This Week's Boston Deal Sheet
Lincoln Property Co. is partnering with Mass Bay Credit Union to build a mixed-use development in South Boston that will include a new headquarters for the credit union.
Lincoln filed a letter of intent with the Boston Planning & Development Agency Friday to build an eight-story, 113K SF office-and-lab building and a 13-story, 111K SF residential building at 147 West Fourth St., a site consisting of five parcels of land.
The developer also plans to build a new two-story, 15K SF office building for MBCU to replace its old headquarters, the site of which will be developed with the other new buildings.
"MBCU and 29 A Realty Trust have partnered with Lincoln to purchase and redevelop the site with a new headquarters bank facility for use by MBCU," the letter stated. "This will allow MBCU to remain anchored in the South Boston community, long into the future."
The 1.2-acre site includes 139-147 West Fourth St., 29 A St., 259 Gold St., 10 West Fifth St. and a 925 SF portion of land owned by the Massachusetts Department of Transportation.
SALES
Grossman Development Group acquired the Bay State Commons retail property in Westborough for $22M, according to public records. The 261K SF shopping center is anchored by a Roche Bros. and abuts a 2-acre town park. The site features dining, shopping, and health and wellness stores including Boston Ski & Tennis, Ted's Montana Grill and Panera Bread.
Grossman partnered with Baystate Westborough LLC and plans to make significant property improvements including new sidewalks, upgraded signage and community-focused events. Kelleher & Sodowsky's Todd Alexander is in charge of the property's retail leasing.
LEASES
Paradigm Properties and North Colony Asset Management announced plans for a $5M renovation of a Framingham office building and rolled out over 50K SF of new leases. The new tenants include Workbar, which leased 21K SF on the second floor, and Ai3, which leased 19K SF on the third floor of the building at 111 Speen St.
The landlord's renovation plan includes a new envelope, redesigned entryway and activated open spaces. Kelleher & Sadowsky’s Philip DeSimone, Andrew Sherman, Todd Alexander and Ross Miner represented the landlord in the leases.
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Morbius Biomedical, a life sciences manufacturing startup that is part of UMass Lowell's Innovation Hub, plans to relocate to 900 Middlesex Turnpike, Building 5 in Billerica. The company has signed a 23K SF lease at the 47K SF life sciences building owned by Jumbo Capital Management.
The building is located in an office and industrial park that consists of six buildings and spans 440K SF. JLL's Chris Lawrence and Zach Gramlich represented Jumbo Capital and Savills' Chris Gorczyca represented Morbius.
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North Shore Medical Center renewed its 16K SF lease at Two Corporation Way in Peabody's Centennial Park. The medical center also plans to expand its lease to the second floor of the building, taking an additional 11K SF and bringing its total to 27K SF. Combined Properties Inc. owns the building and six other properties in Peabody.
FINANCING
MassDevelopment awarded $1.5M in grants to 12 gateway cities for small business support through the agency's Transformative Development Initiative. The grants went to groups including Downtown Attleboro Business Association, Downtown Hyannis Community Development Corp., Bristol County Chamber Foundation Inc. and Holyoke Chamber of Commerce. The agency has invested $20M in TDI districts through real estate investment, grant programs and technical assistance.
PERSONNEL
Aimee Chambers was hired as director of planning for Boston's new City Planning & Design Department. Mayor Michelle Wu announced the new department in her 2023 State of the City address. Chambers will be responsible for land use planning strategies and action plans for long-term growth.
Previously, Chambers worked in both the nonprofit and public sectors for 12 years as a planner and project manager. Her most recent role was as director of planning for the city of Hartford, Connecticut. Chambers was named a 2019 Next City Vanguard and was nominated for CT Magazine's 40 under 40 Class of 2022.
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King Street Properties appointed Chris Rouches as managing director and head of asset management. Rouches started at King Street last summer after joining from Rockhill Management LLC, where he served as senior vice president. In his new position, Rouches will implement an asset management platform focused on value-creation and protection of the portfolio.
CONSTRUCTION & DEVELOPMENT
Related Beal filed a letter of intent for a new life sciences building in South Boston adding to the firm's growing portfolio in the neighborhood. The letter stated that the firm plans to replace a "dilapitated warehouse" with a 99K SF life sciences building. The site is located at 6 Elkins St., next to another life sciences property the firm owns.
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VMD Cos. broke ground on a 98K SF industrial warehouse in Littleton. The 2 Monarch Drive building will be fully occupied by PODS, a Florida-based moving and storage company. The total cost of the project is $23M. Dacon Corp. is in charge of construction on the property. Cushman & Wakefield’s Rob Byrne, Paul Leone, Pete Whoriskey and Alex Beacham brokered VMD's acquisition of the property.
