This Week's Boston Deal Sheet
Life sciences developer IQHQ has proposed an office-to-lab conversion of a historic hotel and adjacent buildings in the Kenmore Square neighborhood.
The California-based developer filed a letter of intent with the Boston Planning & Development Agency to turn three properties, including the Hotel Buckminster, into a 461K SF life sciences building, the Boston Business Journal reported. IQHQ plans to demolish the two buildings behind the hotel to make way for new construction.
The Boston Preservation Alliance previously made a petition to the Boston Landmarks Commission to designate Hotel Buckminster as a city landmark. Since then, the hotel has been labeled a pending landmark until further study is completed.
IQHQ has pursued other major life sciences developments in the city, including its 1.1M SF Fenway Center project over the Massachusetts Turnpike and a 354K SF life sciences project in the Allston-Brighton neighborhood.
SALES
The Wardman Group sold a three-hotel portfolio in New England including the 57-room Seven Hills Inn in Lenox, Massachusetts. The other two properties are Ocean Gate Resort in Southport, Maine, and The Lodge at Mount Snow in West Dover, Vermont. The 65-room hotel in Maine is located near the ocean, while the 47-room hotel in Vermont is a ski lodge.
In 2018, Wardman made $2.2M in renovations to the Lenox hotel, the Berkshire Eagle reported. An undisclosed buyer bought the Seven Hills Inn for $7.5M, according to public records. JLL's Alan Suzuki, Matthew Enright, Emily Zhang, Jaime Fink and Brooks Murphy represented the seller in the deal.
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Atlantic Capital Partners arranged the sale of a retail plaza in Seekonk for $19.3M, according to public records. The Ann & Hope Plaza is a 107K SF center that is 87% leased to seven retailers including Harbor Freight Tools, Petco and Bed Bath & Beyond. It is located 5 miles from Providence, Rhode Island and close to major highways, including I-95. Atlantic's Justin Smith, Chris Peterson, Sam Koonce, Cole Van Gelder and Ben Starr brokered the deal.
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North Andover-based VMD Cos. bought two properties totaling 128 acres in Fall River for $13.7M, according to public records. The firm announced it plans to develop the properties into a four-building, 900K SF industrial complex. Branded as The Campus at Innovation Way, it will feature one 291K SF building and three 202K SF buildings, with the ceilings reaching up to 85 feet.
The project sits near a 1.4M SF Amazon distribution center, VMD said in a release.
“We spent a considerable amount of time analyzing user requirements within the market as they relate to thoughtful design and site layouts, and we are thrilled to be able to deliver modern institutional quality assets into a supply constrained market," VMD Cos. CEO Phil Down said in the release.
LEASES
The Lego Group is searching for office space in “central Boston” after announcing it plans to relocate its headquarters from Connecticut. The move will take place in phases, and employees will be stationed in its Enfield, Connecticut, headquarters and the Lego Education office in the Back Bay until the transition is complete.
PERSONNEL
The Davis Cos. promoted Josh Israel to chief financial officer. Israel joined Davis in 2017 as vice president of finance, and he went on to lead the firm's debt capital markets team for the past five years.
Israel previously worked as the director of portfolio and asset management for Realty Financial Partners and spent five years in commercial banking with Northeast Bank and Admirals Bank. Israel is also a member of the Real Estate Finance Association division of the Greater Boston Real Estate Board.
CONSTRUCTION & DEVELOPMENT
Simon Property Group has began construction on its second and final phase of its Northshore Mall redevelopment. This phase will add new retailers including Arhaus, L.L.Bean and Sweetgreen. The redevelopment began in 2017 on the side of the mall facing Route 114, resulting in a new dining hall and an area called "The Promenade," which includes outdoor seating, patio dining and a community stage.
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California-based developer Phase 3 Real Estate Partners Inc. proposed an office-to-lab conversion in Downtown Crossing. An affiliate of the developer filed a letter of intent with the BPDA to convert space on the upper floors of 55 Summer St. into research lab space, the Boston Business Journal reported.
Phase 3 acquired the 10-story, 115K SF property from Synergy Investments for $106.6M in March. The office was once home to software firm Threat Stack's headquarters, but it is now vacant.
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Dacon Corp. completed a 135K SF headquarters project in Haverhill for Edwards Vacuum, a designer and manufacturer of technology parts used in various industries. The building has four functions: manufacturing, labs, office and warehousing. To mark the opening, Dacon and Edwards Vacuum donated $10K for an arts program to the Boys & Girl Club of Greater Haverhill.
