This Week's Boston Deal Sheet
The Massachusetts Convention Center Authority received revised bids from the same developers for two of its parcels near its Boston Convention & Exhibition Center.
The MCCA had a do-over of its request for proposals in hopes of getting new bids but only received updated proposals from two development teams that had previously applied: Boston Global Investors and Cronin Development. BGI made its proposal larger, and Cronin made its smaller, both over 1M SF, the Boston Business Journal reported.
BGI's new proposal is double its initial bid and includes 1.1M SF across two lab buildings, a 250-room hotel and a grocery store. Cronin's bid stands at 1.6M SF, down from nearly 2M SF, and it is primarily focused on life sciences, with 1.3M SF set aside for lab and office space.
Both groups also added more public realm and community amenities like a 2-acre arboretum, a 40K SF movie studio with two soundstages, a daycare, a library and a landing pad for battery-powered flying taxis. The proposals didn't include housing, a component the convention authority was against because it strayed from its focus on conventions.
SALES
John M. Corcoran and Stars REI acquired The Val, a 211-unit multifamily community in Billerica, for $92.5M, according to public records. The building at 164 Lexington Road includes a mix of one-, two- and three-bedroom units. The property also features a two-story fitness center, a courtyard with a fire pit and an outdoor swimming pool. CBRE's Simon Butler, Biria St. John, John McLaughlin and Brian Bowler represented the seller, Alliance Residential Co., and CBRE's John Kelly arranged financing.
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The Hanover Co. sold its Hanover North Cambridge apartment building to an entity linked to Goldman Sachs for $182M, Bisnow first reported. The 294-unit apartment building is located at 50 Cambridgepark Drive near the Alewife Red Line stop. Hanover also developed the 254-unit Hanover Cambridge Park and 299-unit Hanover Alewife and proposed a fourth development at 36-54 Cambridgepark Drive.
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Brookline-based Coolidge Properties acquired a 92-unit residential portfolio consisting of three properties in Malden and Melrose for $25M. The properties are located at 525 Highland Ave. and 120 Summer St. in Malden and 175-195 West Wyoming Ave. in Melrose. Coolidge bested 24 competing offers for the portfolio, according to a Coolidge spokesperson. Berkadia's Adam Dunn, Nick Jasinski, Jackie Meagher and Sean Daly led the brokerage and banking teams involved in the transaction.
LEASES
Green energy company Greenvolt is opening a 2K SF U.S. headquarters at 190 High St. The firm also has a presence in nine other states, plus Europe and Mexico, according to its website. The office will have six employees, but the company said it plans to expand operations with the new headquarters.
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Streetwear retailer Snipes signed a 10K SF lease at Gazit Horizons' 467 Washington St. building in Downtown Crossing. The two-story store will occupy the entire building and plans to open this fall. The store will be the company's first location in the city's downtown area and its third in Greater Boston.
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Swiss luxury watch brands IWC Schaffhausen and Panerai are planning to open boutique storefronts at a corner building on Arlington Street that was formerly occupied by Burberry, the Boston Business Journal reported. The brands' owner, Richemont, signed a two-story, 5K SF lease at the building and plans to open the stores in the fall. Boston Realty Advisors' Joe Wagner and Whitney Gallivan helped lease the building.
FINANCING
JLL Capital Markets arranged $27M in refinancing for One Heritage Drive in Quincy. JLL worked with the 173K SF office building's owner, FoxRock Properties, to secure a five-year fixed-rate loan from Metro Credit Union.
The owner plans to renovate the building, which is fully occupied by Granite Telecommunications. The building is across the street from the North Quincy MBTA station. The JLL Capital Markets team led by Jonathan Schneider represented the borrower.
CONSTRUCTION & DEVELOPMENT
On Thursday, the Boston Planning & Development Agency approved PLAN: Charlestown, a new planning guide for the Charlestown neighborhood that will create new zoning to encourage more housing and retail options. The board also approved Fulcrum Global Investors' One Mystic Ave., a 503-unit apartment building with 100 income-restricted units, and Rise's 40 Roland St. development, a mixed-use campus consisting of three buildings including lab, residential and retail space.
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Roxbury-based Mission Hill Neighborhood Housing Services updated its proposal for a project in Mission Hill from a 10-story, 162K SF office building to a six-story, 120K SF apartment building, the Boston Business Journal reported. The developer had proposed office space for nonprofits with retail, but because of the decline in the office market, it has switched plans to a 94-unit income-restricted apartment. The developer already gained approval for the office building but notified the BPDA about the change in plans.
