This Week's Boston Deal Sheet
Wynn Resorts completed its $25M purchase of a major portion of the Mystic Generating Station, leading some to speculate there are future plans to bring a long-awaited soccer stadium to the area.
The 45-acre plot of land is across the street from Wynn's Encore Boston Harbor casino. The Las Vegas-based casino operator didn't disclose its plans for the property but hopes that development will complement Encore Boston and its expansion, the Boston Globe reported.
“Our goal for the purchase is to ensure that future development in the area is synergistic with our existing investment at Encore Boston Harbor, our planned development on Lower Broadway, and the broad planning of the Lower Broadway District by the City of Everett,” Wynn spokesperson Michael Weaver said in a statement.
The site had previously been eyed by The Kraft Group for a new Boston Revolution Stadium. Now with control of the property, Wynn might help Kraft's vision of a stadium finally come to fruition, the Globe reported.
The acquisition builds on what was already an active 2023 for Wynn. In February, the state's gaming regulations allowed Wynn to expand its casino operation to a 13-acre site next door.
SALES
A shopping plaza in Hudson was purchased for $22M by an entity controlled by a Long Island real estate investor, the Worcester Business Journal reported. The shopping center, located at 10 Technology Drive, is anchored by a Stop & Shop. The center has 85K SF of leasable space and has other tenants including The Paper Source and the Eye Care Center, according to LoopNet.
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Standard Communities acquired an affordable multifamily community in Canton for $18M. Canton Estates Apartments, located at 32 Newponset St. and 16 Bailey Court, consists of 65 units in two three-story buildings. The national affordable housing developer plans to invest $2.8M in renovations to improve and modernize the apartment complex.
LEASES
Los Angeles-based Skin Laundry plans to open four locations at four WS Development properties. The company will open its first store at the Derby Street Shops in Hingham in March followed by other stores in MarketStreet Lynnfield in Lynnfield, Legacy Place in Dedham and 55 Pier 4 Blvd. in Boston's Seaport neighborhood.
The stores are a part of Skin Laundry's bigger expansion plans in Greater Boston, which will consist of eight locations. The first location opened on Newbury Street earlier this year, according to a February press release.
PERSONNEL
Two former CBRE brokers have joined Boston's JLL industrial brokerage firm. Rachel Marks brings more than 13 years of experience in the industrial real estate market. Prior to joining JLL, Marks served as vice president and Greater Boston practice leader for CBRE.
Chelsea Andre also joined JLL's industrial brokerage firm bringing almost a decade of expertise. Prior to joining JLL, she was a senior associate on CBRE's advisory and transaction services team. Before that, she worked at Denneen & Co., a boutique growth-strategy consulting firm.
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The Bulfinch Cos. promoted 10 team members, including seven women, marking its latest diversity and inclusion efforts within the company. Notable promotions include Robert Brierley, who was promoted to senior vice president of property management, and Jessica Aylward, who was promoted to vice president and senior controller.
CONSTRUCTION & DEVELOPMENT
The Boston Planning & Development Agency approved five projects in the city, including The Davis Cos.' four-building, mixed-use development in Allston that will have more than 500 apartments and condos, the Boston Business Journal reported. Other projects approved include New England Development's 150-unit condo project in the Allston Yards development, the final phase of the Boston Housing Authority's Old Colony redevelopment in South Boston, and a 12-story lab and 88-unit residential project in Allston.
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BioMed Realty will host a topping off of its Assembly Innovation Park Phase I, a 497K SF, 12-story lab and office building near Somerville's Assembly Row, on Thursday. BioMed President Bill Kane and Senior Director of Development Ed McDonald will speak at the event alongside Somerville Mayor Katjana Ballantyne. When the development is complete, it will consist of 1.5M SF across three life sciences buildings.
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DLJ Real Estate Capital Partners, Deutsche Finance Group, Leggat McCall Properties and Shawmut Design and Construction celebrated the topping off of the second building in their 1.8M SF Boynton Yards development in Somerville. The development partners were also joined by Ballantyne as they topped off the 370K SF lab and office development at 808 Windsor St., which is set to be completed in early 2024.
CORRECTION, MARCH 14, 3:10 P.M. ET: A previous version of this story incorrectly stated one of the new Skin Laundry locations. The story has been updated.
