This Week's Boston Deal Sheet
PGIM Real Estate provided a seven-year, $90M loan to retail redevelopment specialist Edens for two properties in Woburn and Burlington.
The financing will back Woburn Village, a 201K SF center that was redeveloped in 2021 and is anchored by Market Basket, and Burlington Crossroads, a 192K SF center that was renovated in 2014 and is anchored by Target, Total Wine & More, Marshalls and Michaels.
Washington, D.C.-based Edens redeveloped the two properties in an effort to expand "shopping and entertainment options for local residents and [add] an organic grocery store and restaurants."
“Necessity-based retail is a resilient property sector where we expect fundamentals will remain strong,” Tom Goodsite, managing director at PGIM Real Estate, said in a press release. “Despite the uncertain economic environment, PGIM Real Estate remains active in the market and continues to provide financing for our clients in sectors and across locations where we have conviction.”
Edens bought Woburn Village in 2017, and the property 97.9% leased. The firm bought Burlington Crossroads in 1998, and it is 100% leased. The landlord owns nine retail properties in Massachusetts including South Bay Center in Boston, Acton Plaza in Acton and Central Street Wellesley in Wellesley, according to its website.
SALES
An entity of BioMed Realty acquired 330 Third St. in Cambridge for $49M from EveResource, according to property records. The property is a part of BioMed's 585 Kendall Square project, a 600K SF life sciences development fully leased by Takeda Therapeutics. In October, the firm celebrated the groundbreaking of the project, which is set for occupancy in 2026.
LEASES
Acton-based Product Insight Inc. plans to move its headquarters to Boxborough after signing a 21K SF lease at 149K SF 80 Central St. The building is located at Piedmont Office Realty Trust's Tech Central campus, a two-building campus right off Route 2 and I-495. Greater Boston Commercial Properties' James Keefe represented Product Insight in the lease.
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Magenta Therapeutics paid $15M to terminate its lease at 100 Technology Square in Cambridge, according to a Securities and Exchange Commission filing. The sublease termination agreement was with sublandlord Novartis Institutes for Biomedical Research. The termination will bring 69K SF back on the market. The 255K SF lab building is also home to Vertex Pharmaceuticals.
PERSONNEL
City Councilor Kenzie Bok will serve as the incoming administrator of the Boston Housing Authority. Before her time on city council, Bok served as the senior adviser for policy and planning at the BHA, where she spearheaded the agency's efforts to provide more flexibility and variety for voucher recipients in deciding where they want to live. Bok will begin the transition period next month before current administrator Kate Bennett steps down this summer.
CONSTRUCTION & DEVELOPMENT
The Mayor's Office of Housing released a request for proposals last week for the redevelopment of the Boston Public Library's West End branch. After months of community input, the city envisions a mixed-use development of up to 10 stories with a new library on the first floor and affordable housing units on top.
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Hines and Calare Properties filed a letter of intent for a 310K SF, 316-unit multifamily project in Allston. In August, the joint venture bought two properties at 22 and 24 Pratt St. for $15M. The 2.2-acre site has a single-story industrial building and a two-unit residential building.
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California-based IQHQ Inc. proposed a 150K SF lab and office development on the site of a recently closed liquor store, the Boston Business Journal reported. The developer filed plans for 103 North Beacon St. in Brighton, which IQHQ bought for $27.5M from Mount Vernon Co. last year. Ground-floor retail space and two levels of underground parking are also planned in the project.
