Capital arranged a $7.3M loan for a triple-net leased Walgreens pharmacy in Lowell, the Boston Real Estate Times reported. The 15K SF building is located on 1.5 acres on Middlesex Avenue. Other tenants nearby include Santander Bank, Family Dollar and Advanced Auto Parts. EagleBridge's Ted Sidel arranged the financing.
PERSONNEL
Eileen Brophy, the former interim general counsel for the BPDA, joined the real estate and land use practice group at Boston-based law firm Nutter, the Boston Real Estate Times reported. In her new role, Brophy will provide legal counsel to clients on zoning, development, land use and complex leasing matters.
Brophy worked as a senior adviser for the BPDA starting in 2000 and most recently served as general counsel. In her role, she was responsible for managing and reviewing all legal aspects of real estate transactions and development projects under review by the agency.
CONSTRUCTION & DEVELOPMENT
Dallas-based Trammell Crow Co. filed a proposal for a roughly 1M SF mixed-use development at 1600, 1800 and 1850 Soldiers Field Road, Banker & Tradesman reported. The proposal includes two residential buildings that would feature all-affordable housing to those making 60% of the area median income. Almost two-thirds of the housing is planned to include two or three bedrooms.
The CBRE subsidiary proposed three separate buildings including life sciences, office and retail that would subsidize the affordability aspect of the project. The site spans 7 acres and is the former site of an IHOP restaurant and the Charles River Inn.
