This Week's Boston Deal Sheet
Berkeley Investments acquired a property in the Allston-Brighton area that was previously approved for more than 100 units of housing.
The Boston-based firm bought the site at 44-46 Soldiers Field Place for $8.4M from The Ballas Group, according to public records.
Berkeley told Bisnow in an email it plans to move forward with the multifamily development that site's former owner got approved.
The Ballas Group proposed a 102-unit apartment building on the site in January 2020, and the Boston Planning & Development Agency approved it a year later. Of the units in the 99K SF project, 17 would have been income-restricted. The Ballas Group had bought the property for $6.1M in 2022, according to public records.
The Ballas Group didn't respond to requests for comment.
The project isn't the only one Berkeley is advancing in the neighborhood. In February, Berkeley's 790K SF, three-building mixed-use development in Brighton was approved by the BPDA. That project includes 252 residential units.
"We are excited about acquiring this approved development and moving it forward as a 102-unit residential multi-family project," Berkeley Senior Vice President Morgan Pierson told Bisnow in an email. "We see 44 Soldiers Field Place along with our nearby 176 Lincoln Street project as part of our ongoing work building an exciting future for Allston by creating needed housing and developing innovative lab and office spaces that will help drive the city’s economy."
SALES
Brookfield Asset Management last week bought one of the largest multifamily properties in Boston for $439M, the Boston Business Journal reported. The Church Park apartment complex is a 508-unit property with 72K SF of retail space, including a Whole Foods store and CVS, as well as 500 parking spaces.
The property was previously owned and operated in partnership between Boston Residential Group CEO Curtis Kemeny and Boyd/Smith principal Bill Smith. CBRE and law firm Nixon Peabody LLP advised the sellers in the deal.
LEASES
Cleantech company Electric Hydrogen signed a 187K SF lease to open a new factory at King Street Properties’ Pathway Devens campus. The company signed the deal, which it calls the largest electrolyzer factory in the world, at 33 Jackson Road. The expansion comes after Electric Hydrogen raised $194M last year and closed on a $24M Series A round in 2021.
The company plans to hire 70 new full-time employees on top of the 15 existing employees that will move to the site from its Natick headquarters. Electric Hydrogen plans to move into the space in the first quarter of 2024 with a fit-out scheduled for the summer.
FINANCING
Massachusetts Housing Investment Corp. and the Conservation Law Foundation closed on a second Healthy Neighborhoods Equity Fund, doubling the size of the previous fund with $42M raised. The fund will help invest in real estate that has been historically underinvested and is expected to finance over 450 homes in Massachusetts, Connecticut and Rhode Island.
PERSONNEL
Katharine Lusk was hired as the executive director of the the city of Boston’s Planning Advisory Council. The council was created under an executive order by Mayor Michelle Wu to help establish a citywide vision for Boston's future. Lusk began her role on May 1.
Prior to her role with the city, Lusk was the co-director and founding executive director of the Boston University Initiative on Cities, an urban research and policy center. She also served as a policy adviser to the late Mayor Thomas Menino and created the Boston Women’s Workforce Council.
CONSTRUCTION & DEVELOPMENT
Oxford Properties and Pappas Enterprises Inc. filed a letter of intent for a 1.7M SF mixed-use development along the Reserved Channel in South Boston. The development will include seven buildings across 8 acres along West First Street and Pappas Way. The project would be developed within the joint venture’s 42-acre Pappas Commerce Center business park.
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National Development began construction on a 211K SF logistics facility in West Bridgewater. The 20-acre site at 586 Manley St. was acquired for $11M in April, according to public records. National secured a $28M loan from Cambridge Savings Bank, the Boston Business Journal reported. The project will feature 36-foot clear heights, 168 parking lots, 47 trailer parking spaces and 37 loading docks with two drive-in doors. The logistics center is set to open in April 2024.
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Holliston-based construction manager Colantonio Inc. began construction on a revitalization project for the Cambridge Housing Authority. The 116 Norfolk St. project is redeveloping a four-and-a-half-story building that was constructed in the 1970s. The developer plans to convert 38 single-room units into studio apartments and build a 25K SF, wood-frame addition that will house another 24 units. The new units will be provided for people who have experienced chronic homelessness, the elderly or those living with disabilities.
